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, 2019: Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and Allowances $25,000, 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.
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Financial Accounting

ISBN: 978-1119305736

10th edition

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

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