The adjusted trial balance of Pharoah Company shows the following data pertaining to sales at the end of its fiscal year October 31,2022: Sales Revenue $816,800, Freight-Out $16,700, Sales Returns and Allowances $27,100, and Sales Discounts $20,400.(a)Prepare the sales section of the multiple-step income statement.>PHAROAH COMPANYIncome Statement (Partial)$$$ (b)Prepare separate closing entries for (1) sales revenue, and (2) the contra accounts to sales revenue. (List all debit entries beforecredit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,select "No Entry" for the account titles and enter O for the amounts.)No. Date Account Titles and Explanation2.Oct. 3131.DebitCredit

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Description: The adjusted trial balance of Pharoah Company shows the following data pertaining to sales at the end of its fiscal year October 31,2022: Sales Revenue $816,800, Freight-Out $16,700, Sales Returns and Allowances $27,100, and Sales Discounts $20,400.

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The adjusted trial balance of Pharoah Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2022: Sales Revenue $816,800, Freight-Out $16,700, Sales Returns and Allowances $27,100, and Sales Discounts $20,400. (a) Prepare the sales section of the multiple-step income statement. PHAROAH COMPANY Income Statement (Partial) $ $ $

The adjusted trial balance of Pharoah Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2022: Sales Revenue $816,800, Freight-Out $16,700, Sales Returns and Allowances $27,100, and Sales Discounts $20,400. (a) Prepare the sales section of the multiple-step income statement. PHAROAH COMPANY Income Statement (Partial) $ $ $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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