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Sales returns and allowances 20000 and sales discounts

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Reference no: EM13576467

The adjusted trial balance of Schnitzler Gourmet Deli shows the following data pertaining to sales at the end of its fiscal year October 31, 2006: Sales $800,000; Freight-out $16,000; Sales Returns and Allowances $20,000; 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. 2006.

Reference no: EM13576467

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