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Problem 4-4A Preparing closing entries and Interpreting Information about discounts and returns LO C2, P3 Valley Company's adjusted trial balance 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. Credit Debit $ 42,700 62, 470 $ 25, 900 17,040 21,300 9,000 226,800 Merchandise inventory (onding) Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies exponse Advertising expense office salaries expense Rent expense-office space office supplies expense Totals 2.220 14,000 72.900 32,200 8. 600 1,500 13,500 28.000 3,500 450 5291, 040 $291,040 Beginning merchandise Inventory was $25.800, Supplementary records of merchandising activities 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 2,900 4,300 4,900 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). Journal entry worksheet