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.