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$[$The following information applies to the questions displayed below.$]$ Journal entry worksheet

$1$

$3$

$4$

Record the entry to close the income statement accounts with debit balances.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$August $31,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$ Prepare closing entries as of August $31($the perpetual inventory system is used$).$

Journal entry worksheet

Record the entry to close income summary.

Note: Enter debits before credits. Prepare closing entries as of August $31($the perpetual inventory system is used$).$

Journal entry worksheet

$1$

$2$

$3$

$4$

Record the entry to close the Dividends account.

Note: Enter debits before credits.

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.

Beginning merchandise inventory was $$25,421.$ Supplementary records of merchandising activities for the year ended

August $31$ reveal the following itemized costs.

Required:

repare closing entries as of August $31($the perpetual inventory system is used$).$

Journal entry worksheet

Record the entry to close the income statement accounts with credit balances.

Note: Enter debits before credits.

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