WGU D104 INTERMEDIATE ACCOUNTING II FINANCIAL REPORTING AND ASSET MANAGEMENT 2026 COMPLETE STUDY GUIDE AND SOLUTIONS

WGU D104 INTERMEDIATE ACCOUNTING II
FINANCIAL REPORTING AND ASSET
MANAGEMENT 2026 COMPLETE STUDY
GUIDE AND SOLUTIONS


◉ Journal entry for impairment
Answer: Debit impairment loss, credit accumulated depreciation


◉ Journal entry to record ore extracted
Answer: Debit inventory (ore), credit mineral mine


◉ Journal entry to record the ore sold
Answer: Debit cost of goods sold, credit inventory (ore)


◉ Journal entry to record depletion expense of mine
Answer: Debit depletion expense, credit accumulated depletion


◉ 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