(Closing Entries) The adjusted trial balance of Lopez Company shows the following data pertaining to sales at...
Question:
(Closing Entries) The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2005: Sales $800,000, Freight-out $12,000, Sales Returns and Allowances $24,000, and Sales Discounts $15,000.
Instructions
(a) Prepare the sales revenue 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
Intermediate Accounting
ISBN: 9780471448969
11th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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