| NELSON COMPANY Unadjusted Trial Balance January 31, 2013 | ||||
| Debit | Credit | |||
| Cash | $ | 26,150 | ||
| Merchandise inventory | 14,500 | |||
| Store supplies | 5,000 | |||
| Prepaid insurance | 2,100 | |||
| Store equipment | 42,800 | |||
| Accumulated depreciation—Store equipment | $ | 19,850 | ||
| Accounts payable | 12,000 | |||
| J. Nelson, Capital | 40,000 | |||
| J. Nelson, Withdrawals | 2,150 | |||
| Sales | 116,200 | |||
| Sales discounts | 2,000 | |||
| Sales returns and allowances | 2,250 | |||
| Cost of goods sold | 38,000 | |||
| Depreciation expense—Store equipment | 0 | |||
| Salaries expense | 30,700 | |||
| Insurance expense | 0 | |||
| Rent expense | 13,000 | |||
| Store supplies expense | 0 | |||
| Advertising expense | 9,400 | |||
| | | | | |
| Totals | $ | 188,050 | $ | 188,050 |
| | | | | |
| | ||||
| Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. Nelson Company uses a perpetual inventory system. |
| a. | Store supplies still available at fiscal year end amount to $1,700. |
| b. | Expired insurance, an administrative expense, for the fiscal year is $1,750. |
| c. | Depreciation expense on store equipment, a selling expense, is $1,600 for the fiscal year. |
| d. | To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,300 of inventory is still available at fiscal year end. |
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