Exercise 5-06 a-b (Part Level Submission) The adjusted trial balance of Ivanhoe Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2020: Sales Revenue $861,300, Freight-Out $16,400, Sales Returns and Allowances $28,400, and Sales Discounts $13,900.

(a)

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Prepare the sales section of the income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

IVANHOE COMPANY Income Statement (Partial) October 31, 2020For the Month Ended October 31, 2020For the Year Ended October 31, 2020
Owner's Capital, November 1, 2019Total RevenuesNet SalesCost of Goods SoldGross ProfitDrawingsExpensesOwner's Capital, October 31, 2020Total ExpensesNet Income / (Loss)Sales
					$
LessAdd:
			$
Drawings Expenses Net Income / (Loss) Owner's Capital, November 1, 2019 Owner's Capital, October 31, 2020 Sales Revenues Total Expenses Total Revenues Net Sales					$

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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.	31.

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