PROBLEM SET A Problem 3-1A Identifying adjusting entries with explanations C3 P1 connect 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 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. 1. Interest Expense 1,000 Interest Payable 1,000 2. Depreciation Expense 4,000 Accumulated Depreciation 4,000 3. Unearned Professional Fees 3,000 Professional Fees Earned 3,000 4. Insurance Expense. 4.200 Prepaid Insurance 4,200 5. Salaries Payable 1.400 Cash 1,400 6. Prepaid Rent 4,500 Cash. 4,500 7. Salaries Expense 6,000 Salaries Payable 6,000 8. Interest Receivable 5,000 Interest Revenue 5,000 9. Cash 9,000 Accounts Receivable (from consulting) 9,000 10. Cash 7.500 Unearned Professional Fees 7,500 11. Cash 2,000 Interest Receivable 2,000 12. Rent Expense 2,000 Prepaid Rent 2,000