2020 hospitality prepares adjustments monthly and showed the following at September 30, ARROW HOSPITALITY Trial Balance September 30, 2020 Unadjusted Adjustments Adjusted Accounts Trial Balance Trial Balance Cash Dr Cr Dr Cr Accounts Receivable $6,000 S Repair Supplies 11,200 Prepaid Rent 2,200 $ Office Furniture 14.000 26,000 Accumulated Depreciation - Office Furniture $ Accounts Payable Interest Payable $8,000 Notes Payable Wages Payable 21,600 Eli Arrow, Capital Ell Arrow, Withdrawals 67,758 5,000 Hospitality Revenues 128,000 Depreciation Exp. - Office Furniture Interest Expense Internet Expense Repair Supplies Expense Rent Expense Salaries Expense 144,000 Wages Expense 16,958 TOTALS $225,358 $225,35 $ B Additional information available for the month ended September 30, 2020: a. Interest of $162 had accrued on the notes payable for the month of September. b. The office furniture was acquired on September 1, 2020, and has an estimated four-year life. The furniture will be sold for about $2,000 at the end of its four-year life. c. A count of the Repair Supplies revealed a balance on hand of $700. d. A review of the Prepaid Rent account showed that $10,000 had been used during September. e. Accrued wages of $2,800 had not been recorded at month-end. f. The September Internet bill for $100 had been received and must be paid by October 14. g. Accrued revenues of $6,200 were not recorded at September 30. Required: 1. Complete the adjusted trial balance worksheet by including the adjusting entries. 2-a. Prepare an income statement based on the adjusted trial balance completed in Part 1. Remember to indicate if it is a Net Profit or a Net Loss. ARROW HOSPITALITY Income Statement For Month Ended September 30, 2020 Revenues: Operating Expenses: $ Total Operating Expenses Net Profit or Net Loss 2-b. Prepare a statement of changes in equity based on the adjusted trial balance completed in Part 1. Assume that the owner, Eli Arrow, made an investment during September of $3,600 (HINT: your balance in the Unadjusted Trial Balance will already include this investment, you will need to deduct it before you state your September 1, capital amount in the Statement of Owner's Equity). ARROW HOSPITALITY Statement of Owner's Equity For Month Ended September 30, 2020 Eli Arrow, Capital September 1, 2020 Add: Investment Net Profit ?? Subtotal Deduct: Withdrawals Net Loss ?? Eli Arrow, Capital September 30, 2020