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Prepare separate closing entries

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Reference no: EM13513692

The adjusted trial balance of Faulk Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2012: Sales Revenue $800,000, Freight-out $12,000, Sales Returns and Allowances $24,000, and Sales Discounts $12,000.

Instructions 

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

(b) Prepare separate closing entries for

(1) sales revenue and

(2) the contra accounts to sales revenue.

 

Reference no: EM13513692

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