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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 $ 24,900 14,000 5,800 2,100 42,700 $ 16,650 16,000 38,000 2.050 115,150 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation-store equipment Accounts payable 3. Nelson, Capital J. Nelson, withdrawals Sales sales discounts Sales returns and allowances Coat of goods sold Depreciation expense-Store equipment sales salaries expense office salaries expense Insurance expense Rent expense-Belling space Rent expense office space store supplies expense Advertising expense Toral 2.000 2.050 30,000 0 14.550 14,550 0 1.000 7.000 0 9.100 $ 185,600 $185.00 Additional Information 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. Required 1 Required 2 Required 3 Using the above information, prepare adjusting journal entries. View transaction list Journal entry worksheet 1 2 3 Store supplies still available at fiscal year-end amount to $2,650. Note: Enter debits before credits Transaction General Journal Debit Credit Note: Enter debits before credits. General Journal Debit Credit Transaction b. Record entry Clear entry View general journal Journal entry worksheet 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 C. Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 they 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. Transaction General Journal Debit Credit d. Record entry Clear entry View general journal Required information 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. NELSON COMPANY Income Statement For Year Ended January 31 Ant rences Expenses Selling expenses Total selling expenses General and administrative expenses 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 Expenses Total expenses 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 $ 24,900 14,000 5,800 2,100 42,700 $ 16,650 16,000 38,000 2.050 115,150 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation-store equipment Accounts payable 3. Nelson, Capital J. Nelson, withdrawals Sales sales discounts Sales returns and allowances Coat of goods sold Depreciation expense-Store equipment sales salaries expense office salaries expense Insurance expense Rent expense-Belling space Rent expense office space store supplies expense Advertising expense Toral 2.000 2.050 30,000 0 14.550 14,550 0 1.000 7.000 0 9.100 $ 185,600 $185.00 Additional Information 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. Required 1 Required 2 Required 3 Using the above information, prepare adjusting journal entries. View transaction list Journal entry worksheet 1 2 3 Store supplies still available at fiscal year-end amount to $2,650. Note: Enter debits before credits Transaction General Journal Debit Credit Note: Enter debits before credits. General Journal Debit Credit Transaction b. Record entry Clear entry View general journal Journal entry worksheet 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 C. Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 they 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. Transaction General Journal Debit Credit d. Record entry Clear entry View general journal Required information 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. NELSON COMPANY Income Statement For Year Ended January 31 Ant rences Expenses Selling expenses Total selling expenses General and administrative expenses 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 Expenses Total expenses
