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Question 1 The adjusted trial balance of Blue Company SLU shows the following data pertaining...

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Question 1 The adjusted trial balance of Blue Company SLU shows the following data pertaining to sales at the end of its fiscal year October 31, 2017: Sales Revenue 903,250, Freight-Out 18,040, Sales Returns and Allowances 34,910, and Sales Discounts 16,680. (a) Prepare the sales section of the income statement. BLUE COMPANY, SLU Income Statement (Partial) (b) Prepare separate closing entries for (1) sales, and (2) the contra accounts to sales. (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 2. Oct. 31

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