The adjusted trial balance of Mendoza Auto Supply shows the following data pertaining to sales at the

Question:

The adjusted trial balance of Mendoza Auto Supply shows the following data pertaining to sales at the end of its fiscal year October 31, 2025: Sales Revenue €820,000, Freight-Out €16,000, Sales Returns and Allowances

€28,000, and Sales Discounts €13,000.

Instructions

a. Prepare the sales 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  book-img-for-question

Financial Accounting With International Financial Reporting Standards

ISBN: 9781119787051

5th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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