The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end

Question:

The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2014: Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and Allowances $25,000, and Sales Discounts $13,000.

Instructions

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

(b) Prepare separate closing entries for

(1) Sales revenue,

(2) The contra accounts to sales revenue.

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Accounting Principles

ISBN: 9781118566671

11th Edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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Question Posted: Jan 30, 2014 01:32 AM

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The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end

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