Valley Companys adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expenseselling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative.

		Debit			Credit
Merchandise inventory (ending)		$	43,000
Other (noninventory) assets			65,150
Total liabilities					$	25,400
Common stock						17,360
Retained earnings						21,700
Dividends			8,500
Sales						225,700
Sales discounts			2,260
Sales returns and allowances			12,000
Cost of goods sold			72,100
Sales salaries expense			31,100
Rent expenseSelling space			9,000
Store supplies expense			1,700
Advertising expense			13,500
Office salaries expense			28,200
Rent expenseOffice space			3,300
Office supplies expense			350
Totals		$	290,160		$	290,160

Beginning merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs.

Invoice cost of merchandise purchases	$	91,900
Purchases discounts received		2,300
Purchases returns and allowances		4,500
Costs of transportation-in		4,600

Required: Prepare closing entries as of August 31 (the perpetual inventory system is used).