5-6 (Part level Submission) The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2014: Sales Revenue $825,310, Freight-out $17,560, Sales Returns and Allowances $31,180, and Sales Discounts $17,580. Warning Don't show me this message again for the assignment Ok Cancel

(a)

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Prepare the sales revenues section of the income statement.

Tsai COMPANY Income Statement (Partial) For the Year Ended October 31, 2014
Total RevenuesTotal ExpensesSales RevenuesNet SalesExpensesDividendsNet Income / (Loss)Retained Earnings, November 1, 2011Retained Earnings, October 31, 2014res_EAT_1356326719183_0_13752846772701122_007
Sales Returns and Allowances	$825,310
LessAddres_EAT_1356326719183_0_13752846772701122_016:
Sales Discounts	$17,580
31,180	31,180
48,760
DividendsExpensesNet Income / (Loss)Retained Earnings, November 1, 2011Retained Earnings, October 31, 2014Sales RevenuesTotal ExpensesTotal RevenuesNet Salesres_EAT_1356326719183_0_13752846772701122_037	$776,550

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(b) Prepare separate closing entries for (1) sales revenue, and (2) the contra accounts to sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	Oct. 31
2.	Oct. 31