WGU D104 INTERMEDIATE ACCOUNTING II
UPDATED EXAM SCRIPT WITH COMPLETE
ANSWERS
◉ Journal entry to record the ore sold.
Answer: Debit cost of goods sold, credit inventory (ore)
◉ Journal entry to record depletion expense for mine.
Answer: Debit depletion expense, credit accumulated depletion
◉ Types of current liabilities.
Answer: Accounts payable, notes payable, dividends payable,
customer advances/deposits, unearned (deferred) revenues, sales
tax payable, current maturities of long-term debt
◉ 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.
Answer: Debit sales tax payable, credit cash
◉ Journal entry to record a sale when sales tax is not segregated.
Answer: Debit cash, credit sales revenue
, ◉ Journal entry to record payment to sales tax agency when sales
tax is not segregated with a loss on sales tax.
Answer: Debit sales revenue, debit loss on sales tax collection, credit
cash
◉ Journal entry to record sale with segregated sales tax and a gain
on sales tax.
Answer: Debit cash, credit gain on sales tax collection, credit sales
revenue, credit sales tax payable
◉ Journal entry to record payment to sale tax agency with sales tax
segregated.
Answer: Debit sales tax payable, credit cash
◉ Journal entry to record payment to sales tax agency if sales tax is
not segregated and there is a gain on sales tax.
Answer: Debit sales revenue, credit gain on sales tax collection,
credit cash
◉ Journal entry to record accrued interest expense.
Answer: Debit interest expense, credit interest payable
UPDATED EXAM SCRIPT WITH COMPLETE
ANSWERS
◉ Journal entry to record the ore sold.
Answer: Debit cost of goods sold, credit inventory (ore)
◉ Journal entry to record depletion expense for mine.
Answer: Debit depletion expense, credit accumulated depletion
◉ Types of current liabilities.
Answer: Accounts payable, notes payable, dividends payable,
customer advances/deposits, unearned (deferred) revenues, sales
tax payable, current maturities of long-term debt
◉ 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.
Answer: Debit sales tax payable, credit cash
◉ Journal entry to record a sale when sales tax is not segregated.
Answer: Debit cash, credit sales revenue
, ◉ Journal entry to record payment to sales tax agency when sales
tax is not segregated with a loss on sales tax.
Answer: Debit sales revenue, debit loss on sales tax collection, credit
cash
◉ Journal entry to record sale with segregated sales tax and a gain
on sales tax.
Answer: Debit cash, credit gain on sales tax collection, credit sales
revenue, credit sales tax payable
◉ Journal entry to record payment to sale tax agency with sales tax
segregated.
Answer: Debit sales tax payable, credit cash
◉ Journal entry to record payment to sales tax agency if sales tax is
not segregated and there is a gain on sales tax.
Answer: Debit sales revenue, credit gain on sales tax collection,
credit cash
◉ Journal entry to record accrued interest expense.
Answer: Debit interest expense, credit interest payable
