Intermediate Accounting 1- D103:
Units 2-4 Pre-Assessment with
questions and well verified answers
actual exam!!! 2026
Report a $3500 sale on account - ANSWER -Debit: Accounts Receivable $3500; Credit:
Service Revenue $3500
Journalize depreciation for the equipment that is $5,000 - ANSWER -Debit: Depreciation
Expense $5000; Credit: Accumulated-Depreciation Equipment $5000
Journalize the adjusting entry for an employer that owes $1300 for payroll on Jan 10, 2021, for
the payroll period ending December 31, 2020. - ANSWER -Debit: Salaries and Wages
Expense $1300; Credit: Salaries and Wages Payable $1300
Calculate and journalize the annual adjusting entry to be made after a six-month insurance
policy was purchased on September 1, 2020, for $3,600. Period ending Dec 31.2020 -
ANSWER -Debit: Insurance Expense $2400; Credit: Prepaid Insurance $2400
Sales Revenue - ANSWER -Sales-Income Statement
, Accounts Receivable - ANSWER -Sales-Income Statement
Sales Discounts - ANSWER -Sales-Income Statement
Sales Returns and Allowances - ANSWER -Sales-Income Statement (revenue section)
Advertising Expense - ANSWER -Selling Expense-Income Statement
Salaries-Sales - ANSWER -Selling Expense-Income Statement
Travel & Entertainment for Sales Personnel - ANSWER -Selling Expense-Income
Statement
Insurance Expense - ANSWER -Administrative Expense-Income Statement
Salaries-Officers - ANSWER -Administrative Expense-Income Statement
Legal and Professional Services - ANSWER -Administrative Expense-Income Statement
Rent Revenue - ANSWER -other revenues and gains-income statement
Gain on sale of land - ANSWER -other revenues and gains- income statement
Interest on bonds and notes - ANSWER -other expenses and losses-income statement
Supplies Inventory - ANSWER -current asset-balance sheet
Prepaid Insurance - ANSWER -current asset-balance sheet
Units 2-4 Pre-Assessment with
questions and well verified answers
actual exam!!! 2026
Report a $3500 sale on account - ANSWER -Debit: Accounts Receivable $3500; Credit:
Service Revenue $3500
Journalize depreciation for the equipment that is $5,000 - ANSWER -Debit: Depreciation
Expense $5000; Credit: Accumulated-Depreciation Equipment $5000
Journalize the adjusting entry for an employer that owes $1300 for payroll on Jan 10, 2021, for
the payroll period ending December 31, 2020. - ANSWER -Debit: Salaries and Wages
Expense $1300; Credit: Salaries and Wages Payable $1300
Calculate and journalize the annual adjusting entry to be made after a six-month insurance
policy was purchased on September 1, 2020, for $3,600. Period ending Dec 31.2020 -
ANSWER -Debit: Insurance Expense $2400; Credit: Prepaid Insurance $2400
Sales Revenue - ANSWER -Sales-Income Statement
, Accounts Receivable - ANSWER -Sales-Income Statement
Sales Discounts - ANSWER -Sales-Income Statement
Sales Returns and Allowances - ANSWER -Sales-Income Statement (revenue section)
Advertising Expense - ANSWER -Selling Expense-Income Statement
Salaries-Sales - ANSWER -Selling Expense-Income Statement
Travel & Entertainment for Sales Personnel - ANSWER -Selling Expense-Income
Statement
Insurance Expense - ANSWER -Administrative Expense-Income Statement
Salaries-Officers - ANSWER -Administrative Expense-Income Statement
Legal and Professional Services - ANSWER -Administrative Expense-Income Statement
Rent Revenue - ANSWER -other revenues and gains-income statement
Gain on sale of land - ANSWER -other revenues and gains- income statement
Interest on bonds and notes - ANSWER -other expenses and losses-income statement
Supplies Inventory - ANSWER -current asset-balance sheet
Prepaid Insurance - ANSWER -current asset-balance sheet
