For each of the following entries, enter the letter of the explanation that most closely describes it in the space beside each entry. (You can use letters more than once.)

A. To record payment of a prepaid expense.

B. To record this period’s use of a prepaid expense.

C. To record this period’s depreciation expense.

D. To record receipt of unearned revenue.

E. To record this period’s earning of prior unearned revenue.

F. To record an accrued expense.

G. To record payment of an accrued expense.

H. To record an accrued revenue.

I. To record receipt of accrued revenue.

1.

Unearned Professional Fees

6,000

 

 

Professional Fees Earned

 

6,000

2.

Interest Receivable

3,500

 

 

Interest Revenue

 

3,500

3.

Salaries Payable

9,000

 

 

Cash

 

9,000

4.

Depreciation Expense

8,000

 

 

Accumulated Depreciation

 

8,000

5.

Cash

9,000

 

 

Unearned Professional Fees

 

9,000

6.

Insurance Expense

4,000

 

 

Prepaid Insurance

 

4,000

7.

Interest Expense

5,000

 

 

Interest Payable

 

5,000

8.

Cash

1,500

 

 

Accounts Receivable (from services)

 

1,500

9.

Salaries Expense

7,000

 

 

Salaries Payable

 

7,000

10.

Cash

1,000

 

 

Interest Receivable

 

1,000

11.

Prepaid Rent

3,000

 

 

Cash

 

3,000

12.

Rent Expense

7,500

 

 

Prepaid Rent

 

7,500