The adjusted trial balance of Sang Company shows the following
The adjusted trial balance of Sang Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2017: Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and Allowances $25,000, and Sales Discounts $13,000.

Instructions
(a) Prepare the sales section of the income statement.
(b) Prepare separate closing entries for
(1) Sales revenue,
(2) The contra accounts to sales revenue.

Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help