Problem 5-4A Preparing closing entries and Interpreting Information about discounts and returns LO C2, P3 Valley Company's adjusted trial balance on August 31, 2017,its fiscal year-end, follows. Merchandise inventory Other (noninventory) assets Total liabilities $ 42,700 42,840 s 24, 300 21,000 K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-Office space Office supplies expense Totals 8, 900 225, 300 2,260 13, 500 72, 200 31,400 9, 000 1,400 13, 500 29, 000 3, 500 400 $270, 600 $270, 600