WGU D103 PRE-ASSESSMENT INTERMEDIATE ACCOUNTING COMPREHENSIVE EXAMINATION TEST 2026 VERIFIED QUESTIONS AND CORRECT SOLUTIONS GAAP FRAMEWORK SET

WGU D103 PRE-ASSESSMENT
INTERMEDIATE ACCOUNTING
COMPREHENSIVE EXAMINATION TEST
2026 VERIFIED QUESTIONS AND CORRECT
SOLUTIONS GAAP FRAMEWORK SET


◉ 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