Question

Valley Company's adjusted trial balance 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. Debit Credit Merchandise inventory (ending) Other (noninventory) assets $ 42, 800 59, 130 $ 25, 800 Total liabilities Common stock 16, 240 Retained earnings 20, 300 8, 800 Dividends Sales 226, 200 2, 260 13, 500 73, 000 32, 100 8, 300 1, 700 13, 500 29, 200 3, 800 Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-Office space Office supplies expense 450 $ 288, 540 288, 540 Totals

Answer 1

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Date	General Journal	Debit	Credit
Aug 31	Sales	$   226,200
	Income Summary		$   226,200
	(To close credi balance accounts)
Aug 31	Income Summary	$   177,810
	Sales Discount		$        2,260
	Sales Return and allowance		$      13,500
	Cost of Goods Sold		$      73,000
	Sales salaries expense		$      32,100
	Rent Expense-Selling space		$        8,300
	Store supplies expense		$        1,700
	Advertising Expense		$      13,500
	Office Salaries expense		$      29,200
	Rent Expense-Office space		$        3,800
	Office Supplies Expense		$            450
	(To close debit balance accounts)
Aug 31	Income Summary	$      48,390
	Retained Earning		$      48,390
	(To close income summary)
Aug 31	Retained Earning	$        8,800
	Dividends		$        8,800
	(To close dividends)