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Problem 3-12A Preparation of financial statements LO6, 7 Arrow Hospitality prepares adjustments monthly and showed the following at September 30, 2020: ARROW HOSPITALITY Trial Balances September 30, 2020 Unadjusted Adjusted Trial Balance Trial Balance Adjustments Account Dr. Cr. Dr. Cr. 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 Dr. $ 6,600 11,800 2,500 14,600 29,480 5,600 147,000 17,558 $ 235,138 Cr. $ 8,600 24,000 68,538 134,000 $ 235,138 Additional information available for the month ended September 30, 2020: a. Interest of $180 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 $2,600 at the end of its four-year life. c. A count of the Repair Supplies revealed a balance on hand of $760. d. A review of the Prepaid Rent account showed that $10,000 had been used during September. e. Accrued wages of $3,100 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 $6,800 were not recorded at September 30. Required: 1. Complete the adjusted trial balance by including the adjusting entries. ARROW HOSPITALITY Trial Balances September 30, 2020 Account Cash Accounts receivable Repair supplies Prepaid rent Office furniture Accounts payable Notes payable Eli Arrow, capital $ Unadjusted Trial Balance 6,600 11,800 2,500 14,600 29,480 Debit $ Credit 8,600 24,000 68,538 Adjustments Debit Credit Adjusted Trial Balance Debit Credit Notes payable Eli Arrow, capital Eli Arrow, withdrawals Hospitality revenues Salaries expense Wages expense Totals Interest expense Interest payable Depreciation expense, office furniture Accumulated depreciation, office furniture Repair supplies expense Rent expense Wages payable Internet expense Totals 24,000 68,538 5,600 134,000 147,000 17,558 $ 235,138 $ 235,138 $ 0 $ 0 $ 0 $ 0 PRK 2-a. Prepare an income statement based on the adjusted trial balance completed in Part 1. ARROW HOSPITALITY Income Statement For Month Ended September 30, 2020 Revenues: Operating expenses: Total operating expenses 0 Total operating expenses 1234 198 0 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. ARROW HOSPITALITY Statement of Changes in Equity For Month Ended September 30, 2020 Eli Arrow, capital, September 1 0 Total D 0 Eli Arrow, capital, September 30 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, 2020 Assets 4 Total Assets 0 Liabilities $ Total Assets Total Liabilities Total Liabilities and Equity Liabilities Equity 0 0 0