The adjusted trial balance of Cheyenne Company shows the following data pertaining to sales at the...
The adjusted trial balance of Cheyenne Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $741,700, Delivery Expense $11,230, Sales Returns and Allowances $23,390, and Sales Discounts $13,020.
(a) Prepare the revenues section of the income statement.
(b ) Prepare separate closing entries for (1) sales and (2) the contra accounts to sales.
Homework Answers
| No. | Account Titles and Explanations | Debit | Credit |
| 1. | Sales revenue | $741,700 | |
| Income summary | $741,700 | ||
| ( To close sales revenue) | |||
| 2. | Income summary | $36,410 | |
| Sales returns and allowances | $23,390 | ||
| Sales discount | $13,020 | ||
| ( To close contra sales accounts) |
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q3 The adjusted trial balance of Crane Company shows the following data pertaining to sales at...
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Thank you. thumbs up!
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Thank you. thumbs up!
Exercise 5-06 a-b The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2020: Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and Allowances $25,000, and Sales Discounts $13,000. Prepare the sales section of the income statement. Tsai Company Income Statement (Partial) Prepare separate closing entries for (1) sales revenue, and (2) the contra accounts to sales revenue. (Credit account titles are automatically indented...
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