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  3. valley company's adjusted trial balance on august

Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit $...

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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 $ 40,600 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 44,670 $ 24,900 21,800 8,300 225,300 2,280 12,500 75,600 32,000 8,900 1,600 12,500 29,100 3,600 350 $272,000 $272,000 On August 31, 2016, merchandise inventory was $25,700. 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 $93,000 2,200 4,900 4,600

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