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For journal entries 1 through 10, identify the explanation that mostly closely describes i A. To record this period's depreciation expense. 3. 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. Explanation Interest Expense Journal Entries Interest Payable Unearned Revenue Services Revenue Cash Unearned Revenue Prepaid Rent Cash Depreciation Expense Accumulated Depreciation Salaries Expense Salaries Payable Accounts Payable Cash Cash Accounts Receivable (from services) Insurance Expense Prepaid Insurance Interest Receivable Debit 2,208 19,250 4,200 500 38,217 13,280 1,700 12,300 3,180 3,300 Credit 2,208 19,250 4,200 500 38,217 13,280 1,700 12,300 3,180

For journal entries 1 through 10, identify the explanation that mostly closely describes i A. To record this period's depreciation expense. 3. 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. Explanation Interest Expense Journal Entries Interest Payable Unearned Revenue Services Revenue Cash Unearned Revenue Prepaid Rent Cash Depreciation Expense Accumulated Depreciation Salaries Expense Salaries Payable Accounts Payable Cash Cash Accounts Receivable (from services) Insurance Expense Prepaid Insurance Interest Receivable Debit 2,208 19,250 4,200 500 38,217 13,280 1,700 12,300 3,180 3,300 Credit 2,208 19,250 4,200 500 38,217 13,280 1,700 12,300 3,180

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Explanation Interest Expense Interest Payable Journal Entries Unearned Revenue Services Revenue Cash Unearned Revenue Prepaid Rent Cash Depreciation Expense Accumulated Depreciation Salaries Expense Salaries Payable Accounts Payable Cash Cash Accounts Receivable (from services) Insurance Expense Prepaid Insurance Interest Receivable Interest Revenue Debit 2,208 19,250 4,200 500 38,217 13,280 1,700 12,300 3,180 3,300 Credit 2,208 19,250 4,200 500 38,217 13,280 1,700 12,300 3,180 3,300
Transcribed Image Text:Explanation Interest Expense Interest Payable Journal Entries Unearned Revenue Services Revenue Cash Unearned Revenue Prepaid Rent Cash Depreciation Expense Accumulated Depreciation Salaries Expense Salaries Payable Accounts Payable Cash Cash Accounts Receivable (from services) Insurance Expense Prepaid Insurance Interest Receivable Interest Revenue Debit 2,208 19,250 4,200 500 38,217 13,280 1,700 12,300 3,180 3,300 Credit 2,208 19,250 4,200 500 38,217 13,280 1,700 12,300 3,180 3,300
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. 1. To record cash receipt of an accrued revenue. J. To record cash payment of a prepaid expense. Explanation Interest Expense Journal Entries Interest Payable Unearned Revenue Services Revenue Cash Unearned Revenue Prepaid Rent Cash Depreciation Expense Accumulated Depreciation Salaries Expense Salaries Payable Accounts Payable Cash Cash Accounts Receivable (from services) Insurance Expense Prepaid Insurance Interest Receivable Debit 2,208 19,250 4,200 500 38,217 13,280 1,700 12,300 3,180 3,300 Credit 2,208 19,250 4,200 500 38,217 13,280 1,700 12,300 3,180
Transcribed Image Text: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. 1. To record cash receipt of an accrued revenue. J. To record cash payment of a prepaid expense. Explanation Interest Expense Journal Entries Interest Payable Unearned Revenue Services Revenue Cash Unearned Revenue Prepaid Rent Cash Depreciation Expense Accumulated Depreciation Salaries Expense Salaries Payable Accounts Payable Cash Cash Accounts Receivable (from services) Insurance Expense Prepaid Insurance Interest Receivable Debit 2,208 19,250 4,200 500 38,217 13,280 1,700 12,300 3,180 3,300 Credit 2,208 19,250 4,200 500 38,217 13,280 1,700 12,300 3,180
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