Question: 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

returns LO C2, P3 Valley Company's adjusted trial balance on August 31,

2017, its fiscal year -end, follows Herchandise inventory Other (noninventory) assets Total

1iabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns

and allovances Cost of goods sold Sales sslaries expense Rent expense-Selling apace

Store aupplies expense Advertising expense office salaries expense Rent expense-office space Office

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 Herchandise inventory Other (noninventory) assets Total 1iabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allovances Cost of goods sold Sales sslaries expense Rent expense-Selling apace Store aupplies expense Advertising expense office salaries expense Rent expense-office space Office upplies expense Totals S 41,200 41,100 s 24,900 21,200 8, 200 225,700 2,200 13,000 73,100 32,300 8, 300 1.800 14, 000 29, 900 3, 300 400 8271,800 $271,800 office supplies expense Totals 400 $271,800 $271,800 On August 31, 2016, merchandise inventory was $25,300. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $91, 800o 3,000 4, 400 4, 600 Required 1. Prepare closing entries as of August 31, 2017 (the perpetual inventory system is used) View transaction list Journal entry worksheet 2 K Prey 4 of 12 Next > Required: 1. Prepare closing entries as of August 31, 2017 (the perpetual inventory system is used) View transaction list Journal entry worksheet 2 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 Required: 1. Prepare closing entries as of August 31, 2017 (the perpetual inventory system is used). View transaction list Journal entry worksheet Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits Date General Journal Debit Credit Aug 31 K Prev 4 of 12E Next > 4 Required 1. Prepare closing entries as of August 31, 2017 (the perpetual inventory system is used) View transaction list nts Journal entry worksheet eBook Print 2 eferences Record the entry to close Income summary. Note: Enter debits before credits. Date General Journal Debit Credit Aug 31 K Prev 4 of 12 Novt Required: 1. Prepare closing entries as of August 31, 2017 (the perpetual inventory system is used) View transaction list Journal entry worksheet ok nces Record the entry to close the Withdrawals account. Note: Enter debits before credits. Date General Journal Debit Credit Aug 31 t Prov 4 of 12

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