Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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 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 Credit Joumal Entries Salaries Expense Salaries Payable Dobit 1,800 1,800 2 Interest Receivable Interest Revenue 4,400 4,400 3 Cash Accounts Receivable (from consulting) 4,200 4,200 Cash Uneamed Professional Fees 4.100 4,100 5 Cash Interest Receivable 1,600 1,600 6 3,000 Rent Expense Prepaid Rent 3,000 7 5,900 Interest Expense Interest Payable 5,900 8 5,000 Depreciation Expense Accumulated Depreciation 5,000 9 8,100 Unearned Professional Fees Professional Fees Eamed 8.100 10 6,700 Insurance Expense Prepaid Insurance 6,700 11 1.700 Salaries Payable Cash 1,700 12 2,900 Prepaid Rent Cash 2.900 Explanation : Sala C Tim Explanation Sal F G H

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Definitive Guide To Blockchain For Accounting And Business

Authors: Saurav K. Dutta

1st Edition

1789738687, 9781789738681

More Books

Students also viewed these Accounting questions