UTA ACCOUNTING ENTRANCE ACTUAL EXAM SOLVED QUESTIONS COMPLETE STUDY GUIDE

UTA ACCOUNTING ENTRANCE ACTUAL
EXAM SOLVED QUESTIONS COMPLETE
STUDY GUIDE

●● Assets
Answer: Cash, Accounts Receivable, Inventory, Supplies, Prepaid
expenses, PPE


●● Liabilities
Answer: _______ Payable, Unearned Payable, Bonds, Notes Payable.


●● Shareholders Equity
Answer: Ending Common Stock, Ending Retained Earnings - broken
down into BRE equation broken down into Revenues - Expenses


●● Operating Activities
Answer: Cash flow activities that include the cash effects of transactions
that create revenues and expenses.


●● Investing Activities
Answer: Includes cash transactions involving the purchase and sale of
long-term assets.

,●● Financial Activities
Answer: borrowing or repaying banks or shareholders


●● DEAD rule?
Answer: Debits increase for Expenses, Assets, and Dividends


●● entry for issuing a note/issuing stock
Answer: Cash D
N/P C


●● entry for Purchasing PPE
Answer: PPE D
Cash C


●● entry for Purchasing supplies/inventory with cash
Answer: Supplies D
Cash C


●● entry for Purchasing supplies/inventory on account
Answer: Supplies D
Accounts Payable C

, ●● entry for Providing services for cash
Answer: Cash D
Service Revenue C


●● entry for Providing services on account
Answer: Accounts Receivable D
Service Revenue C


●● entry for Paying Employees
Answer: Wages expense D
Cash C


●● entry for Reciept of unearned revenue
Answer: Cash D
Unearned Revenue C


●● entry for Prepaying Rent/ Insurance
Answer: Prepaid Rent/Insurance D
Cash C


●● entry for Paying One Month of Rent
Answer: Rent expense D