The adjusted trial balance of Sang Com any shows the following data pertaining to sales at the

Fantastic news! We've Found the answer you've been seeking!

Question:

The adjusted trial balance of Sang Com any shows the following data pertaining to sales at the end of its fiscal year October 31. 2017: Sales Revenue $820,000, Freight-Out $16.000. Sales Returns and Allowances S25.000, and Sales Discounts $13,000.

Instructions

(a) Prepare the sales section of the income statement.

(b) Prepare separate closing entries for (1) sales revenue, and 2) the contra accounts to sales revenue.

Related Book For answer-question

Financial and Managerial Accounting

ISBN: 978-0132497978

3rd Edition

Authors: Horngren, Harrison, Oliver

See More Books

Posted Date: Apr 10, 2021 05:30 PM

See More Questions

The adjusted trial balance of Jobs4U Employment Service, Inc., follows but is incomplete. Requirements 1. Calculate and enter the adjustment amounts directly in the missing Adjustments columns. 2....
The following is the adjusted trial balance of Lending Hand, Inc., for December 31, 2012. Requirement 1. Journalize the closing entries at December 31, 2012. Lending Hand, Inc. Adjusted Trial Balance...
The following is the adjusted trial balance of Healthy Way, Inc., for January 31, 2012. Requirement 1. Journalize the closing entries at January31. Healthy Way, Inc. Adjusted Trial Balance January...
Among the 3 dimensioning techniques A, B and C, which one is correct. 50 50 A B 50 C
What is the purpose of the COMMIT command in SQL? How does commit relate to the notion of a business transaction (e.g., entering a customer order or issuing a customer invoice)?
Your campus club is hosting a car wash. Due to demand, three people are going to be scheduled per wash line. (Three people have to wash each vehicle.) Design an activity chart for Washing an drying a...
Refer to the information in Exercise 17-7 to answer the following requirements. Required 1. Using ABC, compute the overhead cost per unit for each product line. 2. Determine the total cost per unit...
On December 31, 2014, Hattie McDaniel Company had $1,200,000 of short-term debt in the form of notes payable due February 2, 2015. On January 21, 2015, the company issued 25,000 shares of its common...
What are the ending values of x and y? Start x = 4 y=8 x = y y = x x = y End 13
Which series has the highest beta. BraveNewCoin Liquid Index for Bitcoin 1D BNC Trading Brave Ne Yellow Green Blue Orange
Scheem Company manufactures a variety of prestige boardroom chairs. Its job-costing system uses an activity-based approach. There are two direct-cost categories (direct materials and direct...
What are the major advantage of observational techniques. explain in detail
How would you rate your experience in working with a high-performing organization? What did the company do well, or could it have done better?
Koebel Corporation uses a job order cost system with manufacturing overhead applied to products on the basis of direct labor hours. For the upcoming year, Koebel Corporation estimated total...
1. A long rectangular plate has a width of 100 mm, thickness of 5 mm and an axial load of 150 kN. If the plate is made of titanium Ti-6AL-4V, (Kc=115 MPa-m, , Oys=910 MPa). What is the factor of...
Given: (x is number of items) Demand function: d(x) = 400 400 0.5 Supply function: s(x) = 0.3x Find the equilibrium quantity: Find the consumers surplus at the equilibrium quantity: Preview Preview
123 Compare the purely graphical properties of these two notations, and the ways in which the graphical properties of each display correspond to the information structure being defined. Describe...
Find an equation of the given line. Slope is -2; x-intercept is -2
Consider the facts presented in S1-12 for Elegant Arrangements Corporation. Requirements 1. Review the income statement prepared in S1-12. Evaluate the results of 2012 operations for Elegant...
One subunit of Boxing Sports Company had the following financial results last month: Requirements 1. Complete the performance evaluation report for this subunit (round to two decimal places). 2....
Lofty Exploration Company reported these figures for 2012 and 2011: Requirements 1. Compute rate of return on total assets and rate of return on common stockholders equity for 2012. 2. Do these rates...
Do any problems arise when translating physical assets and economic events into monetary units? Give one or two illustrations to support your answer.
Entries for the Warren Clinic 2015 income statement are listed below in alphabetical order. Reorder the data in proper format. Depreciation expense General/administrative expenses Interest expense $...
Brandywine Homecare, a not-for-profit business, had revenues of $$12$ million in 2015. Expenses other than depreciation totaled 75 percent of revenues, and depreciation expense was $$1.5$...

The adjusted trial balance of Sang Com any shows the following data pertaining to sales at the

Question:

Expert Answer:

Freight out is not ... View the full answer

Financial and Managerial Accounting

Students also viewed these accounting questions