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The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31,2019 , follow. a. Store supplies still available at fiscal year-end amount to $1,750. b. Expired insurance, an administrative expense, for the fiscal year is $1,400. c. Depreciation expense on store equipment, a selling expense, is $1,525 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. For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. Journal entry worksheet 2345678> Store supplies still available at fiscal year-end amount to $1,750. Note: Enter debits before credits. Begin by selecting "Adjusted" from the drop-down below. Then, use the adjusted trial balance to prepare a multiple-step income statement. Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. Prepare a classified balance sheet as of January 31,2021. ompute the following ratios as of January 31,2021 . Round each ratio to 2 decimal places. Dates: The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31,2019 , follow. a. Store supplies still available at fiscal year-end amount to $1,750. b. Expired insurance, an administrative expense, for the fiscal year is $1,400. c. Depreciation expense on store equipment, a selling expense, is $1,525 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. For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. Journal entry worksheet 2345678> Store supplies still available at fiscal year-end amount to $1,750. Note: Enter debits before credits. Begin by selecting "Adjusted" from the drop-down below. Then, use the adjusted trial balance to prepare a multiple-step income statement. Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. Prepare a classified balance sheet as of January 31,2021. ompute the following ratios as of January 31,2021 . Round each ratio to 2 decimal places. Dates
