Question
Arrow Hospitality prepares adjustments monthly and showed the following at September 30, 2023: ARROW HOSPITALITY Trial Balances September 30, 2023 Unadjusted Adjusted Trial Balance Adjustments
Arrow Hospitality prepares adjustments monthly and showed the following at September 30, 2023:
ARROW HOSPITALITY Trial Balances September 30, 2023 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account
Dr.
Cash$6,000
Accounts receivable 11,200
Repair supplies 2,200
Prepaid rent 14,000
Office furniture 26,000
Eli Arrow, withdrawals 5,000
Salaries expense 144,000
Wages expense 16,958
Totals$225,358
Cr.
Accounts payable $8,000
Notes payable 21,600
Eli Arrow, capital 67,758
Hospitality revenues 128,000
Totals$225,358
Additional information available for the month ended September 30, 2023:
- Interest of $162 had accrued on the notes payable for the month of September.
- The office furniture was acquired on September 1, 2023, and has an estimated four-year life. The furniture will be sold for about $2,000 at the end of its four-year life.
- A count of the Repair Supplies revealed a balance on hand of $700.
- A review of the Prepaid Rent account showed that $10,000 had been used during September.
- Accrued wages of $2,800 had not been recorded at month-end.
- The September Internet bill for $100 had been received and must be paid by October 14.
- Accrued revenues of $6,200 were not recorded at September 30
Complete the adjusted trial balance by including the adjusting entries.
Prepare an income statement based on the adjusted trial balance completed in Part 1.
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.
Prepare a balance sheet based on the adjusted trial balance completed in Part 1. Assume that the owner, Eli Arrow, made an investment during September of $3,600.
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