The adjusted trial balance of Metlock Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2020: Sales Revenue $ 769,700, Delivery Expense $ 12,520, Sales Returns and Allowances $ 25,880, and Sales Discounts $ 12,970.

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

METLOCK COMPANY Income Statement For the Year Ended October 31, 2020 Sales Revenue 769700 ess Sales Returns and Allowances 25880 i Sales Discounts 12970 i 38850 i Net Sales $ 730850