The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2014: Sales Revenue $852,850, Delivery Expense $13,380, Sales Returns and Allowances $24,030, and Sales Discounts $12,760.
A) Prepare the revenues section of the income statement.
B) Prepare separate closing entries for (1) sales and (2) the contra accounts to sales.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2014: ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
psc 41 Assuming that the claim is correct - that a large vocabulary is associated to a large income - generate an alternate explanation. Can you think of one plausible and specific third variable that could account for the relationship?
Answers (1)
In control theory, how many control systems are in place to work against our tendencies to deviate?
Answers (1)
1. Using the given demand and supply equations, calculate the effect of a 35 -percent increase in copper demand on the price of copper. Note: use the initial equilibrium values for P * (= $3.
Answers (1)
C. "Higher level professions require indepth knowledge, good skill, and In special training." Explain this statement with examples.
Answers (1)
When a company receives an interest-bearing note receivable, it will A. debit Notes Receivable for the maturity value of the note. B. debit Notes Receivable for the face value of the note. C.
Answers (1)
New Questions in Business
Why are career clusters useful in a career search?
Answers (1)
Sumaira is scared that she will not find a job in the current economy. she decides to be a business major and attend one of the top business schools in the country. upon graduation, she is hired by a major investment banking firm in new york.
Answers (1)
Whenever Josh goes to his favorite restaurant, he wants to buy tiramisu, his favorite dessert. Despite the fact he would enjoy the flavor of the tiramisu the same amount every time, Josh only buys it when he would be the only one having dessert.
Answers (1)
A 1,500,000 SF plant employs 300 people and produces 177,000 LCD panel per month. The plant is idle, on average, 2 months each year for maintenance, repairs, and retooling.
Answers (1)
This year Aetna announced it was moving out of Hartford, Connecticut, where it had held it headquarters for over 100 years. The announcement sent shockwaves through an already economically challenged state.
Answers (2)