es Valley Company s adjusted account balances from its

Last updated: 9/5/2023

es 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 43 500 174 000 Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation in 8 000 4 552 19 638 114 570 40 763 13 984 3 570 25 291 37 193 Credit 50 243 83 482 58 556 297 540 3 570 1 190 489 821 489 821 Beginning merchandise inventory was 35 105 Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs 127 890 2 686 6 139 3 900 C