WGU D103 Intermediate Accounting 1: Units 2-4 Pre-Assessment 100% Solved Report a $3500 sale on account Debit: Accounts Receivable $3500; Credit: Service Revenue $3500
Journalize depreciation for the equipment that is $5,000 Debit: Depreciation Expense $5000; Credit: Accumulated-Depreciation Equip...
WGU D103 Intermediate Accounting 1 : Units 2 -4 Pre -Assessment 100% Solved Report a $3500 sale on account ✔✔Debit: Accounts Receivable $3500; Credit: Service Revenue $3500 Journalize depreciation for the equipment that is $5,000 ✔✔Debit: Depreciation Expense $5000; Credit: Accumulated -Depreciatio n 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. ✔✔Debit: Salaries and Wages Expense $1300; Credit: Salaries and Wages Payable $1300 Calculate a nd 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 ✔✔Debit: Insurance Expense $2400; Credit: Prepaid Insurance $2400 Sales Revenue ✔✔Sales -Income Statement Accounts Receivable ✔✔Sales -Income Statement Sales Discounts ✔✔Sales -Income Statement Sales Returns and Allowances ✔✔Sales -Income Statement (revenue section) Advertising Expense ✔✔Selling Expense -Income Statement Salaries -Sales ✔✔Selling Ex pense -Income Statement Travel & Entertainment for Sales Personnel ✔✔Selling Expense -Income Statement Insurance Expense ✔✔Administrative Expense -Income Statement Salaries -Officers ✔✔Administrative Expense -Income Statement Legal and Professional Services ✔✔Administrative Expense -Income Statement Rent Revenue ✔✔other revenues and gains -income statement Gain on sale of land ✔✔other revenues and gains - income statement Interest on bonds and notes ✔✔other expenses and losses -income statement Supplies Inventory ✔✔current asset -balance sheet Prepaid Insurance ✔✔current asset -balance sheet investments available for sale ✔✔current asset -balance sheet Equity Investment ✔✔long-term asset -balance sheet equipment ✔✔property, plan t, and equipment -balance sheet cash ✔✔current asset -balance sheet
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