Required information Skip to question [The following information applies to the questions displayed below.] 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 Debit Credit Merchandise inventory (ending) $ 41,000 Other (non-inventory) assets 130,400 Total liabilities $ 25,000 K. Valley, Capital 104,550 K. Valley, Withdrawals 8,000 Sales 225,600 Sales discounts 2,250 Sales returns and allowances 12,000 Cost of goods sold 74,500 Sales salaries expense 32,000 Rent expense—Selling space 8,000 Store supplies expense 1,500 Advertising expense 13,000 Office salaries expense 28,500 Rent expense—Office space 3,600 Office…

Journalize the following transactions that occurred in September 2018 for Faucet, assuming the perpetual inventory system is being used.. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Faucet estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assune the company records sales at the net amount.) More info Purchased merchandise inventory on account from Sidecki Wholesalers, $4,000. Terms 2/15, n/EOM, FOB shipping point. Sep. 3 Sep. 4 Paid freight bill of $70 on September 3 purchase. Sep. 4 Purchase merchandise inventory for cash of $2,300. Sep. 6 Returned $900 of inventory from September 3 purchase. Sold merchandise inventory to Harvey Company, $5.800, on account. Terms 1/15, n/35. Cost of goods, $2,726. Purchased merchandise inventory on account from Thomas Wholesalers, $7,500. Terms 3/10, n/30, FOB destination. Made payment to Sidecki…

Required information Skip to question   [The following information applies to the questions displayed below.] 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 Debit Credit Merchandise inventory (ending) $ 34,000   Other (non-inventory) assets 136,000   Total liabilities   $ 39,270 K. Valley, Capital   113,619 K. Valley, Withdrawals 8,000   Sales   232,560 Sales discounts 3,558   Sales returns and allowances 15,349   Cost of goods sold 90,401   Sales salaries expense 31,861   Rent expense—Selling space 10,930   Store supplies expense 2,791   Advertising expense 19,768   Office salaries expense 29,070   Rent expense—Office space 2,791…