The adjusted trial balance of Sang Company shows the following data pertaining to sales at the end
Question:
The adjusted trial balance of Sang 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,
(2) The contra accounts to sales revenue.
Step by Step Answer:
a SANG COMPANY Income Statement Partial For the Year Ended October 31 2020 S...View the full answer
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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