Intermediate Accounting 1- D103: Units
2-4 Pre-Assessment(WGU)With Complete Solutions.Report a $3500 sale on account - Answer Debit: Accounts Receivable $3500; Credit: Service Revenue $3500
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 Interest on bonds and notes - Answer other expenses and losses-income statement Supplies Inventory - Answer current asset-balance sheet Prepaid Insurance - Answer current asset-balance sheet 1 / 2
Intermediate Accounting 1- D103: Units
2-4 Pre-Assessment(WGU)With Complete Solutions.investments available for sale - Answer current asset-balance sheet Equity Investment - Answer long-term asset-balance sheet equipment - Answer property, plant, and equipment-balance sheet cash - Answer current asset-balance sheet Accumulated Depreciation - Equipment - Answer property, plant, and equipment- balance sheet Trademark - Answer intangible asset-balance sheet Accounts Payable - Answer current liabilities-balance sheet Salaries and Wages Payable - Answer current liabilities-balance sheet Unearned Service Revenue - Answer current liabilities-balance sheet bonds payable (due more than a year from now) - Answer long-term liabilities- balance sheet Notes Payable (due more than a year from now) - Answer long-term liabilities- balance sheet common stock - Answer Stockholders' Equity, Balance Sheet retained earnings - Answer Stockholder's Equity, Balance Sheet Gain on Sale of Investments - Answer negative for operating activities-statement of cash flows Accounts Receivable (statement of cash flows) - Answer negative for operating activities Depreciation expense (statement of cash flows) - Answer positive for operating activities sale of investments - Answer investing activities purchase of land - Answer investing activities (negative) Issuance of common stock - Answer financing activity Payment of cash dividends - Answer financing activity (negative)
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