Question
General Journal: Accounts payable Accounts receivable Accumulated depreciation - Store equipment Advertising expense Cash Common stock Cost of goods sold Depreciation expense - Store equipment
General Journal:
Accounts payable
Accounts receivable
Accumulated depreciation - Store equipment
Advertising expense
Cash
Common stock
Cost of goods sold
Depreciation expense - Store equipment
Dividends
Insurance expense
Merchandise inventory
Prepaid insurance
Rent expense
Retained earnings
Salaries expense
Sales
Sales discounts
Sales returns and allowances
Store equipment
Store supplies
Store supplies expense
Accounts payable
Accumulated depreciation
Advertising expense
Cash
Cost of goods sold
Depreciation expense - Store equpment
Insurance expense
Merchandise inventory
Office salaries expense
Prepaid insurance
Rent expense - Office space
Rent expense - Selling space
Sales
Sales salaries expense
Store supplies expense
Accounts payable
Accumulated depreciation - Store equipment
Cash
Common stock
Cost of goods sold
Dividends
General and administrative expenses
Merchandise inventory
Net sales
Prepaid insurance
Retained earnings
Selling expenses
Store equipment
Store supplies
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. Additional Information: a. Store supplies still available at fiscal year-end amount to $1,950. b. Expired insurance, an administrative expense, is $1,600 for the fiscal year. c. Depreciation expense on store equipment, a selling expense, is $1,575 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,200 of inventory is still available at fiscal year-end. Required: . Using the above information, prepare adjusting journal entries. . Prepare a multiple-step income statement for the year ended January 31 that begins with gross sales and includes separate ategories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. Prepare a single-step income statement for the year ended January 31. Complete this question by entering your answers in the tabs below. Using the above information, prepare adjusting journal entries. Journal entry worksheet Store supplies still available at fiscal year-end amount to $1,950. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Using the above information, prepare adjusting journal entries. Journal entry worksheet Expired insurance, an administrative expense, is $1,600 for the fiscal year. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Using the above information, prepare adjusting journal entries. Journal entry worksheet Depreciation expense on store equipment, a selling expense, is $1,575 for the fiscal year. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Using the above information, prepare adjusting journal entries. Journal entry worksheet To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,200 of inventory is still available at fiscal year-end. Note: Enter debits before credits. Prepare a multiple-step income statement for the year ended January 31 that begins with gross sales and includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. Required: 1. Using the above information, prepare adjusting journal entries. 2. Prepare a multiple-step income statement for the year ended January 31 that begins with gross sales and includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. 3. Prepare a single-step income statement for the year ended January 31. Complete this question by entering your answers in the tabs below. Prepare a single-step income statement for the year ended January 31Step by Step Solution
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