INTERMEDIATE ACCOUNTING 1- D103: UNITS 2-
4 PRE-ASSESSMENT EXAM|| ALL QUESTIONS
AND EXPERT VERIFIED ANSWERS || UPDATED
TO PASS!!
Report a $3500 sale on account - Correct Answer Debit: Accounts Receivable $3500;
Credit: Service Revenue $3500
Journalize depreciation for the equipment that is $5,000 - Correct 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. - Correct 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 - Correct Answer Debit: Insurance Expense $2400; Credit: Prepaid Insurance
$2400
Sales Revenue - Correct Answer Sales-Income Statement
Accounts Receivable - Correct Answer Sales-Income Statement
Sales Discounts - Correct Answer Sales-Income Statement
Sales Returns and Allowances - Correct Answer Sales-Income Statement (revenue
section)
Advertising Expense - Correct Answer Selling Expense-Income Statement
Salaries-Sales - Correct Answer Selling Expense-Income Statement
Travel & Entertainment for Sales Personnel - Correct Answer Selling Expense-Income
Statement
Insurance Expense - Correct Answer Administrative Expense-Income Statement
Salaries-Officers - Correct Answer Administrative Expense-Income Statement
Legal and Professional Services - Correct Answer Administrative Expense-Income
Statement
Rent Revenue - Correct Answer other revenues and gains-income statement
, Gain on sale of land - Correct Answer other revenues and gains- income statement
Interest on bonds and notes - Correct Answer other expenses and losses-income
statement
Supplies Inventory - Correct Answer current asset-balance sheet
Prepaid Insurance - Correct Answer current asset-balance sheet
investments available for sale - Correct Answer current asset-balance sheet
Equity Investment - Correct Answer long-term asset-balance sheet
equipment - Correct Answer property, plant, and equipment-balance sheet
cash - Correct Answer current asset-balance sheet
Accumulated Depreciation - Equipment - Correct Answer property, plant, and
equipment-balance sheet
Trademark - Correct Answer intangible asset-balance sheet
Accounts Payable - Correct Answer current liabilities-balance sheet
Salaries and Wages Payable - Correct Answer current liabilities-balance sheet
Unearned Service Revenue - Correct Answer current liabilities-balance sheet
bonds payable (due more than a year from now) - Correct Answer long-term liabilities-
balance sheet
Notes Payable (due more than a year from now) - Correct Answer long-term liabilities-
balance sheet
common stock - Correct Answer Stockholders' Equity, Balance Sheet
retained earnings - Correct Answer Stockholder's Equity, Balance Sheet
Gain on Sale of Investments - Correct Answer negative for operating activities-
statement of cash flows
Accounts Receivable (statement of cash flows) - Correct Answer negative for
operating activities
Depreciation expense (statement of cash flows) - Correct Answer positive for operating
activities
4 PRE-ASSESSMENT EXAM|| ALL QUESTIONS
AND EXPERT VERIFIED ANSWERS || UPDATED
TO PASS!!
Report a $3500 sale on account - Correct Answer Debit: Accounts Receivable $3500;
Credit: Service Revenue $3500
Journalize depreciation for the equipment that is $5,000 - Correct 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. - Correct 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 - Correct Answer Debit: Insurance Expense $2400; Credit: Prepaid Insurance
$2400
Sales Revenue - Correct Answer Sales-Income Statement
Accounts Receivable - Correct Answer Sales-Income Statement
Sales Discounts - Correct Answer Sales-Income Statement
Sales Returns and Allowances - Correct Answer Sales-Income Statement (revenue
section)
Advertising Expense - Correct Answer Selling Expense-Income Statement
Salaries-Sales - Correct Answer Selling Expense-Income Statement
Travel & Entertainment for Sales Personnel - Correct Answer Selling Expense-Income
Statement
Insurance Expense - Correct Answer Administrative Expense-Income Statement
Salaries-Officers - Correct Answer Administrative Expense-Income Statement
Legal and Professional Services - Correct Answer Administrative Expense-Income
Statement
Rent Revenue - Correct Answer other revenues and gains-income statement
, Gain on sale of land - Correct Answer other revenues and gains- income statement
Interest on bonds and notes - Correct Answer other expenses and losses-income
statement
Supplies Inventory - Correct Answer current asset-balance sheet
Prepaid Insurance - Correct Answer current asset-balance sheet
investments available for sale - Correct Answer current asset-balance sheet
Equity Investment - Correct Answer long-term asset-balance sheet
equipment - Correct Answer property, plant, and equipment-balance sheet
cash - Correct Answer current asset-balance sheet
Accumulated Depreciation - Equipment - Correct Answer property, plant, and
equipment-balance sheet
Trademark - Correct Answer intangible asset-balance sheet
Accounts Payable - Correct Answer current liabilities-balance sheet
Salaries and Wages Payable - Correct Answer current liabilities-balance sheet
Unearned Service Revenue - Correct Answer current liabilities-balance sheet
bonds payable (due more than a year from now) - Correct Answer long-term liabilities-
balance sheet
Notes Payable (due more than a year from now) - Correct Answer long-term liabilities-
balance sheet
common stock - Correct Answer Stockholders' Equity, Balance Sheet
retained earnings - Correct Answer Stockholder's Equity, Balance Sheet
Gain on Sale of Investments - Correct Answer negative for operating activities-
statement of cash flows
Accounts Receivable (statement of cash flows) - Correct Answer negative for
operating activities
Depreciation expense (statement of cash flows) - Correct Answer positive for operating
activities
