LIFESAVER FOR CORRECT ANSWERS.

Accounting: Identifying adjusting entries with explanations?

For each of the following entries, enter 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 periods 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 periods use of a prepaid expense H. To record payment of a prepaid expense I. To record this periods depreciation expense 1. Rent Expense Dr: $2,000 Prepaid Rent Cr. $2,000 2. Interest Expense Dr. $1,000 Interest Payable Cr. $1,000 3. Depreciation Expense Dr. $4,000 Accumulated Depreciation Cr. $4,000 4. Unearned Professional Fees Dr. $3,000 Professional Fees Earned Cr. $3,000 5. Insurance Expense Dr. $4,200 Prepaid Insurance Cr. $4,200 6. Salaries Payable Dr. $1,400 Cash Cr. $1,400 7. Prepaid Rent Dr. $4,500 Cash Cr. $4,500 8. Salaries Expense Dr. $6,000 Salaries Payable Cr. $6,000 9. Interest Receivable Dr. $5,000 Interest Revenue Cr. $5,000 10. Cash Dr. $9,000 Accounts Receivable (from consulting) Cr. $9,000 11. Cash Dr. $7,500 Unearned Professional Fees Cr. $7,500 12. Cash Dr. $2,000 Interest Receivable Cr. $2,000