For each of the following entries, select the letter of the explanation that mos
ID: 2610477 • Letter: F
Question
For each of the following entries, select 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 period's 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 period's use of a prepaid expense. H. To record payment of a prepaid expense. I. To record this period's depreciation expense.Explanation / Answer
Explanation
Journal Entries
Debit
Credit
E
Interest Expense
1000
Interest Payable
1000
I
Depreciation Expense
4000
Accumulated Depreciation
4000
B
Unearned Professional Fees
3000
Professional Fees Earned
3000
G
Insurance Expense
4200
Prepaid Insurance
4200
C
Salaries Payable
1400
Cash
1400
H
Prepaid Rent
4500
Cash
4500
E
Salaries Expense
6000
Salaries Payable
6000
F
Interest Receivable
5000
Interest Revenue
5000
D
Cash
9000
Accounts Receivable (from consulting)
9000
A
Cash
7500
Unearned Professional Fees
7500
D
Cash
2000
Interest Receivable
2000
G
Rent Expense
2000
Prepaid Rent
2000
Explanation
Journal Entries
Debit
Credit
E
Interest Expense
1000
Interest Payable
1000
I
Depreciation Expense
4000
Accumulated Depreciation
4000
B
Unearned Professional Fees
3000
Professional Fees Earned
3000
G
Insurance Expense
4200
Prepaid Insurance
4200
C
Salaries Payable
1400
Cash
1400
H
Prepaid Rent
4500
Cash
4500
E
Salaries Expense
6000
Salaries Payable
6000
F
Interest Receivable
5000
Interest Revenue
5000
D
Cash
9000
Accounts Receivable (from consulting)
9000
A
Cash
7500
Unearned Professional Fees
7500
D
Cash
2000
Interest Receivable
2000
G
Rent Expense
2000
Prepaid Rent
2000
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