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For journal entries 1 through 12, indicate the explanation that most closely describes it. You can use explanations more than once. To record receipt of unearned revenue. To record this period's earning of prior unearned revenue. To record payment of an accrued expense. To record receipt of an accrued revenue. To record an accrued expense. To record an accrued revenue. To record this period's use of a prepaid expense. To record payment of a prepaid expense. To record this period's depreciation expense.

For journal entries 1 through 12, indicate the explanation that most closely describes it. You can use explanations more than once. To record receipt of unearned revenue. To record this period's earning of prior unearned revenue. To record payment of an accrued expense. To record receipt of an accrued revenue. To record an accrued expense. To record an accrued revenue. To record this period's use of a prepaid expense. To record payment of a prepaid expense. To record this period's depreciation 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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For journal entries 1 through 12, indicate the explanation that most closely describes it. You can use explanations more than once.

  1. To record receipt of unearned revenue.
  2. To record this period's earning of prior unearned revenue.
  3. To record payment of an accrued expense.
  4. To record receipt of an accrued revenue.
  5. To record an accrued expense.
  6. To record an accrued revenue.
  7. To record this period's use of a prepaid expense.
  8. To record payment of a prepaid expense.
  9. To record this period's depreciation expense.
Entry 1 2 3 4 5 co 6 7 8 9 10 11 Explanation Cash Unearned Revenue Cash Interest Receivable Rent Expense Prepaid Rent Interest Expense Journal Entries Interest Payable Depreciation Expense Accumulated Depreciation Unearned Revenue Services Revenue Insurance Expense Prepaid Insurance Salaries Payable Cash Prepaid Rent Cash Salaries Expense Salaries Payable Interest Receivable Debit 1,100 3,400 3,900 4,500 1,800 4,700 6,300 5,700 8,600 7,300 1,900 Credit 1,100 3,400 3,900 4,500 1,800 4,700 6,300 5,700 8,600 7,300
Transcribed Image Text:Entry 1 2 3 4 5 co 6 7 8 9 10 11 Explanation Cash Unearned Revenue Cash Interest Receivable Rent Expense Prepaid Rent Interest Expense Journal Entries Interest Payable Depreciation Expense Accumulated Depreciation Unearned Revenue Services Revenue Insurance Expense Prepaid Insurance Salaries Payable Cash Prepaid Rent Cash Salaries Expense Salaries Payable Interest Receivable Debit 1,100 3,400 3,900 4,500 1,800 4,700 6,300 5,700 8,600 7,300 1,900 Credit 1,100 3,400 3,900 4,500 1,800 4,700 6,300 5,700 8,600 7,300
11 12 Interest Receivable Interest Revenue Cash Accounts Receivable (from consulting) 1,900 1,600 1,900 1,600
Transcribed Image Text:11 12 Interest Receivable Interest Revenue Cash Accounts Receivable (from consulting) 1,900 1,600 1,900 1,600
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