Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows....

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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) Debit $ 36,500 146,000 Credit Other (non-inventory) assets Total liabilities $ 42,158 Common stock 71,965 Retained earnings 49,133 Dividends 8,000 Sales 249,660 Sales discounts 3,820 Sales returns and allowances 16,478 Cost of goods sold 96,761 Sales salaries expense 34,203 Rent expense-Selling space 11,734 Store supplies expense 2,996 Advertising expense 21,221 Office salaries expense 31,208 Rent expense-Office space Office supplies expense Totals 2,996 999 $ 412,916 $ 412,916 Beginning merchandise inventory was $29,456. 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 $107,310 2,254 5,151 3,900 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). 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) Debit $ 36,500 146,000 Credit Other (non-inventory) assets Total liabilities $ 42,158 Common stock 71,965 Retained earnings 49,133 Dividends 8,000 Sales 249,660 Sales discounts 3,820 Sales returns and allowances 16,478 Cost of goods sold 96,761 Sales salaries expense 34,203 Rent expense-Selling space 11,734 Store supplies expense 2,996 Advertising expense 21,221 Office salaries expense 31,208 Rent expense-Office space Office supplies expense Totals 2,996 999 $ 412,916 $ 412,916 Beginning merchandise inventory was $29,456. 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 $107,310 2,254 5,151 3,900 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used).