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, and Advertising Expense. It categorizes the remaining expenses as general and administrative. Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation-Store equipment Accounts payable Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances NELSON COMPANY Unadjusted Trial Balance January 31 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 Additional Information: Debit $ 19,550 14,500 5,800 2,500 42,600 2,150 2,000 2,250 38,000 0 14,600 14,600 0 8,500 8,500 0 9,400 $ 184,950 Credit $ 16,900 16,000 6,000 31,000 115,050 $ 184,950.

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, and Advertising Expense. It categorizes the remaining expenses as general and administrative. Acaitionai intormanon: a. Store supplies stil available at fiscal year-end amount to $2,300. b. Expired insurance, an administrative expense, is $1,550 for the fiscal yeat. 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 $10,800 of inventory is still available at fiscal year-end. Problem 4-5A (Algo) Parts 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 that begins with gross sales and includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. 3. Prepare a single-step income statement for the year ended January 31 . Complete this question by entering your answers in the tabs below. Prepsre a multiple-step income statement for the year ended January 31 that begins with gross sales and includes separate categories for nct sales, cost of goods sold, seling expenses, and general and administrative expenses. Required information 2.5 points eBook Print References For Year Ended January 14 eboge Prit metorincet 6. Regulred 1 Recquired 3 ? Complete this question by entering your answers in the tabs below. Prepare a single-step income statement for the year ended January 31