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Valley Companys adjusted account balances from its general ledger on August 31, its fiscal year-end,...

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Accounting

Valley Companys 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 expenseselling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Adjusted Account Balances Debit Credit Merchandise inventory (ending) $ 39,500 Other (non-inventory) assets 158,000 Total liabilities $ 45,623 Common stock 76,902 Retained earnings 53,171 Dividends 8,000 Sales 270,180 Sales discounts 4,134 Sales returns and allowances 17,832 Cost of goods sold 104,394 Sales salaries expense 37,015 Rent expenseSelling space 12,698 Store supplies expense 3,242 Adver Required: Prepare closing entries as of August 31 (the perpetual inventory system is used)

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