E3-13B (Closing Entries)

E3-13B (Closing Entries) The adjusted trial balance of Guevara Company shows the following data pertaining
to sales at the end of its fiscal year, October 31, 2014:
Sales $320,000 Sales Returns and Allowances $9,600
Freight-out $4,800 Sales Discounts $6,000
Instructions
(a) Prepare the sales revenues section of the income statement.
(b) Prepare separate closing entries for (1) sales, and (2) the contra accounts to sales.