Required information Use the following information for the Problems below. [The following Information applies to the questions displayed below] Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes 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. Adjusted Account Balances Merchandise inventory (ending) K. Valley, Capital Debit $ 32,500 Credit Other (non-inventory) assets Total liabilities 130,000 $ 37,538 109,132 1 K. Valley, Withdrawals 8,000 Sales 222,300 Sales discounts: 3,401 Sales returns and allowances 14,672 Cost of goods sold 86,585 Sales salaries expense 30,455 Rent expense-Selling space 10,448 Store supplies expense 2,668 Advertising expense Office salaries expense Rent expense-Office space Office supplies expense. Totals $368,970 18,896 27,788 2,668 889 $368,970