Answered step by step
Verified Expert Solution
Question
1 Approved Answer
DG-2pC Company reported the following accounts in its unadjusted trial balance at December 31, 2026: Dividends Income Tax Expense Salaries Expense Rental Revenue Retained Earnings
DG-2pC Company reported the following accounts in its unadjusted trial balance at December 31, 2026: Dividends Income Tax Expense Salaries Expense Rental Revenue Retained Earnings Cash Supplies Cost of Goods Sold Unearned Revenue Accounts Receivable Notes Payable Land Accounts Payable Trademark Inventory Sales Revenue Common Stock $ 14,000 $ 25,000 $ 31,000 $ 33,000 $ 35,000 (at January 1, 2026) $ 44,000 $ 46,000 $ 47,000 $ 50,000 $ 56,000 $ 60,000 $ 61,000 $ 75,000 $ 79,000 $ 86,000 $117,000 $119,000 DG-2pC Company still needs to record adjusting entries at December 31, 2026 related to the following three items: 1) The note payable is a loan taken out on August 31, 2026. It is a 9-month, 15% loan. 2) A physical count revealed that supplies costing $19,000 were still on hand as of December 31, 2026. 3) The unearned revenue relates to a $50,000 payment received on June 1, 2026. The payment was from a customer who paid DG-2pC Company for services to be provided each month for 20 months, beginning on June 1, 2026. Calculate DG-2PC Company's total equity at December 31, 2026 after all appropriate adjusting entries have been recorded and posted
Step 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