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

Name: ExplanationInterest ExpenseInterest PayableJournal EntriesUnearned Re
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Description: ExplanationInterest ExpenseInterest PayableJournal EntriesUnearned RevenueServices RevenueCashUnearned RevenuePrepaid RentCashDepreciation ExpenseAccumulated DepreciationSalaries ExpenseSalaries PayableAccounts PayableCashCashAccounts Receivable (fr

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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