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I just completed a TBS on Wiley CPAexcel and noticed I was marked wrong because accounts were in the “wrong” order?
The TBS wanted me to record the transaction between two companies for purchase of equipment and trade of equipment with A/D. So I recorded the following:
Dr. Equipment 280,000
Dr. A/D 176,000
Cr. Cash 20,000
Cr. Equipment 420,000
Cr. Gain 16,000It counted the two Cr. accts of Equipment and Cash wrong because they were in the wrong order. The amounts of 20,000 and 420,000 were correct (and with the correct acct title) but it put Equipment as the first Cr. and Cash second. This is the “correct” answer:
Dr. Equipment 280,000
Dr. A/D 176,000
Cr. Equipment 420,000
Cr. Cash 20,000
Cr. Gain 16,000My question is: Is the real exam this tedious? I’ve never heard of JE being wrong because Cr. or Dr. was in the “wrong” order (unless of course you put Cr. first or something). But how can it be counted wrong simply because I put the Cr. of Cash before the Cr. of Equipment? The only reason I can think is because the amounts were not in the proper descending order? But does the actual exam care? It didn’t specify to put them in descending order so is that something I should just assume?
Thanks for any responses – I’ve never taken the exam before so I apologize if this is a silly question.
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