Sunland Company
Income Statement
For the year ended Oct 31, 2020
Sales revenue		$800,200
Less:
Sales Discounts	$12,720
Sales return & allowances	$26,130
		$38,850
Net Sales		$761,350

Net sales is based on Sales reduced by sales discount and sales returns.

Step 3:

Q3.

General Ledgers:

Cash		Common Stock
Sept 1	$19,330	Sept 4	$690				Sept 1	$19,330
Sept 8	$1,680	Sept 5	$970
Sept 20	$970	Sept 10	$470		Dividend
		Sept 18	$3,310		Sept 19	$3,180
		Sept 19	$3,180
		Sept 30	$1,919		Service Revenue
End Bal	$11,441						Sept 8	$1,680
							Sept 14	$5,510
Supplies				Sept 25	$1,990
Sept 5	$970	Sept 30	$310		End Bal	$9,180
End Bal	$660
					Rent Expense
Accounts Receivables		Sept 4	$690
Sept 14	$5,510	Sept 20	$970
Sept 25	$1,990				Office Expense
End Bal	$6,530				Sept 10	$470
					Sept 30	$79
Equipment		End Bal	$549
Sept 2	$17,700
					Salaries and Wages Expense
Accumulated Depreciation - Equipment		Sept 30	$1,840
		Sept 30	$295
					Supplies Expense
Accounts Payable		Sept 30	$310
Sept 18	$3,310	Sept 2	$17,700
End Bal	$14,390				Depreciation Expense
					Sept 30	$295

Transcribed Image Text:

Service Revenue Salaries and Wages Expense Utilities Expenses Rent Expense Total A LA Service Revenue Salaries and Wages Expense Utilities Expenses Rent Expense Total A LA