{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 uses a perpetual Inventory system. It categorizes the following accounts as selling expenses: depreciation expense-store equipment, sales salarles expense, rent expense-selling space, store supplles expense, advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 2,000 14,500 5,300 2,200 42,800 17,BOD 14,000 17,000 NELSON COMPANY Unaduted trial Baatide January 31 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Locolated depreciation-store equipment accounts payable J. Nelson, Capital J. Nelson, withdrawals Sales Sales discounts Sales Returns and allowances Cost of goods sold Depreciation expense-Store equipment sales malaries expense Delice salaries expense Insurance expense Rent expense-Selling space Rent expenstice space Store supplies expende Advertising expense Total 2.050 116.200 2.000 2.050 38,000 0 14,000 14,000 8,500 3,500 0 9.100 $265.000 $165,000 Additional Information a. Store supplies still available at fiscal year-end amount to $2,000 b. Expired Insurance, an administrative expense, for the fiscal year is $1350 c. Depreciation expense on store equipment a seling expense, Is S1,525 for the fiscal year. d. To estimate shtinkage, a physical count of ending merchandise inventory is taken. It shows $10,600 of inventory is still available at fiscal year-end. Problem 5-5A Part 1, 2 and 3 Required: 1. Using the above information prepare adjusting journal entries 2. Prepare a multiple step income statement for the year ended January 31 3. Prepare a single-stop income statement for the year ended January 31