D Required information (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, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit 5 1,000 12,500 5,800 2,400 42,900 $ 15,250 10,000 5,000 27, eee 2,200 111,950 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation-store equipment Accounts payable Common stock Retained earnings Dividends 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 2.000 2,200 38,400 17,500 17,500 @ 7,500 7.500 9,800 $169,200 $169,200 Additional Information: a. Store supplies still available at fiscal year-end amount to $1,750. b. Expired insurance, an administrative expense, is $1,400 for the fiscal year c. Depreciation expense on store equipment, a selling expense, is $1525 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. Required: 1. Using the above information, prepare adjusting journal entries 2. Prepare a multiple-step income statement for the year ended January 31 3. Prepare a single-step income statement for the year ended January 31, Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Using the showe information a.eren inrnmo etaToMONT TOE TE voar onnon annan 1 Required information Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Using the above information, prepare adjusting journal entries. View transaction list Journal entry worksheet Store supplies still available at fiscal year-end amount to $1,750. Note: Enter debits before credits Transaction General Journal Debit Credit a Required information Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Using the above information, prepare adjusting journal entries. View transaction list Journal entry worksheet Depreciation expense on store equipment, a selling expense, is $1,525 for the fiscal year. Note: Enter debits before credits Transaction General Journal Debit Credit C Record entry Clear entry View general journal Using the above information, prepare adjusting journal entries. View transaction list Journal entry worksheet
