CK P05 - Student Name Cassidy Kottke Class Morning Problem...

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Student Name: Cassidy Kottke Class: Morning Problem 05-03A NELSON COMPANY General Journal Trans. Date Account Titles no. Debit Credit Adjusting Entries: Jan. 31 Store Supplies Expense 4,050 Store Supplies 4,050 «- Correct! To record store supplies expense. 31 Insurance Expense 1,400 Prepaid Insurance 1,400 «- Correct! To record expired insurance. 31 Depreciation Expense - Store Equipment 1,525 Accumulated Depreciation - Store Equipment 1,525 «- Correct! To record depreciation expense. 31 Cost of Goods Sold 1,600 Merchandise Inventory 1,600 «- Correct! To adjust inventory for shrinkage. NELSON COMPANY Income Statement For Year Ended January 31, 2013 Sales $ 111,950 Less: Sales discounts $ 2,000 Sales returns and allowances 2,200 4,200 Net sales 107,750 Cost of goods sold 40,000 Gross profit 67,750 Expenses Selling expenses Depreciation expense - Store equipment 1,525 Sales salaries expense 17,500 Rent expense - Selling space 7,500 Store supplies expense 4,050 Advertising expense 9,800 Total selling expenses 40,375 General and administrative expenses Insurance expense 1,400 Office salaries expense 17,500
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