Questions#1&2

Q#1

Q#2

For journal entries 1 through 6, identify the explanation that most closely describes it. A. To record this period's depreciation expense. B. To record accrued salaries expense. C. To record this period's use of a prepaid expense. D. To record accrued interest revenue. E. To record accrued interest expense. F. To record the earning of previously unearned income. Explanation Debit Credit 2,208 2,208 3,180 3,180 19,250 Journal Entries Interest Expense Interest Payable Insurance Expense Prepaid Insurance Unearned Revenue Services Revenue Interest Receivable Interest Revenue Depreciation Expense Accumulated Depreciation Salaries Expense Salaries Payable 19,250 3,300 3,300 38,217 38,217 13,280 13,280 At the beginning of the year, Snaplt had $11,000 of Inventory. During the year, Snaplt purchased $37,000 of merchandise and sold $31,500 of merchandise. A physical count of inventory at year-end shows $12,000 of Inventory exists. Prepare the entry to record Inventory shrinkage. View transaction list Journal entry worksheet Record the inventory shrinkage. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Rondente Clemente View.nl