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U 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 $ 43,000 56,780 $ 24,200 15,600 19,500 8,800 225,300 Merchandise inventory (ending) 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 expense Advertising xpense Office salaries expense Rent expense-Office space office supplies expense Totals 2,270 13,000 71,500 31,900 9,000 1,500 14,000 29,000 3,400 450 $284,600 $284,600 Beginning merchandise inventory was $25,700. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Parehases discounts received Purchases returns and allowances Costs of transportation in $91,600 2,800 4,700 4.700 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $91,600 2,800 4,700 4,700 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list 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 Journal Debit Credit Aug 31 Record entry Clear entry View general Journal Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $91,600 2,800 4,700 4,700 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet