INTERMEDIATE ACCOUNTING ONE UPDATED ACTUAL EXAM QUESTIONS CORRECT ANSWERS GRADED A PLUS.pdf

INTERMEDIATE ACCOUNTING ONE UPDATED ACTUAL EXAM QUESTIONS CORRECT
ANSWERS GRADED A PLUS




⩥Journalize depreciation for the equipment that is $5,000. 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.. 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. Answer: Debit: Insurance Expense
$2400; Credit: Prepaid Insurance $2400


⩥Sales Revenue. Answer: Sales-Income Statement


⩥Accounts Receivable. Answer: Sales-Income Statement


⩥Sales Discounts. Answer: Sales-Income Statement

, ⩥Sales Returns and Allowances. Answer: Sales-Income Statement
(revenue section)


⩥Advertising Expense. Answer: Selling Expense-Income Statement


⩥Salaries-Sales. Answer: Selling Expense-Income Statement


⩥Travel & Entertainment for Sales Personnel. Answer: Selling Expense-
Income Statement


⩥Insurance Expense. Answer: Administrative Expense-Income
Statement


⩥Salaries-Officers. Answer: Administrative Expense-Income Statement


⩥Legal and Professional Services. Answer: Administrative Expense-
Income Statement


⩥Rent Revenue. Answer: other revenues and gains-income statement


⩥Gain on sale of land. Answer: other revenues and gains- income
statement