UGA accounting entrance exam questions & answers 2025/2026 Ending Retained Earnings - ANSWERSbeginning retained earnings + net income - dividends Assets - ANSWERSCash, Accounts Receivable, Inventory, Supplies, Prepaid expenses, PPE Liabilities - ANSWERS_______ Payable, Unearned Payable, Bonds, Notes Payable.Shareholders Equity - ANSWERSEnding Common Stock, Ending Retained Earnings - broken down into BRE equation broken down into Revenues - Expenses Operating Activities - ANSWERSCash flow activities that include the cash effects of transactions that create revenues and expenses.Investing Activities - ANSWERSIncludes cash transactions involving the purchase and sale of long-term assets.Financial Activities - ANSWERSborrowing or repaying banks or shareholders DEAD rule? - ANSWERSDebits increase for Expenses, Assets, and Dividends entry for issuing a note/issuing stock - ANSWERSCash D N/P C entry for Purchasing PPE - ANSWERSPPE D 1 / 2
Cash C entry for Purchasing supplies/inventory with cash - ANSWERSSupplies D Cash C entry for Purchasing supplies/inventory on account - ANSWERSSupplies D Accounts Payable C entry for Providing services for cash - ANSWERSCash D Service Revenue C entry for Providing services on account - ANSWERSAccounts Receivable D Service Revenue C entry for Paying Employees - ANSWERSWages expense D Cash C entry for Reciept of unearned revenue - ANSWERSCash D Unearned Revenue C entry for Prepaying Rent/ Insurance - ANSWERSPrepaid Rent/Insurance D Cash C entry for Paying One Month of Rent - ANSWERSRent expense D Cash C
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