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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.

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.

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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J. To record cash payment of a prepaid expense. Explanation Insurance Expense Journal Entries Prepaid Insurance Interest Receivable Interest Revenue Interest Expense Interest Payable Accounts Payable Cash Cash Accounts Receivable (from services) Prepaid Rent Cash Unearned Revenue Cash Services Revenue Unearned Revenue Depreciation Expense Accumulated Depreciation Salaries Expense Salaries Payable ma Dobit 3,180 3,300 2,208 1,700 12,300 500 19,250 4,200 38,217 13,280 Credit 3,180 3,300 2,208 1,700 12,300 500 19,250 4,200 38,217 13,280
Transcribed Image Text:J. To record cash payment of a prepaid expense. Explanation Insurance Expense Journal Entries Prepaid Insurance Interest Receivable Interest Revenue Interest Expense Interest Payable Accounts Payable Cash Cash Accounts Receivable (from services) Prepaid Rent Cash Unearned Revenue Cash Services Revenue Unearned Revenue Depreciation Expense Accumulated Depreciation Salaries Expense Salaries Payable ma Dobit 3,180 3,300 2,208 1,700 12,300 500 19,250 4,200 38,217 13,280 Credit 3,180 3,300 2,208 1,700 12,300 500 19,250 4,200 38,217 13,280
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. Explanation Insurance Expense Journal Entries Prepaid Insurance Interest Receivable Cash Interest Revenue Interest Expense Interest Payable Accounts Payable Cash Accounts Receivable (from services) Prepaid Rent Debit 3,180 3,300 2,208 1,700 12,300 500 Credit 3,180 3,300 2,208 1,700 12,300
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. I. To record cash receipt of an accrued revenue. J. To record cash payment of a prepaid expense. Explanation Insurance Expense Journal Entries Prepaid Insurance Interest Receivable Cash Interest Revenue Interest Expense Interest Payable Accounts Payable Cash Accounts Receivable (from services) Prepaid Rent Debit 3,180 3,300 2,208 1,700 12,300 500 Credit 3,180 3,300 2,208 1,700 12,300
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