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

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Accounting

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.
\table[[Adjusted Account Balances,Debit,Credit],[Merchandise inventory (ending),38,500,],[Other (non-inventory) assets,154,000,],[Total liabilities,,$44,468
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