equired: repare closing entries as of August 31 (the perpetual inventory system is used). Record the entry to close the income statement accounts with debit balances. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. Journal entry worksheet Record the entry to close income summary. Note: Enter debits before credits. Required Information [The following information applles to the questions displayed below.] Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorlzes the following accounts as selling expenses: sales salarles expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Beginning merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Journal entry worksheet Record the entry to close the Dividends account. Note: Enter debits before credits 
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