The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2017, follow.

1. Store supplies still available at fiscal year-end amount to $2,800.
2. Expired insurance, an administrative expense, for the fiscal year is $1,820.
3. Depreciation expense on store equipment, a selling expense, is $6,000 for the fiscal year.
4. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,280 of inventory is still available at fiscal year-end.
5. Record the entry to close income statement accounts with credit balances.
6. Record the entry to close income statement accounts with debit balances.
7. Record the entry to close income summary.
8. Record the entry to close the withdrawals account.

Trial Balance
January 31, 2017
Account Title	Debit	Credit
Cash	18,900
Merchandise inventory	12,000
Store supplies	8,400
Prepaid insurance	2,900
Store equipment	60,000
Accumulated depreciation - Store equip.		27,000
Accounts payable		14,200
J. Nelson, Capital		42,500
J. Nelson, Withdrawals	6,400
Sales		133,000
Sales discounts	4,000
Sales returns and allowances	4,200
Cost of goods sold	40,000
Salaries expense	35,000
Rent expense	14,000
Advertising expense	10,900
Total	216,700	216,700