The adjusted trial balance of Schinzer Gourmet Deli shows the following data pertaining to sales at the

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The adjusted trial balance of Schinzer Gourmet Deli shows the following data pertaining to sales at the end of its fiscal year October 31, 2006: Sales $800,000; Freight-out $16,000; Sales Returns and Allowances $20,000; and Sales Discounts $15,000.

(a) Prepare the sales 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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Hospitality Financial Accounting

ISBN: 978-0470083604

2nd Edition

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

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Question Posted: Feb 06, 2013 06:52 AM

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The adjusted trial balance of Schinzer Gourmet Deli shows the following data pertaining to sales at the

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a b 1 Oct 31 Sales 800000 Income Summary 800000 2 31 ...View the full answer

Hospitality Financial Accounting

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