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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.
Beginning merchandise inventory was $33,087. Supplementary records of merchandising activities for the year ended
August 31 reveal the following itemized costs.
Required:
Prepare 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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