Intermediate Accounting I (D103) Units 2–4 Pre
Assessment – Study Guide & Practice Questions Newest
Update
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
, Intermediate Accounting I (D103) Units 2–4 Pre
Assessment – Study Guide & Practice Questions Newest
Update
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
Assessment – Study Guide & Practice Questions Newest
Update
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
, Intermediate Accounting I (D103) Units 2–4 Pre
Assessment – Study Guide & Practice Questions Newest
Update
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
