Question

The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2014: Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and Allowances $25,000, and Sales Discounts $13,000.

Instructions
(a) Prepare the sales revenues 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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  • CreatedJanuary 30, 2014
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