WGU D103 Pre-Assessment: Intermediate Accounting
I Units 5-7 (JMV1) (PJMV) | Questions with 100%
Correct Answers | Verified | Latest Update 2024/2025
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
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
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