Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative Debit Credit Merchandise inventany Debit Credit $ 41,300 58,310 $ 25,600 16,080 20,100 8,000 226,700 2,220 Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-office space office supplies expense Totals 13,500 74,500 32,900 8,400 1,600 14,000 29,600 3,700 450 $288,480 $288,480 Beginning merchandise inventory was $25,500. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases $92,600 Purchases discounts received 2,400 Purchases returns and allowances 4,800 Costs of transportation in 4,900 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet