The adjusted trial balance of Serious Limited shows the following sales data at the end of its fiscal year on October 31, 2014: Sales S1,250,000; Freight-out 518,000; Sales Returns and Allowances $4,000; and Sales Discounts $15,000.
Instructions
(a) Prepare the sales revenue section of the statement of comprehensive income.
(b) Prepare separate closing entries for (1) sales and (2) the contra accounts to sales.