(Answered) The adjusted trial balance of schnitzler gourmet deli

Finance

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.

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Category:- Basic Finance
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