Orlaida Company has the following merchandise account balances: Sales Revenue

$192,000, Sales Discounts $2,000, Cost of Goods Sold $105,000, and Inventory $40,000.

Prepare the entries to record the closing of these items to Income Summary.

BES-7 Piccola Company provides the following information for the month ended October 31, of income statement. 2014: sales on credit $280,000, cash sales $100,000, sales discounts $5,000, sales returns (LO 5) and allowances $18,000. Prepare the sales revenues section of the income statement based ya on this information.
Contrast presentation 1h multiple-step and single-step