Question: 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.


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  • CreatedMarch 02, 2015
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