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lutik1710 [3]
3 years ago
13

The adjusted trial balance of Concord Company shows the following data pertaining to sales at the end of its fiscal year, Octobe

r 31, 2020: Sales Revenue $728,400, Delivery Expense $12,780, Sales Returns and Allowances $25,320, and Sales Discounts $12,380.
a. Prepare the revenues section of the income statement.
b. Prepare separate closing entries for (1) sales and (2) the contra accounts to sales.
Business
1 answer:
Sonbull [250]3 years ago
4 0

Answer:

Sales revenue    728,400

Sales R&A            (25,320)

Delivery Expense (12,780) * considered freight-out

sales discount   <u>   (12,380)    </u>

net sales:              677,920‬

sales revenue   728,400 debit

      income summary             728,400 credit

--to close revenues accounts--

income summary      50,480

  Delivery Expense                          12,780

   Sales Returns and Allowances  25,320

   Sales Discounts                           12,380.

--to close the contra account to sales---

Income summary  677,920

        Retained Earnings       677,920

Explanation:

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1 year ago
Assume you are the CFO of a company that has accumulated a significant amount of cash, well beyond its foreseeable needs. The co
boyakko [2]

Answer:

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Explanation:

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Answer: $4.87

Explanation:

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8 0
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Assume that Amazon has a stock-option plan for top management. Each stock option represents the right to purchase a share of Ama
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Explanation:

The Journal entry is given below:-

1 January 2020             No Entry

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Working Note:-

Compensation Expense

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In Europe, here are 22 paid vacation days and 13 paid when on holidays. Summing up, that could be a total of 4 weeks of vacation. While on the other hand, the United States as only 16 vacation days, both paid and unpaid, and that could be a total of around 2 weeks of vacation only.
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