Exercise 3-4 (Algo) Classifying adjusting entries LO P1, P2, P3, P4 For journal entries 1 through 10, identify the explanation that mostly closely describes it. A. To record this period's depreciation expense. B. To record accrued salaries expense. C. To record this period's use of a prepaid expense. D. To record accrued interest revenue. E. To record accrued interest expense. F. To record the earning of previously unearned income. G. To record cash receipt of unearned revenue. H. To record cash payment of an accrued expense. I. To record cash receipt of an accrued revenue. J. To record cash payment of a prepaid expense. Explanation Journal Entries Insurance Expense Debit Credit 3,180 B Prepaid Insurance 3,180 Interest Receivable 3,300 C Interest Revenue 3,300 Interest Expense 2,208 D Interest Payable 2,208 Unearned Revenue 19,250 E Services Revenue 19,250 Cash 4,200 F Unearned Revenue 4,200 Accounts Payable 1,700 G Cash 1,700 Cash 12,300 H Accounts Receivable (from services) 12,300 Prepaid Rent 500 Cash 500 Depreciation Expense 38,217 J Accumulated Depreciation 38,217 Salaries Expense 13,280 A Salaries Payable 13,280