Chapter 3 Adjusting Accounts for Financial Statements M SETB For each of the fol

Question

Chapter 3 Adjusting Accounts for Financial Statements M SETB For each of the following journal entries / through 12, enter the letter of the explanation that entries most closely describes it in the space beside each entry. (You can use letters more than once.) A. To record payment of a prepaid expense. 1B F. To record an accrued expense. usting entries B. To record this period's use of a prepaid expense. G. To record payment of an accrued expense C. To record this period's depreciation expense. D. To record receipt of unearned revenue. E. To record this period's earning of prior H. To record an accrued revenue. l. To record receipt of accrued revenue unearned revenue --1. Interest Receivable 3,500 Interest Revenue . . 3,500 9,000 8,000 9,000 4,000 5,000 1,500 7,000 1,000 3,000 7,500 6,000 3. Depreciation Expense 8,000 Unearned Professional Fees Prepaid Insurance Interest Payable 5. Insurance Expense 4,000 6. Interest Expense 5,000 -7. Cash 8. Salaries Expense Salaries Payable Interest Receivable Cash 7,000 1,000 3,000 7,500 10. Prepaid Rent . _11. Rent Expense 12. Unearned Professional Fees Professional Fees Earned

Explanation / Answer

Sr. No Explanation: 1 Option H - To Record an Accrued Revenue 2 Option G : Record the payment of an Accrued Expense 3 Option C = To Record this period's Depreciation expenses 4 Option D = To Record the receipt of unearned revenue 5 Option A = To Record the payment of a prepaid expenses 6 Option F = To Record the Accrued Expenses 7 Option I = To Record receipt of Accrued Revenue 8 Option F = To Record the Accrued Expenses 9 Option D = To Record the receipt of unearned revenue 10 Option A = To Record the payment of a prepaid expenses 11 Option F = To Record the Accrued Expenses 12 Option E = To Record this period's Earning of Prior unearned Revenue

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