Question

HELP PLEASE !!!!

Problem 4-4A Preparing closing entries and interpreting information about discounts and returns LO C2, P3 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. Credit Debit $ 41,400 59,270 $ 24,800 16,400 20,500 8,400 226,400 Merchandise inventory (ending) Other (noninventory) 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 2,230 13,000 23,700 32,500 9,000 1,900 13.000 29,900 3,400 400 5288,100 $280, 100

Answer 1

Closing entries
S.no.	Accounts title and explanations			Debit $	Credit $
a.	Sales					2,26,400
	Income summary					2,26,400
	(for sales revenue closed)
b.	Income Summary				179030
	Sales discount					2230
	Sales return and allowance				13000
	Cost of goods sold				73700
	Sales salaries expense				32500
	Rent expense-Selling space				9000
	Store supplies expense				1900
	Advertising expense				13000
	Office salaries expense				29900
	Rent expense-Office space				3400
	Office supplies expense				400
c.	Income Summary				47370
	Retained earnings					47370
	(for closing the net income)
d.	Retained earnings				8400
	Dividend					8400
	(for closing the dividend account)