Question & Answer: equired: repare and complete the entre 10-column work sheet for Nelson Company anunEy 3, 2037 Work Sheat For Year Ended Janusry…..

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 Owners 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

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

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