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Prepare the sales revenues section of the income statement

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Reference no: EM13482280

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) thecontra accounts to sales.

Reference no: EM13482280

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