Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Arrow Hospitality prepares adjustments monthly and showed the following at September 30, 2023: ARROW HOSPITALITY Trial Balances September 30, 2023 Unadjusted Trial Balance Adjustments

image text in transcribed

Arrow Hospitality prepares adjustments monthly and showed the following at September 30, 2023: ARROW HOSPITALITY Trial Balances September 30, 2023 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Cr. Dr. Cr. Dr. Cr. Account Dr. Cash $ 5,808 Accounts receivable 11,000 Repair supplies 2,100 Prepaid rent 13,800 Office furniture Accounts payable Notes payable Eli Arrow, capital Eli Arrow, withdrawals Hospitality revenues Salaries expense Wages expense Totals 24,848 7,800 20,800 67,498 4.800 143,808 16,758 126,000 $ 222,898 $222,098 Additional information available for the month ended September 30, 2023: a. Interest of $156 had accrued on the notes payable for the month of September. b. The office furniture was acquired on September 1, 2023, and has an estimated four-year life. The furniture will be sold for about $1,800 at the end of its four-year life. c. A count of the Repair Supplies revealed a balance on hand of $680. d. A review of the Prepaid Rent account showed that $10,000 had been used during September. e. Accrued wages of $2,700 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 $6,000 were not recorded at September 30 Required: 1. Complete the adjusted trial balance by including the adjusting entries. ARROW HOSPITALITY Trial Balances September 30, 2023 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Debit Credit Debit Credit Debit Credit Cash S Accounts receivable 11,000 Repair supplies 2,100 Prepaid rent 13,800 Office furniture 24,840 Accounts payable S 7,800 Notes payable 20,800 Eli Arrow, capital 67,498 Eli Arrow, withdrawals 4,800 126,000 143,000 16,758 Hospitality revenues Salaries expense Games expense Wages expense Totals Interest expense Interest payable Depreciation expense, office furniture Accumulated depreciation, office furniture Repair supplies expense Repair supplies Rent expense ment expense Wages payable Internet expense Totals S 222,098 $ 222,098 0 $ 0 S 2-a. Prepare an income statement based on the adjusted trial balance completed in Part 1. Revenues: Operating expenses ARROW HOSPITALITY Income Statement For Month Ended September 30, 2023 Total operating expenses 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 $3,400. ARROW HOSPITALITY Statement of Changes In Equity For Month Ended September 30, 2023 Eli Arrow, capital, September 1 Total Eli Arrow, capital, September 30 S 2-c. 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. ARROW HOSPITALITY Balance Sheet September 30, 2023 Assets Total Assets Liabilities Total Liabilities Total Liabilities and Equity Equity S

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Accounting

Authors: Bernard J. Bieg, Judith A. Toland

2013 edition

113396253X, 978-1133962533

More Books

Students also viewed these Accounting questions