The adjusted trial balance of Sang Company shows the following data pertaining to sales at the end
Question:
The adjusted trial balance of Sang Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2022: 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 multiple-step income statement.
b. Prepare separate closing entries for (1) sales revenue, and (2) the contra accounts to sales revenue.
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Step by Step Answer:
a The the sales section of the multiplestep income statement is as follows i Sales Revenue 820000 ii ...View the full answer
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Related Book For 
Accounting Principles
ISBN: 9781119707110
14th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
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