The September 30th balance sheet of BP Inv. Co. after adjusting entries is as follows: September...

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The September 30th balance sheet of BP Inv. Co. after adjusting entries is as follows: September 30th BALANCE SHEET Current Assets Cash and cash equivalents Inventory Supplies Prepaid Insurance Non-Current Assets Equipment Accumulated depreciation (-) TOTAL ASSETS 10,900.00 Short-term liabilities 6,500.00 Accounts payable 2,000.00 Rent payable 1,500.00 1,000.00 500.00 500.00 1,900.00 Long-term liabilities 4,000.00 16,700.00 Notes payable 4,000.00 22,100.00 5,400.00 Equity 22,100.00 Capital Withdrawal Net income 24,700.00 - 2,400.00 200.00 27,600.00 TOTAL LIABILITIES AND EQUITY 27,600.00 Suppose that in the month of September, adjusting entries were made based on the following transactions: 1- A physical count of supplies at September 30th indicated that 600 TL supplies were used in September. No additional supplies were purchased in the month. 2- The amount of insurance prepaid three months ago expired in September by 300 TL. 3- Depreciation on equipment for September was 400 TL. 4- September rent for the office was 500 TL, but will not be paid until next month. 5- Beginning inventory was 6.000 TL, no additional inventory purchases were made. OTHER INFORMATION: Note that the company made inventory sales in cash during September. Interestingly, no sales were made and no expenses were incurred in August. There were no further information and no single change in the financial accounts other than the ones related to above transactions. REQUIREMENTS: 1- Prepare the adjusting entries for the month of September. (25 points) 2- Prepare the income statement for the month of September. (30 points) 3- Prepare the August 31st (previous month) balance sheet. (45 points) The September 30th balance sheet of BP Inv. Co. after adjusting entries is as follows: September 30th BALANCE SHEET Current Assets Cash and cash equivalents Inventory Supplies Prepaid Insurance Non-Current Assets Equipment Accumulated depreciation (-) TOTAL ASSETS 10,900.00 Short-term liabilities 6,500.00 Accounts payable 2,000.00 Rent payable 1,500.00 1,000.00 500.00 500.00 1,900.00 Long-term liabilities 4,000.00 16,700.00 Notes payable 4,000.00 22,100.00 5,400.00 Equity 22,100.00 Capital Withdrawal Net income 24,700.00 - 2,400.00 200.00 27,600.00 TOTAL LIABILITIES AND EQUITY 27,600.00 Suppose that in the month of September, adjusting entries were made based on the following transactions: 1- A physical count of supplies at September 30th indicated that 600 TL supplies were used in September. No additional supplies were purchased in the month. 2- The amount of insurance prepaid three months ago expired in September by 300 TL. 3- Depreciation on equipment for September was 400 TL. 4- September rent for the office was 500 TL, but will not be paid until next month. 5- Beginning inventory was 6.000 TL, no additional inventory purchases were made. OTHER INFORMATION: Note that the company made inventory sales in cash during September. Interestingly, no sales were made and no expenses were incurred in August. There were no further information and no single change in the financial accounts other than the ones related to above transactions. REQUIREMENTS: 1- Prepare the adjusting entries for the month of September. (25 points) 2- Prepare the income statement for the month of September. (30 points) 3- Prepare the August 31st (previous month) balance sheet. (45 points)