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. Credit Debit $ 43,988 172,000 $ 49,665 140,542 8, 294, 120 Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities 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 4,500 19,412 113,298 40,294 13,824 3,529 25,000 36,765 3,529 1,176 $ 484,327 $ 484,327 Beginning merchandise Inventory $34,701. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $ 126,420 2,655 6,268 3,9ee Problem 5-4A (Algo) Preparing closing entries and interpreting information about discounts and returns LO C1, P3 Required: Prepare closing entries as of August 31 (the perpetual Inventory system is used). View transaction list Journal entry worksheet Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. Date General Journal Debit Credit Aug 31 Record entry Clear entry View general journal