equired: repare and complete the entre 10-column work sheet for Nelson Company anunEy 3, 2037 Work Sheat For Year Ended Janusry 31, 201 Balance Sheet and S ,1,70 of Owner’s Eqit djustod Trial Balance , CApst s 26.200 2, 050 5100 2 AOD 43 000 acaidinauance 17.000 19 000 2060 Rent expense and salaries expense are equally dvided between seling ctmities and general and administrative activies. Nelson Company uses a perpetual Inventory system. 2050 2 20D 8.000 est of goods sole saies expens Rent expense Additional Infomation: 28 000 .Stone supplies stil available at sscall year-end amount to $2,100 b. Expired Insurance, an administrative expense, for the fiscal year is $1,550. c. Depreciation expense on store equipment, à selling expense, is S1675 for the fiscal year d. To estimate shrinkage, a physical count of ending merchandise inventory is takem. It shows $10,100 of Inventory is sall avalable at 14.000 nscal year-end. 9.000 168.000 6000
Expert Answer
Accounts Title | Adjustment | Adjustment Trial Balance | Income Statement | Balance Sheet and Statement of owner’s equity | ||||
Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | |
Cash | 26200 | 26200 | ||||||
Merchandise inventory | 3900 | 10100 | 10100 | |||||
Stores supplies | 3000 | 2100 | 2100 | |||||
Prepaid insurance | 1550 | 850 | 850 | |||||
store equipment | 43000 | 43000 | ||||||
Accumulated Depreciation- store equipment | 1675 | 21375 | 21375 | |||||
Accounts payable | 17000 | 17000 | ||||||
J Nelson capital | 19000 | $26925
(Transferred income to Capital) |
45925 | |||||
J Nelson Withdrawal | 2050 | 2050 | ||||||
Sales | 130300 | 130300 | ||||||
Sales Discount | 2050 | 2050 | ||||||
sales return and allowance | 2200 | 2200 | ||||||
Cost of goods sold | 3900 | 41900 | 41900 | |||||
Depreciation expense-store equipment | 1675 | 1675 | 1675 | |||||
Salaries expense | 28000 | 28000 | ||||||
Insurance expense | 1550 | 1550 | 1550 | |||||
Rent expense | 14000 | 14000 | ||||||
Store supplies expense | 3000 | 3000 | 3000 | |||||
Advertising expense | 9000 | 9000 | ||||||
Total | $10125 | $10125 | $187675 | $187675 | $130300 | $130300 | $84300 | $84300 |
Note:- Income of $26925 is transferred to J. Nelson’s Capital Account