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. Credit Explanation Entry 1 Debit 1,600 Journal Entries Unearned Professional Fees Professional Fees Earned 1,600 4,400 N Insurance Expense Prepaid Insurance 4,400 3,800 3 3 Salaries Payable Cash 3,800 5,000 4 Prepaid Rent Cash 5,000 2,000 5 Salaries Expense Salaries Payable 2,000 4,900 CO Interest Receivable Interest Revenue 4,900 6,400 7 Cash Accounts Receivable (from consulting) 6,400 6,000 8 Cash Unearned Professional Fees 6,000 8,600 9 Cash Interest Receivable 8,600 2,000 5 Salaries Expense Salaries Payable 2,000 4,900 6 Interest Receivable Interest Revenue 4,900 6,400 7 Cash Accounts Receivable (from consulting) 6,400 6,000 8 Cash Unearned Professional Fees 6,000 8,600 9 Cash Interest Receivable 8,600 10 7,000 Rent Expense Prepaid Rent 7,000 1,400 11 Interest Expense Interest Payable 1,400 1,200 12 Depreciation Expense Accumulated Depreciation 1,200