INTERMEDIATE ACCOUNTING 1- D103: UNITS 2-4 PRE-ASSESSMENT EXAM|| ALL QUESTIONS AND EXPERT VERIFIED ANSWERS || UPDATED TO PASS!!

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