! 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. Cash NELSON COMPANY Unadjusted Trial Balance January 31 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 Debit Credit $ 15,500 14,000 6,000 2,400 42,900 $ 18,550 14,000 6,000 26,000 2,100 116,100 2,000 2.050 NELSON COMPANY Unadjusted Trial Balance. January 31 Debit Credit Cash $ 15,500 Merchandise inventory 14,000 Store supplies 6,000 Prepaid insurance 2,400 Store equipment 42,900 Accumulated depreciation-Store equipment $ 18,550 Accounts payable 14,000 Common stock 6,000 Retained earnings 26,000 Dividends 2,100 Sales 116,100 Sales discounts 2,000 Sales returns and allowances 2,050 Cost of goods sold 38,000 Depreciation expense-Store equipment 0 Sales salaries expense 13,950 Office salaries expense 13,950 Insurance expense 0 Rent expense-Selling space 9,000 Rent expense-Office space 9,000 0 9,800 $ 180,650 $ 180,650 Store supplies expense Advertising expense Totals dditional Information: Store supplies still available at fiscal year-end amount to $2,500. Expired insurance, an administrative expense, is $1,500 for the fiscal year. Depreciation expense on store equipment, a selling expense, is $1,700 for the fiscal year. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,800 of inventory is still available at fiscal year-end. d: the above information, prepare adjusting journal entries.. ire a multiple-step income statement for the year ended January 31 that begins 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 Prepare a single-step income statement for the year ended January 31. NELSON COMPANY Income Statement Net sales Expenses Cost of goods sold Selling expenses For Year Ended January 31 $ 112,050 Pronaro a multinio.eton income statement for the wear onder lanuary 1 that nor Required information Complete this question by entering your answers in the tabs below. 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 Selling expenses Prepaid insurance General and administrative expenses Store supplies Total expenses Net income < Required 2 S $ 112,050 0 Required 3 < Prev 6 7 of 7 Maxt