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 uneared 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. I. To record this period's depreciation expense. Explanation Credit Entry 1 Journal Entries Cash Interest Receivable Debit 1,600 1,600 2 4,000 Rent Expense Prepaid Rent 4,000 3 3,500 Interest Expense Interest Payable 3,500 4 4,200 Depreciation Expense Accumulated Depreciation 4,200 5 1,000 Unearned Professional Fees Professional Fees Earned 1,000 6 3,700 Insurance Expense Prepaid Insurance 3,700 7 5,900 Salaries Payable Cash 5,900 8 5,000 Prepaid Rent Cash 5,000