Question: The adjusted trial balance of Serious Limited shows the following

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.

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  • CreatedSeptember 18, 2015
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