NELSON COMPANY Unadjusted Trial Balance January 31, 2018 Credit Debit $ 7,800 13,500 5,200 2,600 42,600 $ 16,100 18,000 3,600 18,000 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 Salaries expense Insurance expense Rent expense Store supplies expense Advertising expense Totals 2,100 115,050 1,900 2,050 38,000 0 31,000 0 14,000 0 10,000 $170,750 $170, 750 Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Additional Information: a. Store supplies still available at fiscal year-end amount to $2,400. b. Expired insurance, an administrative expense, for the fiscal year is $1,450. 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 $10,500 of inventory is still available at fiscal year-end Journal entry worksheet 1 2 3 4 > Store supplies still available at fiscal year-end amount to $2,400. 5 Note: Enter debits before credits. Transaction General Journal Debit a Credit Record entry Clear entry View general Journal Journal entry worksheet 4 Expired insurance, an administrative expense, for the fiscal year is $1,450. Note: Enter debits before credits. General Journal Debit Credit Transaction b. Record entry Clear entry View general Journal Journal entry worksheet 1 2 4 > Depreciation expense on store equipment, a selling expense, is $1,600 for the fiscal year. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,500 of inventory is still available at fiscal year-end. Note: Enter debits before credits Transaction General Journal d Debit Credit Record entry Clear entry View general Journal NELSON COMPANY Income Statement For Year Ended January 31, 2018 0 0 0 Expenses Selling expenses Total selling expenses General and administrative expenses 0 Total general and administrative expenses Total expenses 0 0 NELSON COMPANY Income Statement For Year Ended January 31, 2018 Expenses Total expenses 0 Raw