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

Question:

The adjusted trial balance of Faulk Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2015: Sales Revenue £800,000; Delivery Expense £12,000;

Sales Returns and Allowances £24,000; and Sales Discounts £12,000.

Instructions

(a) Prepare the revenues 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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Intermediate Accounting IFRS Edition

ISBN: 9781118443965

2nd Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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Question Posted: Mar 15, 2024 05:00 AM

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

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a Revenues Section of the Income Statement Sales Revenue 800000 Less Sales Returns and ...View the full answer

Intermediate Accounting IFRS Edition

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