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.
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