c. The Toronto Transit Commission (TTC) sells purchased in August. The bus pass then provides access to the TT For each entry (1) to (12) below, enter the letter of the explanation that describes it in the blank space to the Exercise 3-2 Identifying adjusting entries LO4 and the payment is due left. You can use some letters more than once. a. To record depreciation expense. b. To record an accrued expense. c. To record the use of a prepaid expense. d. To record accrued revenue. e. To record the earning of previously unearned revenue. f. Not an adjusting entry. 21. Depreciation Expense C 7. Insurance Expense. Accumulated Depreciation 2. Unearned Professional Revenue... 2.000 68. Salaries Payable. 2,000 Cash Professional Revenue... 3. Rent Expense. e 9. Cash......... Prepaid Rent Unearned Professional Revenue 24. Interest Expense 10. Cash.... Interest Payable 4,000 Interest Receivable. 5. Prepaid Rent. 3,500 C11. Interest Receivable. 3,500 Interest Income...... 1.6. Salaries Expense. 5,000 12. Cash.... Salaries Payable............. 5,000 Accounts Receivable 6,000 3,000 6,000 3.000 Prepaid Insurance. 1,500 1,500 6,500 1,000 6,500 1,000 4,000 9,000 9.000 7,000 Cash.. 7,000 8,000 8,00 exercise 3-3 Preparing adjusting entries (annual)-prepaid expense L04