Required information [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 Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative,
NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 27,650 15,000 5,300 2,800 42,700 $ 19,950 13,000 40,000 2,000 114,550 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated 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 salaries expense Office salaries expense Insurance expense Rent expense-Selling space Rent expense-office space Store supplies expense Advertising expense Totals 2,100 2,250 38,000 0 12,850 12,850 0 7,000 7,000 0 10,000 $ 187,500 $ 187,500 Additional Information:
a. Store supplies still available at fiscal year-end amount to $2,700. b. Expired insurance, an administrative expense, is $1.650 for the fiscal year. c. Depreciation expense on store equipment, a selling expense, is $1,550 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 available at fiscal year-end.
Journal entry worksheet < 1 2 3 4 > Store supplies still available at fiscal year-end amount to $2,700. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general Journal
Current ratio :1 Acid-test ratio Gross margin ratio :1