Problem:
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 $820,000, Freight-out $16,000, Sales Returns and Allowances $25,000, and Sales Discounts $13,000.
Required:
Question: Prepare separate closing entries for (1) sales revenue, and (2) the contra accounts to sales revenue.
Note: Show all workings.