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