Question

Check my work 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

Answer:

Entry	Explanation	Journal Entries	Debit	Credit
1	F	Interest Receivable	2,800
		Interest Revenue		2,800
		[To record an accrued revenue]
2	D	Cash	4,300
		Accounts Receivable (from consulting)		4,300
		[To record receipt of an accrued revenue]
3	A	Cash	4,100
		Unearned Professional Fees		4,100
		[To record receipt of unearned revenue]
4	D	Cash	3,300
		Interest Receivable		3,300
		[To record receipt of an accrued revenue]
5	G	Rent expense	1,000
		Prepaid rent		1,000
		[To record this period's use of a prepaid expense]
6	E	Interest expense	4,800
		Interest payable		4,800
		[To record an accrued expense]
7	I	Depreciation expense	5,900
		Accumulated depreciation		5,900
		[To record this period's depreciation expense]
8	B	Unearned professional Fees	5,100
		Professional fees earned		5,100
		[To record this period's earning of prior unearned revenue]
9	G	Insurance expense	8,700
		Prepaid insurance		8,700
		[To record this period's use of a prepaid expense]
10	C	Salaries payable	6,700
		Cash		6,700
		[To record payment of an accrued expense]
11	H	Prepaid rent	2,100
		Cash		2,100
		[To record payment of a prepaid expense]
12	E	Salaries expense	1,000
		Salaries payable		1,000
		[To record an accrued expense]