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 Unadjusted Trial Balance January 31, 2018 Credit Debit $ 13,800 14,000 5,200 2,700 42,500 $ 19,700 17,000 3,200 16,000 2,200 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 116,450 2,050 2,200 38,000 0 26,200 0 14,000 0 9,500 $172,350 $172,350 Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Using the above information prepare adjusting journal entries: View transaction list View journal entry worksheet No Transaction Debit Credit 1 a. General Journal Store supplies expense Store supplies 2,850 2,850 2 b. 1,650 Insurance expense Prepaid insurance 1,650 3 c. 1,550 Depreciation expense-Store equipment Accumulated depreciationStore equipment 1,550 4 d. 3,500 Cost of goods sold Merchandise inventory 3,500 Required information Income statement For Year Ended January 31, 2018 Sales 0 0 0 Less: Sales discounts Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Expenses Selling expenses Depreciation expense-Store equipment Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense 0 Total selling expenses General and administrative expenses Insurance expense Office salaries expense Rent expense-Office space Total general and administrative expenses Total expenses Net income 0 Required 1 Required 2 Required 3 Prepare a single-step income statement for fiscal year 2018. NELSON COMPANY Income Statement For Year Ended January 31, 2018 Expenses Total expenses 0