INTERMEDIATE ACCOUNTING 1- D103:
UNITS 2-4 PRE-ASSESSMENT EXAM
QUESTIONS AND ANSWERS GRADED A+
2025/2026
Report a $3500 sale on account - ANS Debit: Accounts Receivable $3500; Credit: Service
Revenue $3500
Journalize depreciation for the equipment that is $5,000 - ANS 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. - ANS 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 -
ANS Debit: Insurance Expense $2400; Credit: Prepaid Insurance $2400
Sales Revenue - ANS Sales-Income Statement
Accounts Receivable - ANS Sales-Income Statement
Sales Discounts - ANS Sales-Income Statement
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, Sales Returns and Allowances - ANS Sales-Income Statement (revenue section)
Advertising Expense - ANS Selling Expense-Income Statement
Salaries-Sales - ANS Selling Expense-Income Statement
Travel & Entertainment for Sales Personnel - ANS Selling Expense-Income Statement
Insurance Expense - ANS Administrative Expense-Income Statement
Salaries-Officers - ANS Administrative Expense-Income Statement
Legal and Professional Services - ANS Administrative Expense-Income Statement
Rent Revenue - ANS other revenues and gains-income statement
Gain on sale of land - ANS other revenues and gains- income statement
Interest on bonds and notes - ANS other expenses and losses-income statement
Supplies Inventory - ANS current asset-balance sheet
Prepaid Insurance - ANS current asset-balance sheet
investments available for sale - ANS current asset-balance sheet
Equity Investment - ANS long-term asset-balance sheet
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
UNITS 2-4 PRE-ASSESSMENT EXAM
QUESTIONS AND ANSWERS GRADED A+
2025/2026
Report a $3500 sale on account - ANS Debit: Accounts Receivable $3500; Credit: Service
Revenue $3500
Journalize depreciation for the equipment that is $5,000 - ANS 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. - ANS 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 -
ANS Debit: Insurance Expense $2400; Credit: Prepaid Insurance $2400
Sales Revenue - ANS Sales-Income Statement
Accounts Receivable - ANS Sales-Income Statement
Sales Discounts - ANS Sales-Income Statement
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, Sales Returns and Allowances - ANS Sales-Income Statement (revenue section)
Advertising Expense - ANS Selling Expense-Income Statement
Salaries-Sales - ANS Selling Expense-Income Statement
Travel & Entertainment for Sales Personnel - ANS Selling Expense-Income Statement
Insurance Expense - ANS Administrative Expense-Income Statement
Salaries-Officers - ANS Administrative Expense-Income Statement
Legal and Professional Services - ANS Administrative Expense-Income Statement
Rent Revenue - ANS other revenues and gains-income statement
Gain on sale of land - ANS other revenues and gains- income statement
Interest on bonds and notes - ANS other expenses and losses-income statement
Supplies Inventory - ANS current asset-balance sheet
Prepaid Insurance - ANS current asset-balance sheet
investments available for sale - ANS current asset-balance sheet
Equity Investment - ANS long-term asset-balance sheet
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
