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

Question:

The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2014: Sales Revenue $800,000, Delivery Expense $12,000, Sales Returns and Allowances $24,000, and Sales Discounts $15,000.

Instructions
  (a) Prepare the revenues section of the income statement.
  (b) Prepare separate closing entries for (1) sales and (2) the contra accounts to sales.

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Related Book For  answer-question

Intermediate Accounting

ISBN: 978-1118147290

15th edition

Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield

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