In the blank space beside each adjusting entry, enter the letter of the explanation A through F that most closely describes the entry.
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.
|
1. |
Salaries Expense |
13,280 |
|
|
|
Salaries Payable |
|
13,280 |
|
2. |
Interest Expense |
2,208 |
|
|
|
Interest Payable |
|
2,208 |
|
3. |
Insurance Expense |
3,180 |
|
|
|
Prepaid Insurance |
|
3,180 |
|
4. |
Unearned Professional Fees |
19,250 |
|
|
|
Professional Fees Earned |
|
19,250 |
|
5. |
Interest Receivable |
3,300 |
|
|
|
Interest Revenue |
|
3,300 |
|
6. |
Depreciation Expense |
38,217 |
|
|
|
Accumulated Depreciation |
|
38,217 |