Valley Company's odjusted trial balance on August 31, its fiscal yesr-end, follows. It categorizes the following accounts os selling expenses: sales solaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses os general and administrative. Debit Credit Herchandise inventory (ending) $ 42,600 55,510 Other (noninventory) assets Total liabilities $ 24, 100 15, 520 29,400 Conmon stock Retained earnings Dividends 8,700 Sales 225, 400 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 2,260 14,000 72,600 32,100 8,600 1, s00 13,000 29, 800 3,400 Totals $284,420 $284,420 Beginning merchandise inventory was $25,700. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation in $92,100 2,s00 4,900 4,800 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). Vow trannaction lint Journal entry worksheet 2 3 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. Date General Journal Debit Credit Aug 31

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. Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities Common stock Retained earnings Dividends Sales 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 Totals Debit $ 41,000 130,400 Invoice cost of merchandise purchases. Purchases discounts received Purchases returns and allowances Costs of transportation-in 8,000 2,250 12,000 74,500 32,000 8,000 1,500 13,000 28,500 3,600 400 $ 355,150 Credit $ 92,000 2,000 4,500 4,600 $…

Madison Company's perpetual inventory records indicate that $520,930 of merchandise should be on hand on October 31. The physical inventory indicates that $505,510 is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Madison Company for the year ended October 31. If an amount box does not require an entry, leave it blank. Oct. 31 Accounts Payable Accounts Receivable Cash Cost of Goods Sold Inventory

the adjusted trial balance of skysong at december 31 shows inventory $24,600, Sales Revenue $164,000, Sales returns and Allowances $3,950, sales discounts $3,000, cost of goods sold $94,000, interest revenue $5,600, freight-out $2,050, utilities expense $7,350, and salaries and wage expense $21,200. prepare the closing entries for skysong for these accounts.