(Closing Entries) The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $800,000, Delivery Expense $12,000, Sales Returns and Allowances $24,000, and Sales Discounts $15,000. Instructions(a) Prepare the revenues section of the income statement.(b) Prepare separate closing entries for (1) sales and (2) the contra accounts to sales.

(Closing Entries) The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $800,000, Delivery Expense $12,000, Sales Returns and Allowances $24,000, and Sales Discounts $15,000. Instructions(a) Prepare the 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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Description: (Closing Entries) The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $800,000, Delivery Expense $12,000, Sales Returns and Allowances $24,000, and Sa

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 9PB: On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as...

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The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2020: Sales Revenue $800,000, Delivery Expense $12,000, Sales Returns and Allowances $24,000, and Sales Discounts $15,000. Instructions a. Prepare the 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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The adjusted trial balance of Cullumber Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2022: Sales Revenue $826,000, Freight-Out $16,600, Sales Returns and Allowances $34,400, and Sales Discounts $16,500. (a) Prepare the sales section of the multiple-step income statement. CULLUMBER COMPANY Income Statement (Partial) $ $ >