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The adjusted trial balance of zambrana company shows the

The adjusted trial balance of Zambrana Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2010: Sales $800,000, Freight-out $16,000, Sales Returns and Allowances $25,000, and Sales Discounts $15,000.

Instructions

(a) Prepare the sales revenues section of the income statement.

(b) Prepare separate closing entries for

(1) Sales, and

(2) The contra accounts to sales.

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Accounting Basics: The adjusted trial balance of zambrana company shows the

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Accounting Basics: The adjusted trial balance of zambrana company shows the

Reference No:- TGS01527215

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