Extracted text: Valley Company's odjusted trial balance on August 31, its fiscal year-end, follows. It cstegorizes the following accounts os selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It cotegorizes the remaining expenses os general and administrative. Debit Credit Merchandise inventory (ending) Other (noninventory) assets Total liabilitics $ 42,680 55,518 $ 24,100 Conmon stock 15,520 Retained carnings Dividends Sales Sales discounts Sales returns and allowances 19,48e 8,700 225,480 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 2,268 14, 000 72,600 32,180 8,600 1,se0 13,000 29,800 3,400 350 Totals $284,420 $284,420 Beginning merchandise inventory wes $25,700. Supplementery records of merchandising octivities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $92,100 2,580 4,980 4,880 Required: Prepare closing entries es of August 31 (the perpetual inventory system is used). Vlewtraneaction llat Journal entry worksheet 1 2 3 4 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. Date General Jourmal Debit Credit Aug 31 Record entry Clear entry Vew general journal