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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. Debit Credit Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets $ 39,000 156,000 Total liabilities $ 45,045 128,576 K. Valley, Capital K. Valley, Withdrawals Sales 8,000 266,760 Sales discounts 4,081 Sales returns and allowances 17,606 Cost of goods sold 103,121 Sales salaries expense 36,546 12,538 3,201 Rent expense-Selling space Store supplies expense Advertising expense office salaries expense Rent expense-Office space office supplies expense 22,675 33,345 3,201 1,067 Totals $ 440,381 $440,3811 Beginning merchandise inventory was $31,473. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases $ 114,660 Purchases discounts received 2,408 Purchases returns and allowances 5,504 3,900 Costs of transportation-in Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). Answer is not complete. Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). Answer is not complete. No Date Aug 31 Sales Income summary Aug 31 1 2 3 4 Aug 31 Aug 31 General Journal Income summary Sales discounts Sales returns and allowances Cost of goods sold ales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-Office space Office supplies expense Income summary K. Valley, Capital Total liabilities 3 ** Debit 266,760 237,381 29,379 8,000 Credit 266,760 4,081 17,606 103,121 36,546 12,538 3,201 22,675 33,345 3,201 1,067 8,000