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Valley Company's adjusted trial balance on August 31, 2017, its fiscal...

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Accounting

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Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit 34,000 136,000 Credit Merchandise inventory Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals 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 $ 39,270 113,619 8,000 232,560 3,558 15,349 90,401 31,861 10,930 2,791 19,768 29,070 2,791 930- $385,449 $385,449 On August 31, 2016, merchandise inventory was $27,438. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $99,960 2,099 4,798 3,900

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