The adjusted trial balance of Wildhorse Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2022: Sales Revenue $904,600, Freight-Out $16,600, Sales Returns and Allowances $29,800, and Sales Discounts $16,500.Prepare separate closing entries for (1) sales revenue and (2) the contra accounts to sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No.DateAccount Titles and ExplanationDebitCredit1.Oct. 31enter an account title for the closing entry on October 31enter a debit amountenter a credit amount enter an account title for the closing entry on October 31enter a debit amountenter a credit amount2.Oct. 31enter an account title for the closing entry on October 31enter a debit amountenter a credit amount enter an account title for the closing entry on October 31enter a debit amountenter a credit amount enter an account title for the closing entry on October 31enter a debit amountenter a credit amount

Prepare separate closing entries for sales revenue: Date Accounts title and explanation Debit ($)…

Answered: The adjusted trial balance of Wildhorse…

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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The adjusted trial balance of Wildhorse Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2022: Sales Revenue $904,600, Freight-Out $16,600, Sales Returns and Allowances $29,800, and Sales Discounts $16,500.

Prepare separate closing entries for (1) sales revenue and (2) the contra accounts to sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	Oct. 31	enter an account title for the closing entry on October 31	enter a debit amount	enter a credit amount
		enter an account title for the closing entry on October 31	enter a debit amount	enter a credit amount
2.	Oct. 31	enter an account title for the closing entry on October 31	enter a debit amount	enter a credit amount
		enter an account title for the closing entry on October 31	enter a debit amount	enter a credit amount
		enter an account title for the closing entry on October 31	enter a debit amount	enter a credit amount

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