The adjusted trial balance of Schinzer Company shows the following data pertaining to sales at the end
Question:
The adjusted trial balance of Schinzer Company 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.
Instructions
(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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Related Book For
Financial Accounting Text Only
ISBN: 9780006575405
5th Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
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