The adjusted trial balance of Mendoza Auto Supply shows the following data pertaining to sales at the

Question:

The adjusted trial balance of Mendoza Auto Supply shows the following data pertaining to sales at the end of its fiscal year October 31, 2025: Sales Revenue €820,000, Freight-Out €16,000, Sales Returns and Allowances

€28,000, and Sales Discounts €13,000.

Instructions

a. Prepare the sales section of the income statement.

b. Prepare separate closing entries for (1) sales, and (2) the contra accounts to sales.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 75% (4 reviews)

Answered By

JAPHETH KOGEI

Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are: Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking, So, I look forward to helping you solve your academic problem. I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs. I travel three times a year either to the USA, Europe and around Africa. As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc). So, I look forward to tutoring you. I believe that it will be exciting to meet them.

3.00+ 2+ Reviews 10+ Question Solved

Related Book For book-img-for-question