Answered step by step
Verified Expert Solution
Question
1 Approved Answer
For journal entries through 12. select the letter of the explanation that most closely describes it in the space beside each entry. You can use
For journal entries 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 uneamed 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. Explanation Credit Entry 1 Journal Entries Cash Interest Receivable Debit 1,600 1,600 2 4,000 Rent Expense Prepaid Rent 4,000 3 Interest Expense Interest Payable 3,500 3,500 4 Depreciation Expense Accumulated Depreciation 4,200 4,200 5 Unearned Professional Fees Professional Fees Earned 1.000 1.000 6 Insurance Expense Prepaid Insurance 3,700 3,700 7 Salaries Payable Cash 5,900 5,900 B Prepaid Rent Cash 5,000 5,000 9 Salaries Expense Salaries Payable 8,500 8,500 10 Interest Receivable Interest Revenue 7.100 7.100 4 4,200 Depreciation Expense Accumulated Depreciation 4,200 5 1,000 Unearned Professional Fees Professional Fees Earned 1,000 6 Insurance Expense Prepaid Insurance 3,700 3,700 7 Salaries Payable Cash 5,900 5,900 8 Prepaid Rent Cash 5,000 5,000 9 Salaries Expense Salaries Payable 8,500 8,500 10 Interest Receivable Interest Revenue 7,100 7,100 11 Cash Accounts Receivable (from consulting) 2,200 2,200 12 Cash Unearned Professional Fees 2,000 2,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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