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Problem: Valley Company's adjusted trial balance on August 31, 2015, its fiscal year-end, follows.
Debit
Credit
Merchandise Inventory
$40,300
Other (non inventory) assets
46,370
Total liabilities
$24,400
Common Stock
15,280
Retained earnings
3,820
Dividends
8,400
Sales
226,700
Sales discount
2,280
Sales returns and allowances
13,000
Cost of goods sold
73,900
Sales salaries expense
32,100
Rent expense-selling space
8,200
Store supplies expense
1,700
Advertising expense
12,000
Office salaries expense
28,100
Rent expense-Office space
3,400
Office supplies expense
350
Totals
$270,200
On August 31, 2014, merchandise inventory was $25,200. Supplementary records of merchandising activities for the year ended August 31, 2015, reveal the following itemized costs.
Invoice cost of merchandise purchases
$92,100
Purchase discount received
2,900
Purchase returns and allowances
4,800
Costs of transportation-in
4,600
Required:
1. Prepare closing entries as of August 31, 2015 (the perpetual inventory system is used).
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