Question
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
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 $868,070, Freight-out $17,100, Sales Returns and Allowances $32,800, and Sales Discounts $19,510.
Prepare separate closing entries for (1) sales revenue, and (2) the contra accounts to sales revenue.
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Integrated Accounting
Authors: Dale A. Klooster, Warren Allen, Glenn Owen
8th edition
