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The adjusted trial balance of zambrana company

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Reference no: EM131143879

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. 

Reference no: EM131143879

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