What would the correct answers be?

Required information The following information applies to the questions displayed below.) Valley Company's adjusted account balances from its general ledger 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, Adjusted Account Balances Debit Credit Merchandise inventory (ending) $ 39,000 Other (non-inventory) assets 156,000 Total liabilities $ 45,045 Common stock 76,078 Retained earnings 52,498 Dividends 8,000 Sales 266,760 Sales discounts 4,081 Sales returns and allowances 17,606 Cost of goods sold 103, 121 Sales salaries expense 36,546 Rent expense-selling space 12,538 Store supplies expenso 3,201 Advertising expense 22,675 office salaries expense 33, 345 Rent expense-office space 3,201 office supplies expense 1,067 Totals $ 440,381 $ 440,381 Beginning merchandise Inventory was $31,473. Supplementary records of merchandising activitles for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases $ 114,660 Purchases discounts received 5,504 Costs of transportation in 3,900 2,408 Purchases returns and allowances Purchases discounts received Purchases returns and allowances Costs of transportation-in 2,408 5,504 3.900 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet Purchases discounts received Purchases returns and allowances Costs of transportation-in 2.408 5,504 3.900 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). 3,900 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet