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, 2017 Credit Debit $ 33,280 13,500 6.688 2,300 42,880 $ 19,600 15,600 18.00 2,650 Cash Merchandise inventory Store Supplies Prepaid Insurance Store equipment Accumulated depreciation Store equipment Accounts payable 3. Nelson, Capital 3. Nelson, Withdrawals 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 144,700 1.850 2. 188 38,00 28,200 18,888 9.398 $197,398 Totals $197,38 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 $2.600. b. Expired Insurance, an administrative expense, for the fiscal year is $1,750. c. Depreciation expense on store equipment, a selling expense, is $1.675 for the fiscal year. d. 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. Required: 1. Using the above Information prepare adjusting Journal entries: 2. Prepare a multiple-step Income statement for fiscal year 2017 13. Prepare a single-step Income statement for fiscal year 2017