The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted...

 

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The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2019 Debit Credit $ 18, 500 14,000 5,400 2,300 42,700 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation-Store equipment Accounts payable J. Nelson, Capital J. Nelson, Withdrawals $ 17,850 15,000 17,000 2,250 Sales 130,350 Sales discounts 1,900 2,250 38,000 Sales returns and allowances Cost of goods sold Depreciation expense-Store equipment Sales salaries expenses Office salaries expenses 13,350 13,350 Insurance expense 8,500 8,500 Rent expense-Selling space Rent expense-Office space Store supplies expense Advertising expense 9, 200 Totals $180, 200 $180, 200 Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Additional Information: a. Store supplies still available at fiscal year-end amount to $2,250. b. Expired insurance, an administrative expense, for the fiscal year is $1,650. c. Depreciation expense on store equipment, a selling expense, Is $1,575 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory Is taken. It shows $10,700 of inventory Is still avallable at fiscal year-end. Required: Prepare and complete the entire 10-column work sheet for Nelson Company. NELSON COMPANY Work Sheet For Year Ended January 31, 2019 Unadjusted Trial Balance Sheet and Statement of Retained Earnings Balance Adjustments Adjusted Trial Balance Income Statement Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash 18,500 Merchandise inventory 14,000 Store supplies 5,400 Prepaid insurance 2,300 Store equipment 42,700 Accum. depreciation-Store egquipment 17,850 Accounts payable 15,000 J. Nelson, Capital 17,000 J. Nelson, Withdrawals 2,250 Sales 130,350 Sales discounts 1,900 Sales returns and allowances 2,250 Cost of goods sold 38,000 Depreciation expense-Store equipment Sales salaries expenses 13,350 Office salaries expenses 13350 Insurance expense Rent expense-Selling space 8,500 Rent expense-Office space 8,500 Store supplies expense Advertising expense 9,200 Totals 180.200 $ 180,200 $ 0 $ 0 $ 0. Net income Totals $ $ $ 0 $ The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2019 Debit Credit $ 18, 500 14,000 5,400 2,300 42,700 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation-Store equipment Accounts payable J. Nelson, Capital J. Nelson, Withdrawals $ 17,850 15,000 17,000 2,250 Sales 130,350 Sales discounts 1,900 2,250 38,000 Sales returns and allowances Cost of goods sold Depreciation expense-Store equipment Sales salaries expenses Office salaries expenses 13,350 13,350 Insurance expense 8,500 8,500 Rent expense-Selling space Rent expense-Office space Store supplies expense Advertising expense 9, 200 Totals $180, 200 $180, 200 Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Additional Information: a. Store supplies still available at fiscal year-end amount to $2,250. b. Expired insurance, an administrative expense, for the fiscal year is $1,650. c. Depreciation expense on store equipment, a selling expense, Is $1,575 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory Is taken. It shows $10,700 of inventory Is still avallable at fiscal year-end. Required: Prepare and complete the entire 10-column work sheet for Nelson Company. NELSON COMPANY Work Sheet For Year Ended January 31, 2019 Unadjusted Trial Balance Sheet and Statement of Retained Earnings Balance Adjustments Adjusted Trial Balance Income Statement Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash 18,500 Merchandise inventory 14,000 Store supplies 5,400 Prepaid insurance 2,300 Store equipment 42,700 Accum. depreciation-Store egquipment 17,850 Accounts payable 15,000 J. Nelson, Capital 17,000 J. Nelson, Withdrawals 2,250 Sales 130,350 Sales discounts 1,900 Sales returns and allowances 2,250 Cost of goods sold 38,000 Depreciation expense-Store equipment Sales salaries expenses 13,350 Office salaries expenses 13350 Insurance expense Rent expense-Selling space 8,500 Rent expense-Office space 8,500 Store supplies expense Advertising expense 9,200 Totals 180.200 $ 180,200 $ 0 $ 0 $ 0. Net income Totals $ $ $ 0 $

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Work Sheet NELSON COMPANY WORK SHEET FOR YEAR ENDED JANUARY 31 2019 Accounts Title Unadjusted Trial ... View the full answer