LIFESAVER FOR CORRECT ANSWERS. Accounting: Identifying adjusting entries with explanations? 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 periods 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 periods use of a prepaid expense
H. To record payment of a prepaid expense
I. To record this periods depreciation expense
1. Rent Expense Dr: $2000
Prepaid Rent Cr. $2000 2. Interest Expense Dr. $1000
Interest Payable Cr. $1000 3. Depreciation Expense Dr. $4000
Accumulated Depreciation Cr. $4000 4. Unearned Professional Fees Dr. $3000
Professional Fees Earned Cr. $3000 5. Insurance Expense Dr. $4200
Prepaid Insurance Cr. $4200 6. Salaries Payable Dr. $1400
Cash Cr. $1400 7. Prepaid Rent Dr. $4500
Cash Cr. $4500 8. Salaries Expense Dr. $6000
Salaries Payable Cr. $6000 9. Interest Receivable Dr. $5000
Interest Revenue Cr. $5000 10. Cash Dr. $9000
Accounts Receivable (from consulting) Cr. $9000 11. Cash Dr. $7500
Unearned Professional Fees Cr. $7500 12. Cash Dr. $2000
Interest Receivable Cr. $2000
