Accounting

Possible accounts

B

Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31, 2013, year-end: Administrative Expenses, S2.400; Cost of Goods Sold, $22,728; Income Tax Expense, $3,000; Interest Expense, $1,600; Interest Revenue, $200; General Expenses, S2.600; Sales Revenue, $42,000; Sales Discounts, $2,200; Sales Returns and Allowances, $1,920; and Delivery (freight-out) Expense, $300. Prepare a multistep income statement for distribution to external financial statement users. For the following transactions, prepare journal entries needed to adjust the company's books. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)