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, 2020: 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, and (2) the contra accounts to sales revenue.

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Financial and Managerial Accounting

ISBN: 978-1119392132

3rd edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Feb 13, 2020 07:44 AM

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The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end

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Financial and Managerial Accounting

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