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Valley company’s adjusted trial balance on agust 31 2017,its fiscal year-end,follows

Chapter 4 1w 3 Problem 4-4A Preparing closing entries and interpreting information about discounts and returns LO C2, P3 Valley Companys adjusted tial bailance on August 31, 201, ts frocal year end, follows ffice sppiies expense On August 31,2016, merchandise inventory was $25.200 Supplementary records of merchandising activites for the year ended Prev 3fa O Type here to search .v WE
http:// Help Save& Exit Submit On August 31 2016,merchandise inventory was $25,200. Supplementary records of merchandising actvities frthe year ended August 31, 2017, reveal the following itemized costs 10 $92,600 2,608 5,000 4,700 dis Costs of transportation-in Print References 1. Prepare closing entries as of August 31, 2017 (the perpetual Inventory system is used) Journal entry worksheet Prey 3 of 3 Next Type here to search
3 Required: 1. Prepare closing entries as of August 31, 2017 (the perpetual inventory system is used). 10 View transaction list View journal entry worksheet Print Record the entry to close the income statement accounts with credit balances. Record the entry to close the income statement accounts with debit balances. Record the entry to close income summary. 4 Record the entry to close the dividends account. <Prey 3 of 3 Nex Mc 0 Type here to search DELL
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Answer #1
Date General Journal Debit Credit
31-Aug Sales 226,600
Income summary 226,600
31-Aug Income summary 177,690
Sales discounts 2,240
Sales returns and allowances 14,000
Cost of goods sold 74,400
Sales salaries expense 31,300
Rent expense—Selling space 8,600
Store supplies expense 1,700
Advertising expense 13,000
Office salaries expense 28,600
Rent expense—Office space 3,500
Office supplies expense 350
31-Aug Income summary 48,910 (226600-177690)
Retained earnings 48,910
31-Aug Retained earnings 8,600
Dividends 8,600
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