Accounting for Merchandising Operations

The adjusted trial balance of Sang Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2019; Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and Allowances $25,000, and Sales discounts $13,000.

Instructions

  1. Prepare the sales section of the income statement.
  2. Prepare separate closing entris for (1) sales revenue, and (2) the contra accounts to sales revenue.

Solution

a.
Sang Company
Income Statement
For the year Ended October 31, 2019
 
b.
Sang Company
Closing Journal Entries
 
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