Nelson Company Trial Balance January 31, 2016 Account Title Debit Credit 1,000 1

Question

Nelson Company Trial Balance January 31, 2016 Account Title Debit Credit 1,000 12,500 5,800 2,400 42,900 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation - Store equip Accounts payable Common stock Dividends Retained earnings Sales Sales discounts Sales returns and allowances Cost of goods sold Salaries expense Rent expense Advertising expense 15,250 10,000 5,000 2,200 27,000 111,950 2,000 2,200 38,400 35,000 15,000 9,800 169,200$ Total 169,200

Explanation / Answer

Sales $ 111,950 Income summary $ 111,950 Income summary $ 102,400 Sales discounts $      2,000 Sales returns and allowances $      2,200 Cost of goods sold $    38,400 Salaries expense $    35,000 Rent expense $    15,000 Advertising expense $      9,800 Income summary ($111,950-$102,400) $      9,550 Retained earnings $      9,550 Retained earnings $      2,200 Dividends $      2,200

Related Questions

Navigate

• Browse (All)
• Browse N
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.