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, 2020: 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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Step by Step Answer:
a Sales revenue 800000 Less Sales returns and allowances 24000 ...View the full answer
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