Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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. Entry Explanation Journal Entries Credit Debit 2,300 Salaries Payable Cash 2,300 3,900 Prepaid Rent Cash 3,900 3,200 Salaries Expense Salaries Payable 3,200 3,600 Interest Receivable Interest Revenue 3,600 1,200 Cash Accounts Receivable (from consulting) 1,200 4,700 Cash Unearned Professional Fees 4,700 Cash 6,200 Interest Receivable 6.200 4,100 Rent Expense Prepaid Rent 4,100 8,900 Interest Expense Interest Payable 8,900 7,100 Depreciation Expense Accumulated Depreciation 7,100 2,500 Unearned Professional Fees Professional Fees Earned 2,500 1,100 Insurance Expense Prepaid Insurance 1,100
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started