Questions -
1) Brueser company has the following account balances: Sales Revenue $195,000, Sales Discount $2000, Cost of Goods Sold $117,000, and Inventory $40,000, prepare the entries to record the closing of these items to Income Summary.
2) Nelson company provides the following informationfor the month ended October 31,2017: sales credit $280,000, cash sales $95,000,sales discount $5,000, and sales returns and allowances $ 11,000. Prepare the sales section of the Income statement based on this information.