(Closing Entries) The adjusted trial balance of Lopez Company shows the following data pertain- ing 1 answer below »

(Closing Entries) The adjusted trial balance of Lopez Company shows the following data pertain- ing to sales at the end of its fiscal year, October 31, 2014: Sales Revenue $800,000, Delivery Expense $12,000, Sales Returns and Allowances $24,000, and Sales Discounts $15,000.

Instructions

(a) P r epa r e the r evenues section of the income statement.

(b) P r epa r e separate closing entries for (1) sales and (2) the contra accounts to sales.

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