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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 Total Assets Liabilities Total Liabilities Equity Total Liabilities and Equity

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 Total Assets Liabilities Total Liabilities Equity Total Liabilities and Equity

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Total Assets Liabilities Total Liabilities Equity Total Liabilities and Equity
Transcribed Image Text: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 Total Assets Liabilities Total Liabilities Equity Total Liabilities and Equity
Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Debit Credit Debit Credit Debit Credit Cash 6.000 6.000 Accounts receivable 11,200 6,200 17,400 Repair supplies 2,200 1,500 700 Prepaid rent 14,000 10,000 4,000 Office furniture 28.000 26.000 Accounts payable 8,000 8,000 Notes payable 21,600 21,600 Eli Arrow, capital 67,758 67,758 Eli Arrow, withdrawals 5.000 5.000 Hospitality revenues 128,000 6,200 134,200 Salaries expense 144.000 144.000 Wages expense 18,958 2,800 19,758 Totals 225,358 $ 225,358 Interest expense 162 162 Interest payable 162 162 Depreciation expense, office furniture 500 500 Accumulated depreciation, office furniture 500 500 Repair supplies expense 1,500 1,500 Rent expense 10,000 10.000 Wages payable 2,800 2,800 Internet expense 100 Totals 21,162 21.262 235,020 $ 235.020
Transcribed Image Text:Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Debit Credit Debit Credit Debit Credit Cash 6.000 6.000 Accounts receivable 11,200 6,200 17,400 Repair supplies 2,200 1,500 700 Prepaid rent 14,000 10,000 4,000 Office furniture 28.000 26.000 Accounts payable 8,000 8,000 Notes payable 21,600 21,600 Eli Arrow, capital 67,758 67,758 Eli Arrow, withdrawals 5.000 5.000 Hospitality revenues 128,000 6,200 134,200 Salaries expense 144.000 144.000 Wages expense 18,958 2,800 19,758 Totals 225,358 $ 225,358 Interest expense 162 162 Interest payable 162 162 Depreciation expense, office furniture 500 500 Accumulated depreciation, office furniture 500 500 Repair supplies expense 1,500 1,500 Rent expense 10,000 10.000 Wages payable 2,800 2,800 Internet expense 100 Totals 21,162 21.262 235,020 $ 235.020
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