The adjusted trial balance of Concord Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2020: Sales Revenue $728,400, Delivery Expense $12,780, Sales Returns and Allowances $25,320, and Sales Discounts $12,380.
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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