(Answered) The adjusted trial balance of zambrana company shows the

Accounting

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.

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