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  • March 19, 2025
  • 32
  • 2024/2025
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  • financial accounting d102 wgu

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Financial Accounting - D102 WGU
2024/2025 Exam Questions with 100%
Correct Answers | Latest Update



Account - 🧠 ANSWER ✔✔An accounting record in which the results of

transactions are accumulated; shows increases, decreases, and a balance


Accounts Receivable - 🧠 ANSWER ✔✔A current asset representing money

due for services performed or merchandise sold on credit

On August 1 of Year 1, a company paid $7,200 for two years' rent. The

rental period starts on August 1 of Year 1.

Which debit or credit is correctly included in the adjusting journal entry

necessary on December 31 of Year 1? - 🧠 ANSWER ✔✔1. Credit to rent

expense for $1,500.

2. Credit to prepaid rent for $5,100.

3. Debit to rent expense for $1,500.

4. Debit to rent expense for $5,100.




COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
1
STATEMENT. ALL RIGHTS RESERVED

,Correct: 3

On October 1 of Year 1, a company made a $60,000 cash loan to another

company. The interest rate on the loan is 5%. No cash payments will be

collected on the loan until September 30 of Year 2.

Which debit or credit is correctly included in the adjusting journal entry

necessary on the company's books (the lender) on December 31 with

respect to this loan? - 🧠 ANSWER ✔✔1. Credit to interest revenue for

$750.

2. Debit to interest revenue for $2,250.

3. Credit to interest revenue for $2,250.

4. Debit to interest revenue for $750.




Correct: 2

On January 1, a company had office supplies costing $4,600. During the

year, the company bought (and recorded) additional office supplies costing

$9,900. On December 31, a physical count of office supplies revealed that

supplies costing $2,900 remained.

COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
2
STATEMENT. ALL RIGHTS RESERVED

,Which debit or credit is correctly included in the adjusting journal entry

necessary on December 31 to record the supplies that the company used

during the year? - 🧠 ANSWER ✔✔1. Credit to office supplies expense for

$11,600.

2. Debit to office supplies for $11,600.

3. Credit to office supplies for $11,600.

4. Debit to cash for $11,600.




Correct: 3

At the end of the year, before any closing entries are made, which account

has a debit balance? - 🧠 ANSWER ✔✔Cost of goods sold


Revenues: Credit or Debit on the book? - 🧠 ANSWER ✔✔Credits; they

represent increases of equity

Expenses and Dividends: Credit or Debit on the books? - 🧠 ANSWER

✔✔Debits; they represent decreases in equity


Steps to closing Entries: - 🧠 ANSWER ✔✔1. Separate Nominal accounts

from real accounts


COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED

, 2. Debit or credit each nominal account to make the balance = 0

3. Corresponding debit or credit to Retained Earnings

How is the ending retained earnings calculated? - 🧠 ANSWER

✔✔Beginning retained earnings + Net Income - Dividends


Net Income - 🧠 ANSWER ✔✔the difference between total revenue and

total expenses

On January 6, a credit sale was made for $1,000. Terms for the sale were

4/10, n/30. Cash for the sale was collected on January 25.

Which debit or credit should be included in the journal entry to record the

cash collection on January 25? - 🧠 ANSWER ✔✔1. Debit accounts

receivable for $1,000

2. Debit sales discounts for $960

3. Debit cash for $1,000

4. Debit sales discounts for $40




Correct: 2




COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
4
STATEMENT. ALL RIGHTS RESERVED

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