c. Depreciation expense on store equipment, a selling expense, is $1,525 for the fiscal yeat. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,900 of inventory is still avallable at fiscal year-end. Prepare a classified balance sheet as of January 31, 2021. The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $1,750. b. Explred insurance, an administrative expense, for the fiscal year is $1,400. c. Depreciation expense on store equipment, a selling expense, is $1,525 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,900 of inventory is still available at fiscal year-end. Compute the following ratios as of January 31,2021. Note: Round each ratio to 2 decimal places. Begin by selecting "Adjusted" from the drop-down below. Then, use the adjusted trial balance to prepare a multiple-step income statement. Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. The fiscal yeat-end unadjusted trial balance for Nelson Company is found on the trial balance tab. Rent expense and salaries expense are equaliy divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31,2019 , follow. a. Store supplies still available at fiscal year-end amount to $1,750. b. Explred insurance, an administrative expense, for the fiscal year is $1,400. c. Depreciation expense on store equipment, a selling expense, is $1,525 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,900 of inventory is still avallable at fiscal year-end. General Journal tab - Prepare any necessary adjusting entries. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all, transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Multiple step Income Statement tab - Prepare a multiple step income statement. Single-step Income Statement tab - Prepare a single-step income statement using the values from the multiple-step income statement. Balance Sheet tab - Prepare a dassified batance sheet. Ratio tab - Calculate the current ratio, the acid-test ratio, and the gross margin ratio. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $1,750. b. Expired insurance, an administrative expense, for the fiscal year is $1,400. c. Depreciation expense on store equipment, a selling expense, is $1,525 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,900 of inventory is still avallable at fiscal year-end. For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. Journal entry worksheet 2345678 Store supplies still avallable at fiscal year-end amount to $1,750. Note: Enter debits before credts. c. Depreciation expense on store equipment, a selling expense, is $1,525 for the fiscal yeat. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,900 of inventory is still avallable at fiscal year-end. Prepare a classified balance sheet as of January 31, 2021. The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $1,750. b. Explred insurance, an administrative expense, for the fiscal year is $1,400. c. Depreciation expense on store equipment, a selling expense, is $1,525 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,900 of inventory is still available at fiscal year-end. Compute the following ratios as of January 31,2021. Note: Round each ratio to 2 decimal places. Begin by selecting "Adjusted" from the drop-down below. Then, use the adjusted trial balance to prepare a multiple-step income statement. Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. The fiscal yeat-end unadjusted trial balance for Nelson Company is found on the trial balance tab. Rent expense and salaries expense are equaliy divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31,2019 , follow. a. Store supplies still available at fiscal year-end amount to $1,750. b. Explred insurance, an administrative expense, for the fiscal year is $1,400. c. Depreciation expense on store equipment, a selling expense, is $1,525 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,900 of inventory is still avallable at fiscal year-end. General Journal tab - Prepare any necessary adjusting entries. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all, transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Multiple step Income Statement tab - Prepare a multiple step income statement. Single-step Income Statement tab - Prepare a single-step income statement using the values from the multiple-step income statement. Balance Sheet tab - Prepare a dassified batance sheet. Ratio tab - Calculate the current ratio, the acid-test ratio, and the gross margin ratio. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $1,750. b. Expired insurance, an administrative expense, for the fiscal year is $1,400. c. Depreciation expense on store equipment, a selling expense, is $1,525 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,900 of inventory is still avallable at fiscal year-end. For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. Journal entry worksheet 2345678 Store supplies still avallable at fiscal year-end amount to $1,750. Note: Enter debits before credts