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.

complete the general journal

Descriptions of items that require adjusting entries on January 31, 2019, follow. 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 $1,525 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. Requirement General Journal General Ledger Trial Balance Multiple step Single Step is Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list View joumal entry worksheet ... No Date Account Title Credit Debit 4,050 1 Jan 31 Store supplies expense Store supplies 4.050 2 Jan 31 1.400 Insurance expense Prepaid insurance 1.400 co Jan 31 1.525 Depreciation expense - Store equip. Accumulated depreciation - Store equip. 1,525 Jan 31 1,600 Cost of goods sold Merchandise inventory 1,600 5 Jan 31 Sales 111.950 Income summary 111.950 6 Jan 31 110.975 Income summary Sales discounts Sales returns and allowances Cost of goods sold Salaries expense Rent expense Advertising expense Store supplies expense Insurance expense Depreciation expense - Store equip. 2,000 2.200 40.000 35,000 15,000 9.800 4,050 1.400 1,525