Prepare closing entries for sales revenue


Question: The adjusted trial balance of lvanhoe Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2022: Sales Revenue $881,100, Freight-Out $18,100 Sales Returns and Allowances $30,900 and Sales Discounts $17,300. Prepare closing entries for sales revenue and the contra accounts to sales revenue. List all debit and credit entries

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Finance Basics: Prepare closing entries for sales revenue
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