How do I make it correct?
Using the above information, prepare adjusting journal entries. No Transaction General Journal Debit Credit 1 a. 4,000 Store supplies expense Store supplies 4,000 2 b. 1,750 Insurance expense Prepaid insurance 1,750 3 C. 1,550 Depreciation expense-Store equipment Accumulated depreciationStore equipment 1,550 4 d. Cost of goods sold Merchandise inventory Required 1 Required 2 > Required 1 Required 2 Required 3 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. $ 116,400 NELSON COMPANY Income Statement For Year Ended January 31 Sales Less: Sales discounts $ Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Expenses Selling expenses (1,850) (2,100) (3,950) 112,450 (38,000) 74.450 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 $ 32, 100 13,000 5,600 2,700 42,800 $ 18,050 16,000 5,000 35,000 2,300 116,400 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 1,850 2,100 38,000 0 13,650 13,650 0 6,500 6,500 0 9,700 $ 190, 450 $ 190, 450 Additional Information: Required information Required 1 Required 2 Required 3 Prepare a single-step income statement for the year ended January 31. NELSON COMPANY Income Statement For Year Ended January 31 Net sales Expenses Cost of goods sold $ Accumulated depreciation - Store equipment 112,450 (38,000) Total expenses Net income (38,000) 14,850 Required 1 Required 2 Required 3 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. $ 116,400 NELSON COMPANY Income Statement For Year Ended January 31 Sales Less: Sales discounts $ Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Expenses Selling expenses (1,850) (2,100) (3,950) 112,450 (38,000) 74.450 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 $ 32, 100 13,000 5,600 2,700 42,800 $ 18,050 16,000 5,000 35,000 2,300 116,400 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 1,850 2,100 38,000 0 13,650 13,650 0 6,500 6,500 0 9,700 $ 190, 450 $ 190, 450 Additional Information: Required information Required 1 Required 2 Required 3 Prepare a single-step income statement for the year ended January 31. NELSON COMPANY Income Statement For Year Ended January 31 Net sales Expenses Cost of goods sold $ Accumulated depreciation - Store equipment 112,450 (38,000) Total expenses Net income (38,000) 14,850
