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)		$	41,400
Other (noninventory) assets			57,370
Total liabilities					$	24,300
Common stock						16,400
Retained earnings						20,500
Dividends			8,700
Sales						225,200
Sales discounts			2,280
Sales returns and allowances			12,000
Cost of goods sold			74,700
Sales salaries expense			33,000
Rent expenseSelling space			8,700
Store supplies expense			1,900
Advertising expense			12,500
Office salaries expense			29,700
Rent expenseOffice space			3,700
Office supplies expense			450
Totals		$	286,400		$	286,400

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	$	92,900
Purchases discounts received		2,200
Purchases returns and allowances		4,800
Costs of transportation-in		4,800

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