The adjusted trial balance of Faulk Ltd. shows the following data pertaining to sales at the end of its fiscal year, October 31, 2022: Sales Revenue £800,000; Delivery Expense £12,000; Sales Returns and Allowances £24,000; and Sales Discounts £12,000.

Instructions

a. Prepare the revenues section of the income statement.

b. Prepare separate closing entries for 

(1) Sales revenue 

(2) The contra accounts to sales revenue.