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NELSON COMPANY Unadjusted Trial Balance January 31 Debit Credit Cash $ 22,150 Merchandise inventory 13,000 Store...

NELSON COMPANY
Unadjusted Trial Balance
January 31
Debit Credit
Cash $ 22,150
Merchandise inventory 13,000
Store supplies 5,100
Prepaid insurance 2,800
Store equipment 42,800
Accumulated depreciation—Store equipment $ 19,250
Accounts payable 17,000
Common stock 4,000
Retained earnings 25,000
Dividends 2,100
Sales 115,900
Sales discounts 2,100
Sales returns and allowances 2,000
Cost of goods sold 38,000
Depreciation expense—Store equipment 0
Sales salaries expense 12,900
Office salaries expense 12,900
Insurance expense 0
Rent expense—Selling space 8,000
Rent expense—Office space 8,000
Store supplies expense 0
Advertising expense 9,300
Totals $ 181,150 $

181,150

Journal entry worksheet

1. Store supplies still available at fiscal year-end amount to $2,350.

2. Expired insurance, an administrative expense, is $1,600 for the fiscal year.

3. Depreciation expense on store equipment, a selling expense, is $1,550 for the fiscal year.

4. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,600 of inventory is still available at fiscal year-end.

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Answer #1
Date General Journal Debit Credit
Jan 31 Store supplies expense $2,750
Store supplies $2,750
($5,100 - $2,350)
Jan 31 Insurance expense $1,600
Prepaid insurance $1,600
Jan 31 Depreciation expense—Store equipment $1,550
Accumulated depreciation—Store equipment $1,550
Jan 31 Cost of goods sold $2,400
Merchandise inventory   $2,400
(13,000 - $10,600)
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