The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end
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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Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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