Question

ABC Company reported the following accounts in its unadjusted trial
balance at December 31, 2020:

Dividends ...................  $ 14,000
Income Tax Expense ..........  $ 25,000
Salaries Expense ............  $ 31,000
Rental Revenue ..............  $ 33,000
Cash ........................  $ 36,000
Supplies ....................  $ 37,000
Cost of Goods Sold ..........  $ 52,000
Unearned Revenue ............  $ 54,000
Accounts Receivable .........  $ 57,000
Land ........................  $ 69,000
Accounts Payable ............  $ 76,000
Trademark ...................  $ 88,000
Inventory ...................  $ 91,000
Retained Earnings ...........  $ 95,000 (at January 1, 2020)
Sales Revenue ...............  $119,000
Common Stock ................  $123,000

ABC Company needs to record adjusting entries at December 31, 2020
related to the following three items:

1)  A utility bill totaling $16,000 was received in late December.
    ABC Company expects to pay the bill in January, 2021.

2)  A physical count revealed that supplies costing $15,000 were
    still on hand as of December 31, 2020.

3)  The unearned revenue relates to a $54,000 payment received on
    July 1, 2020. The payment was from a customer who paid ABC for
    services to be provided each month for 18 months, beginning on
    July 1, 2020.

Calculate ABC Company's total liabilities at December 31, 2020 after
the appropriate adjusting entries have been recorded and posted.

Answer 1

Dear Student
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Please find below the answer
Statementshowing Computations
Paticulars	Debit	Credit
Adjusting entries are below:
Utilities expense Dr	16,000.00
To Utilities payable		16,000.00
2)
Supplies expense Dr	22,000.00
To Supplies		22,000.00
(37000 - 15000)
3)
Unearned revenue Dr	18,000.00
To Revenue		18,000.00
(54000/18*6)
Total Liabilities :	Amount
Unearned revenue = 54000- 18000	36,000.00
Accounts payable	76,000.00
Utilities payable	16,000.00
Total	128,000.00