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WGU D104 INTERMEDIATE ACCOUNTING II FINANCIAL REPORTING AND ASSET MANAGEMENT 2026 COMPLETE STUDY GUIDE AND SOLUTIONS

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WGU D104 INTERMEDIATE ACCOUNTING II FINANCIAL REPORTING AND ASSET MANAGEMENT 2026 COMPLETE STUDY GUIDE AND SOLUTIONS

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WGU D104 INTERMEDIATE ACCOUNTING II
FINANCIAL REPORTING AND ASSET
MANAGEMENT 2026 COMPLETE STUDY
GUIDE AND SOLUTIONS


◉ Journal entry for impairment
Answer: Debit impairment loss, credit accumulated depreciation


◉ Journal entry to record ore extracted
Answer: Debit inventory (ore), credit mineral mine


◉ Journal entry to record the ore sold
Answer: Debit cost of goods sold, credit inventory (ore)


◉ Journal entry to record depletion expense of mine
Answer: Debit depletion expense, credit accumulated depletion


◉ Journal entry to record issuance of a note
Answer: Debit cash, credit notes payable

, ◉ Journal entry to record payment of the note at maturity
Answer: Debit notes payable, debit interest expense, credit cash


◉ Journal entry to record issuance of a zero interest bearing note
Answer: Debit cash, debit discount on notes payable, credit notes
payable


◉ Journal entry to record payment of a zero interest bearing note at
maturity
Answer: Debit notes payable, credit cash


◉ Journal entry to record sale of gift certificate booklet
Answer: Debit cash, credit unearned gift card revenue


◉ Journal entry to record redemption of gift cards
Answer: debit unearned gift card revenue, credit sales revenue


◉ Journal entry to record a sale with sales tax and a loss on sales tax
Answer: Debit cash, debit loss on sales tax collection, credit sales
revenue, credit sales tax payable


◉ Journal entry to record payment to the sales tax agency

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