For journal entries 1 through 10, identify the explanation that mostly 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.
g. To record cash receipt of unearned revenue.
h. To record cash payment of an accrued expense.
i. To record cash receipt of an accrued revenue.
j. To record cash payment of a prepaid expense.
1. Rent Expense 2,000
Prepaid Rent 2,000
2. Interest Expense 1,000
Interest Payable 1,000
3. Depreciation Expense 4,000
Accumulated Depreciation 4,000
4. Unearned Professional Fees 3,000
Professional Fees Earned 3,000
5. Insurance Expense 4,200
Prepaid Insurance 4,200
6. Salaries Payable 1,400
Cash 1,400
7. Prepaid Rent 4,500
Cash 4,500
8. Salaries Expense 6,000
Salaries Payable 6,000
9. Interest Receivable 5,000
Interest Revenue 5,000
10. Cash 9,000
Accounts Receivable (from consulting) 9,000
11. Cash 7,500
Unearned Professional Fees 7,500
12. Cash 2,000
Interest Receivable 2,000