Question

For journal entries 1 through 12, 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. 1. To record this period's depreciation expense.

Answer 1

Journal Enteries Entry Explanation Journal Enteries Interest Expense a/c To Interest Payable Dr. Debit Credit 1300 1300 Dr. 4400 Depreciation expense a/c TO Accum. Depre 4400 в 3600 Unearned Professional fees a/c Dr. To Professional fees earned 3600 Dr. Insurance Expense a/c To Prepaid Insurance 3700 C Dr 2000 Salaries Payable a/c To Cash 2000 H Dr. 4500 Prepaid Rent a/c To Cash 4500 E Dr. 5600 Salaries Expense a/c To Salaries Payable 5600 Dr. 5400 Interest Receivable a/c To Interest Revenue 5400 D Cash a/c Dr. 8200 To Accounts Receivable(from consulting) 8200 10 A 7100 Cash a/c Dr. To Unearned Professional fees 7100 D Dr. 2200 Cash a/c To Interest Receivable 2200 12 G Dr. 2100 Rent Expense a/c To Prepaid Rent 2100