Answered step by step
Verified Expert Solution
Question
1 Approved Answer
finecial accounting please do it completely with same values 1. Arrow Hospitality prepares adjustments monthly and showed the following at September 30, 2020: Account Cash
finecial accounting please do it completely with same values
1. Arrow Hospitality prepares adjustments monthly and showed the following at September 30, 2020: Account Cash Accounts receivable Repair supplies Prepaid rent Office furniture Accounts payable Notes payable Eli Arrow, capital Eli Arrow, withdrawals Hospitality revenues Salaries expense Wages expense Totals ARROW HOSPITALITY Trial Balances September 30, 2020 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Dr Cr Dr. Cr. Dr. Cr $ 6,000 11.200 2,200 14,000 26.000 $ 8,000 21,600 67,758 5,000 128,000 144,000 16,958 $225,358 $225,358 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 by including the adjusting entries. 2-a. Prepare an income statement based on the adjusted trial balance completed in Part 1 3-2-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 4-2-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. 5.2.c. Prepare a balance sheet based on the adjusted trial balance completed in Part 1. Assume that the owner, El Arrow, made an investment during September of $3,600Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started