Problem 4-4A Preparing closing entries and interpreting information about discounts and returns LO C2, P3 Vailey Company's adjusted tral balance on August 31, its fiscal year-end, follows it categotizes 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. Beginning merchandise inventory was $25.200. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). Journal entry worksheet Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits. Journal entry worksheet 1 Record the entry to close income summary. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits