The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end
Question:
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.
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a TSAI COMPANY Income Statement Partial For the Year Ended October 31 2019 Sales Sales revenue 820000 Less Sales returns and allowances 25000 Sales discounts 13000 38000 Net sales 782000 Freightout is an operating expense to the seller Sales rev ...View the full answer
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Related Book For
Financial Accounting
ISBN: 978-1119305736
10th edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
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