Problem 3-1A Identifying adjusting entries with explanations LO P1, P2, P3, P4 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. I. To record this period's depreciation expense. Entry Explanation Credit Journal Entries Insurance Expense Prepaid Insurance Debit 2.400 2.400 2 4.800l Salaries Payable Cash 4 An Prev 1 of 2 : Next > 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 1 Explanation : Credit Journal Entries Insurance Expense Prepaid Insurance Debit 2,400 2.400 2 Salaries Payable Cash 4,8001 4.800 3 Prepaid Rent Cash 3.100 3,100 4 Salaries Expense Salaries Payable 4.800 4.800 5 Interest Receivable Interest Revenue 1.100 1.100 6 Cash Accounts Receivable (from consulting) 3,200 3.200 7 Cash Unearned Professional Fees 5,000 5,000 8 Cash Interest Receivable 4,500 4,500 - UUDIO 1,100 Interest Receivable Interest Revenue 1,100 3,200 Cash Accounts Receivable (from consulting) 3,200 5,000 Cash Unearned Professional Fees 5,000 4500 Cash Interest Receivable 4,500 8,100 Rent Expense Prepaid Rent 8,100 10 7,800 Interest Expense Interest Payable 7.800 3,000 Depreciation Expense Accumulated Depreciation 3,000 1,700 Unearned Professional Fees Professional Fees Earned