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Requlred Information [ The following information applies to the questions displayed below. ] The following unadjusted trial balance is prepared at fiscal year - end
Requlred Information The following information applies to the questions displayed below. The following unadjusted trial balance is prepared at fiscal yearend 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 ExpenseSelling Space, Store Supplies Expense, and Advrtising Expense. It categorizes the remaining expenses as general and administrative. Additional Information: a Store supplies still available at fiscal yearend amount to $ b Expired insurance, an administrative expense, is $ for the fiscal year. c Depreciation expense on store equipment, a selling expense, is $ for the fiscal year. d To estimtate shrinkage, a physical count of ending merchandise inventory is taken. It shows $ of inventory is still available at fiscal yearend. Requlred: Using the above information, prepare adjusting journal entries. Prepare a multiplestep income statement for the year ended January that begins with gross sales and includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. Prepare a singlestep income statement for the year ended January Complete this question by entering your answers in the tabs below. Using the above information, prepare adjusting journal entries. Journal entry worksheet Store supplies still available at fiscal yearend amount to $ Note knker datis before oredits. tableTransactionDebit,Credita
Requlred Information
The following information applies to the questions displayed below.
The following unadjusted trial balance is prepared at fiscal yearend 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 ExpenseSelling Space, Store Supplies Expense, and Advrtising Expense. It categorizes the remaining expenses as general and administrative.
Additional Information:
a Store supplies still available at fiscal yearend amount to $
b Expired insurance, an administrative expense, is $ for the fiscal year.
c Depreciation expense on store equipment, a selling expense, is $ for the fiscal year.
d To estimtate shrinkage, a physical count of ending merchandise inventory is taken. It shows $ of inventory is still available at fiscal yearend.
Requlred:
Using the above information, prepare adjusting journal entries.
Prepare a multiplestep income statement for the year ended January that begins with gross sales and includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses.
Prepare a singlestep income statement for the year ended January
Complete this question by entering your answers in the tabs below.
Using the above information, prepare adjusting journal entries.
Journal entry worksheet
Store supplies still available at fiscal yearend amount to $
Note knker datis before oredits.
tableTransactionDebit,Credita
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