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 5 elling 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 $25.800. Supplementary records of metchandising activibes for the year ended August 31 reveal the following itemized costs Journal entry worksheet 2 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. Prepare closing entries as of August 31 (the perpetual inventory system is used). Required: 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 berore credits. Journal entry worksheet 1 Record the entry to close the dividends account. Note: Enter debits before credits