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 liabilities E. Valley, Capital 41.200 44.100 24,900 21,200 . Valley, Withdrawals 8.200 Sales Jales discounts 9ales returns and allowances Cost of goods sold ales alaries expense Rent expense-3elling space 3tore supplies expense Advertising expense Office salazies expense Rent expense-Office space Office supplies expense Total 225,700 2,200 13,000 73,100 22, 00 8.300 1,800 14.000 29.900 3, 300 400 271,000 $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 91, 800 a, 000 4, 400 4,600 Invoiee dost of merchandsse purchases Purchases returns and allowances