Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Arrow Hospitality prepares adjustments monthly and showed the following at September 3 0 , 2 0 2 3 : ARROW HOSPITALITY Trial Balances September 3

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. Cr. Dr. Cr. Dr. Cr.
Cash $ 6,600
Accounts receivable 11,800
Repair supplies 2,500
Prepaid rent 14,600
Office furniture 29,480
Accounts payable $ 8,600
Notes payable 24,000
Eli Arrow, capital 68,538
Eli Arrow, withdrawals 5,600
Hospitality revenues 134,000
Salaries expense 147,000
Wages expense 17,558
Totals $ 235,138 $ 235,138
Additional information available for the month ended September 30,2023:
Interest of $180 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 $2,600 at the end of its four-year life.
A count of the Repair Supplies revealed a balance on hand of $760.
A review of the Prepaid Rent account showed that $10,000 had been used during September.
Accrued wages of $3,100 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 $6,800 were not recorded at September 30.
Required:
1. Complete the adjusted trial balance by including the adjusting entries.
2-a. Prepare an income statement based on the adjusted trial balance completed in part 1
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 $4,200.
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 $4,200.

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

Financial Accounting

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel

10th edition

978-1119298229, 1119298229, 978-1119305828, 1119305829, 978-1119305736

More Books

Students also viewed these Accounting questions

Question

Describe various barriers to legally defensible staffing.

Answered: 1 week ago

Question

What is the financial outlook of the organization?

Answered: 1 week ago

Question

What is Accounting?

Answered: 1 week ago

Question

Define organisation chart

Answered: 1 week ago

Question

What are the advantages of planning ?

Answered: 1 week ago