ACG NEWEST EXAM 2026 || LATEST UPDATE
WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS|| REAL EXAM WITH
WELL ELABORATED ANSWERS|| VERIFIED
100% || BRAND NEW !! 2026-2027
Transaction: Pays a $500 dividend to the investors
Debit: Dividends, $500
Credit: Cash, $500
Cash Flow: (500), FINANCIAL
Transaction: Pays $1,500 in advance for three months of rent
Debit: Prepaid Rent, $1,500
Credit: Cash, $1,500
Cash Flow: (1,500), OPERATING
Transaction: March 1: Buys wine rack for $600 cash to display wine
on January 1, expected to last for 5 years with no salvage value.
Adjusting entry for March 31?
Debit: Depreciation Expense, $120
Credit: Accumulated Depreciation, $120
Transaction: Borrows $6,000 from bank
Debit: Cash, $6,000
Credit: Notes Payable, $6,000
Cash Flow: 6,000, FINANCIAL
, Transaction: Purchases $75 of supplies
Debit: Supplies, $75
Credit: Cash, $75
Cash Flow: 75, OPERATING
Generally accepted accounting principles (GAAP)
the rules/guidelines established by FASB that accountants agree to follow
when preparing financial statements / most important rule is use of
accrual accounting / only used in U.S.
Transaction: Date is December 31, 2012. End of year statements are
being made. Signs $1,000 dollar note payable on July 1, 2011. 2 year
note, 12% interest rate. Principal interest will be paid at maturity
Debit: Interest Expense,
$120 Credit: Interest Payable,
$120 Cash Flow: --
,Transaction: Customer pays $400 in advance for a list of good
restaurants in Sonoma, list will be provided next month
Debit: Cash, $400
Credit: Unearned Revenue, $400
Cash Flow: 400, OPERATING
Transaction: Collects the $350 it is owed from a Feb 10 service
Debit: Cash, $350
Credit: Accounts Receivable, $350
Cash Flow: 350, OPERATING
Transaction: Pays $225 to have the shop painted
Debit: Paint Expense, $225
Credit: Cash, $225
Cash Flow: 225, OPERATING
Transaction: Hires employee to start working immediately, today.
Salary will be $500, paid every Friday
NOT A TRANSACTION
, Transaction: Ron paid $1,500 for rent on March 1, today is March 31
Debit: Rent Expense, $125
Credit: Prepaid Rent, $125
Cash Flow: --
Transaction: On March 1 there was $75 of supplies. On March 31, we
count there are $35 left
Debit: Supplies Expense, $40
Credit: Supplies, $40
Cash Flow: --
Transaction: On March 1, a 6 month $6,000 dollar note payable at
10% is given. On March 31, an adjusted trial balance is prepared
Debit: Interest Expense, $50
Credit: Interest Payable, $50
Cash Flow: --
Transaction: Employee has started working on Monday, March 30.
Salaries are not paid until Friday, April 3. On March 31, an adjusted
trial balance is prepared
Debit: Salaries and Wages Expense, $200
Credit: Salaries and Wages Payable, $200
Cash Flow: --
WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS|| REAL EXAM WITH
WELL ELABORATED ANSWERS|| VERIFIED
100% || BRAND NEW !! 2026-2027
Transaction: Pays a $500 dividend to the investors
Debit: Dividends, $500
Credit: Cash, $500
Cash Flow: (500), FINANCIAL
Transaction: Pays $1,500 in advance for three months of rent
Debit: Prepaid Rent, $1,500
Credit: Cash, $1,500
Cash Flow: (1,500), OPERATING
Transaction: March 1: Buys wine rack for $600 cash to display wine
on January 1, expected to last for 5 years with no salvage value.
Adjusting entry for March 31?
Debit: Depreciation Expense, $120
Credit: Accumulated Depreciation, $120
Transaction: Borrows $6,000 from bank
Debit: Cash, $6,000
Credit: Notes Payable, $6,000
Cash Flow: 6,000, FINANCIAL
, Transaction: Purchases $75 of supplies
Debit: Supplies, $75
Credit: Cash, $75
Cash Flow: 75, OPERATING
Generally accepted accounting principles (GAAP)
the rules/guidelines established by FASB that accountants agree to follow
when preparing financial statements / most important rule is use of
accrual accounting / only used in U.S.
Transaction: Date is December 31, 2012. End of year statements are
being made. Signs $1,000 dollar note payable on July 1, 2011. 2 year
note, 12% interest rate. Principal interest will be paid at maturity
Debit: Interest Expense,
$120 Credit: Interest Payable,
$120 Cash Flow: --
,Transaction: Customer pays $400 in advance for a list of good
restaurants in Sonoma, list will be provided next month
Debit: Cash, $400
Credit: Unearned Revenue, $400
Cash Flow: 400, OPERATING
Transaction: Collects the $350 it is owed from a Feb 10 service
Debit: Cash, $350
Credit: Accounts Receivable, $350
Cash Flow: 350, OPERATING
Transaction: Pays $225 to have the shop painted
Debit: Paint Expense, $225
Credit: Cash, $225
Cash Flow: 225, OPERATING
Transaction: Hires employee to start working immediately, today.
Salary will be $500, paid every Friday
NOT A TRANSACTION
, Transaction: Ron paid $1,500 for rent on March 1, today is March 31
Debit: Rent Expense, $125
Credit: Prepaid Rent, $125
Cash Flow: --
Transaction: On March 1 there was $75 of supplies. On March 31, we
count there are $35 left
Debit: Supplies Expense, $40
Credit: Supplies, $40
Cash Flow: --
Transaction: On March 1, a 6 month $6,000 dollar note payable at
10% is given. On March 31, an adjusted trial balance is prepared
Debit: Interest Expense, $50
Credit: Interest Payable, $50
Cash Flow: --
Transaction: Employee has started working on Monday, March 30.
Salaries are not paid until Friday, April 3. On March 31, an adjusted
trial balance is prepared
Debit: Salaries and Wages Expense, $200
Credit: Salaries and Wages Payable, $200
Cash Flow: --
