the following an adjusted trial balance is prepared at fiscal year end for Nelson company nelson company uses a perpetual inventory system it categorizes the following accounts as selling expenses depreciation expense store equipment sales salary expense rent expense selling space store supplies expense advertising expense it categorized as the remaining expenses as general and administrative.

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The following unadjusted trial balance is prepared at fiscal year-end 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 expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 1,350 13,000 5,400 2,200 42,600 $ 19,500 14,000 17,000 2,200 115,900 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 Sales salaries expense Office salaries expense Insurance expense Rent expense-Selling space Rent expense-Office Space Store supplies expense Advertising expense Totals 2,100 2,050 38,000 15,990 15,900 @ 8,000 8,000 9,700 $ 166,400 $166,400 Preu 1 2 of 2 Hii Next > o 26 gatech.blackboard.com%252Fwebap mic Saved Help Additional Information: a. Store supplies still available at fiscal year-end amount to $1.700. b. Expired insurance, an administrative expense, for the fiscal year is $1,450. c. Depreciation expense on store equipment, a selling expense, is $1,625 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,400 of inventory is still available at fiscal year-end. oblem 5-5A Part 1, 2 and 3 quired: Using the above information prepare adjusting journal entries Prepare a multiple-step income statement for the year ended January 31, Prepare a single-step income statement for the year ended January 31, Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Using the above information prepare adjusting journal entries. Next Required information Using the above information prepare adjusting journal entries. View transaction list View journal entry worksheet No Transaction 1 General Journal Store supplies expense Store supplies Credit a Debit 1,700 1,700 2 b. Insurance expense Prepaid insurance 1,450 1,450 3 C Depreciation expense-Store equipment Accumulated depreciation--Store equipment 1,625 1,625 4 d. Cost of goods sold Merchandise inventory 2.600 2.600 Required 2 > Prey 1 2 of 2 Next > ek P Required information 115,900 2,100 2,050 NELSON COMPANY Income Statement For Year Ended January 31 Sales Less: Sales discounts $ Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Expense Selling expenses Depreciation expenseStore equipment Sales salaries expense Rent expense Selling space Store supplies expense Advertising expense 1,150 111,750 38,000 73,750 1.625 7.950 4.000 1.700 9.700 Total selling expenses 24.975 CE roy 1 2 of 2 arch 26 9 w gorithmic a Saved 12 h INot ealee ! Required information $ Expense Selling expenses Depreciation expense-Store equipment Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense 1,625 7,950 4,000 1,700 9,700 24.975 Total selling expenses General and administrative expenses Insurance expense Office salaries expense Rent expense-Office space $ 1,450 15.900 8,000 Total general and administrative expenses Total expenses Gross profit 25.350 50,325 23.425 $ 1 2 of 2 HIE arch o 26 Required information Required 1 Required 2 Required 3 Prepare a single-step income statement for the year ended January 31. NELSON COMPANY CA 111,750 Income Statement For Year Ended January 31 Net sales Expenses Cost of goods sold $ General and administrative expenses Selling expenses 40.600 25.350 24.975 Total expenses Net income 90.925 20.825 $