LIFESAVER FOR CORRECT ANSWERS.
ID: 2363560 • Letter: L
Question
Accounting: Identifying adjusting entries with explanations? For each of the following entries, enter the letter of the explanation that most closely describes it in the space beside each entry. (You can use letters more than once.)A. To record receipt of unearned revenue
B. To record this periods earning of prior unearned revenue
C. To record payment of an accrued expense
D. To record receipt of an accrued revenue
E. To record an accrued expense
F. To record an accrued revenue
G. To record this periods use of a prepaid expense
H. To record payment of a prepaid expense
I. To record this periods depreciation expense
1. Rent Expense Dr: $2,000
Prepaid Rent Cr. $2,000
2. Interest Expense Dr. $1,000
Interest Payable Cr. $1,000
3. Depreciation Expense Dr. $4,000
Accumulated Depreciation Cr. $4,000
4. Unearned Professional Fees Dr. $3,000
Professional Fees Earned Cr. $3,000
5. Insurance Expense Dr. $4,200
Prepaid Insurance Cr. $4,200
6. Salaries Payable Dr. $1,400
Cash Cr. $1,400
7. Prepaid Rent Dr. $4,500
Cash Cr. $4,500
8. Salaries Expense Dr. $6,000
Salaries Payable Cr. $6,000
9. Interest Receivable Dr. $5,000
Interest Revenue Cr. $5,000
10. Cash Dr. $9,000
Accounts Receivable (from consulting) Cr. $9,000
11. Cash Dr. $7,500
Unearned Professional Fees Cr. $7,500
12. Cash Dr. $2,000
Interest Receivable Cr. $2,000 For each of the following entries, enter the letter of the explanation that most closely describes it in the space beside each entry. (You can use letters more than once.)
A. To record receipt of unearned revenue
B. To record this periods earning of prior unearned revenue
C. To record payment of an accrued expense
D. To record receipt of an accrued revenue
E. To record an accrued expense
F. To record an accrued revenue
G. To record this periods use of a prepaid expense
H. To record payment of a prepaid expense
I. To record this periods depreciation expense
1. Rent Expense Dr: $2,000
Prepaid Rent Cr. $2,000
2. Interest Expense Dr. $1,000
Interest Payable Cr. $1,000
3. Depreciation Expense Dr. $4,000
Accumulated Depreciation Cr. $4,000
4. Unearned Professional Fees Dr. $3,000
Professional Fees Earned Cr. $3,000
5. Insurance Expense Dr. $4,200
Prepaid Insurance Cr. $4,200
6. Salaries Payable Dr. $1,400
Cash Cr. $1,400
7. Prepaid Rent Dr. $4,500
Cash Cr. $4,500
8. Salaries Expense Dr. $6,000
Salaries Payable Cr. $6,000
9. Interest Receivable Dr. $5,000
Interest Revenue Cr. $5,000
10. Cash Dr. $9,000
Accounts Receivable (from consulting) Cr. $9,000
11. Cash Dr. $7,500
Unearned Professional Fees Cr. $7,500
12. Cash Dr. $2,000
Interest Receivable Cr. $2,000
Explanation / Answer
1. Rent Expense Dr: $2,000 Prepaid Rent Cr. $2,000 G. To record this periods use of a prepaid expense 2. Interest Expense Dr. $1,000 Interest Payable Cr. $1,000 E. To record an accrued expense 3. Depreciation Expense Dr. $4,000 Accumulated Depreciation Cr. $4,000 I. To record this periods depreciation expense 4. Unearned Professional Fees Dr. $3,000 Professional Fees Earned Cr. $3,000 A. To record receipt of unearned revenue 5. Insurance Expense Dr. $4,200 Prepaid Insurance Cr. $4,200 G. To record this periods use of a prepaid expense 6. Salaries Payable Dr. $1,400 Cash Cr. $1,400 C. To record payment of an accrued expense 7. Prepaid Rent Dr. $4,500 Cash Cr. $4,500 H. To record payment of a prepaid expense 8. Salaries Expense Dr. $6,000 Salaries Payable Cr. $6,000 E. To record an accrued expense 9. Interest Receivable Dr. $5,000 Interest Revenue Cr. $5,000 F. To record an accrued revenue 10. Cash Dr. $9,000 Accounts Receivable (from consulting) Cr. $9,000 D. To record receipt of an accrued revenue 11. Cash Dr. $7,500 Unearned Professional Fees Cr. $7,500 A. To record receipt of unearned revenue 12. Cash Dr. $2,000 Interest Receivable Cr. $2,000 D. To record receipt of an accrued revenue
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