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 $1,000 12,500 5,800 2,400 42,900 $ 15,250 10,000 5,000 27,000 2,200 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation Store equipment Accounts payable Common stock Retained earning Dividendo Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense-Store oquipment Salaries expense Insurance expense Rent expense Store supplies expense Advertising expense Potala 111,950 2,000 2,200 38,400 0 35,000 0 15,000 0 9,800 $169,200 $169,200 Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual Inventory system. $169,200 $169,200 Total 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 $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 $1525 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. Required: 1. Using the above Information prepare adjusting journal entries: 2. Prepare a multiple-step income statement for fiscal year 2018. 3. Prepare a single-step income statement for fiscal year 2018. Complete this questions by entering your answers in the below tabs. Required a Required 2 Required 3 Using the above information prepare adjusting Journal entries: View transaction ist 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 $1,750. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet Depreciation expense on store equipment, a selling expense, is $1,525 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 they 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. Note: Enter debits before credits. General Journal Debit Transaction d. Credit Record entry Clear entry View general Journal
