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Please explain solution The adjusted trial balance of Pharoah Company shows the following data pertaining to sales at the end of its fiscal year October
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The adjusted trial balance of Pharoah Company shows the following data pertaining to sales at the end of its fiscal year October 31 , 2022: Sales Revenue $816,800. Freight-Out $16,700, Sales Returns and Allowances $27,100, and Sales Discounts $20,400. (a) Prepare the sales section of the multiple-step income statement. Prepare separate closing entries for (1) sales revenue, and (2) thit contra accounts to sales revenue. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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