Valleys company's adjusted trial balance on august 31,2018 its fidcal year end follows.

Valley Company's adjusted trial balance on August 31, 2018, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 41,488 Other (noninventory) assets 63,950 Total liabilities $ 24,200 Common stock 17,200 Retained earnings 21,500 Dividends 8,300 Sales 226,700 Sales discounts 2,250 Sales returns and allowances 13,000 Cost of goods sold 72,200 Sales salaries expense 32,600 Rent expense-Selling space 8,000 Store supplies expense 1,700 Advertising expense Office salaries expense 13,500 28,800 Rent expense-Office space 3,500 Office supplies expense 400 Totals $289,600 $289,600 On August 31, 2017. merchandise inventory was $25,100. Supplementary records of merchandising activities for the year ended August 31, 2018, reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $91,100 2,500 4,900 4,800 Required: Required: 1. Prepare closing entries as of August 31, 2018 (the perpetual inventory system is used). Answer is not complete. No Credit Date General Journal Debit 226,700 1 Aug 31 Sales Income summary 226,700 2 Aug 31 226,700 ololo Income summary Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expenso Office salarios expense 2.250 13,000 72,200 32,600 8,000 1,700 13,500 28,800 000 3 Aug 31 Income summary Retained earnings 4 Aug 31 8,300 Retained earnings Dividends 8,300