Check my wc "YEU VITULUI Problem 5-5A Preparing adjusting entries and income statements; computing gross margin, acid- test, and current ratios LO A1, A2, P3, P4 [The following information applies to the questions displayed below.] The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: depreciation expense-store equipment, sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit ces Cash Debit $9,850 12,000 5,400 2,700 42,700 Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation-Store equipment Accounts payable J. Nelson, Capital 3. Nelson, Withdrawals $ 17,900 14,000 19,000 2,050 116,450 Sales 1.900 Sales discounts of 2 Next > Frey Help Save & Exit Check my wc $ 17, 14,000 19,000 2,850 116,450 Accumulated depreciation Store equipment Accounts payable J. Nelson, Capital J. Nelson, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense-Store equipment Sales salaries expense Office salaries expense Insurance expense Rent expense-Selling space Rent expense-Office space Store supplies expense Advertising expense Totals 1.900 2,050 38,000 0 14,400 14,400 6,000 6,000 9,000 $166,450 $166,450 Additional Information: a. Store supplies still available at fiscal year-end amount to $2,800. b. Expired insurance, an administrative expense, for the fiscal year is $1650. c. Depreciation expense on store equipment, a selling expense, is $1.600 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,300 of inventory is still available at fiscal year-end. 2 of 2 Next > Prey W N Journal entry worksheet art 1 of 2 1 2 3 4 > Store supplies still available at fiscal year-end amount to $2,800. nts eBook Note: Enter debits before credits. Print Transaction General Journal Debit Credit eferences a CE 1 2 Prey of 2 Next > aw 1 cation O Journal entry worksheet 2 1 3 4 Expired insurance, an administrative expense, for the fiscal year is $1,650. Note: Enter debits before credits. Debit Credit Transaction General Journal ces b Next > Prey 1 2 of 2 W N Required information Journal entry worksheet F2 1 2. 4 Depreciation expense on store equipment, a selling expense, is $1,600 for the fiscal year. Kok Note: Enter debits before credits. Debit Credit nt Transaction General Journal ences C Next > Prev 1 2 of 2 w N Required information Journal entry worksheet 2 > 1 2 3 4 To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,300 of inventory is still available at fiscal year-end. ok Note: Enter debits before credits. Debit Credit t General Journal Transaction ces d Next > CD 1 2 of 2 Prev w N Chec Renren 11 Renren 11 Annen 1 Required information NELSON COMPANY rt 1 of 2 Income Statement For Year Ended January 31 nts eBook Print -ferences Expense Selling expenses H of 2 Next > 1 2 Prev w ation W o Check my Required information Selling expenses of 2 Sook rint Total selling expenses General and administrative expenses rences Total general and administrative expenses Total expenses Next > Prev 1972 of 2 GOS Required information art 1 of 2 Required 1 Required 2 Required 3 0 pints Prepare a single-step income single-step income statement for the year ended January 31. NELSON COMPANY Income Statement For Year Ended January 31 eBook Print Expenses References Total expenses Next > 1 2 of 22 Prey Mc Graw Hill W OS Education N