For journal entries 1through 12, indicate the explanation that most closely describes it. You can use explanations more than once. A. To record receipt of unearned revenue. B. To record this period's earning of prior unearned revenue. C. To record payment of an accrued expense. D. To record receipt of an accrued revenue. E. To record an accrued expense. F. To record an accrued revenue. G. To record this period's use of a prepaid expense. H. To record payment of a prepaid expense. 1. To record this period's depreciation expense.
For journal entries 1through 12, indicate the explanation that most closely describes it. You can use explanations more than once. A. To record receipt of unearned revenue. B. To record this period's earning of prior unearned revenue. C. To record payment of an accrued expense. D. To record receipt of an accrued revenue. E. To record an accrued expense. F. To record an accrued revenue. G. To record this period's use of a prepaid expense. H. To record payment of a prepaid expense. 1. To record this period's depreciation expense.
Survey of Accounting (Accounting I)
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ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter4: Accounting For Retail Operations
Section: Chapter Questions
Problem 4.7E: Determining amounts to be paid on invoices Determine the amount to be paid in full settlement of...
Related questions
Question
![Entry
1
2
3
4
5
сл
6
7
8
9
10
11
12
Explanation
Insurance Expense
Prepaid Insurance
Salaries Payable
Cash
Prepaid Rent
Cash
Salaries Expense
Salaries Payable
Interest Receivable
Interest Revenue
Cash
Accounts Receivable (from consulting)
Cash
Journal Entries
Unearned Revenue
Cash
Interest Receivable
Rent Expense
Prepaid Rent
Interest Expense
Interest Payable
Depreciation Expense
Accumulated Depreciation
Unearned Revenue
Services Revenue
Debit
*
1,900
3,900
3,200
4,900
1,900
3,900
5,900
4,300
8,000
6,300
1,300
1,900
Credit
1,900
3,900
3,200
4,900
1,900
3,900
5,900
4,300
8,000
6,300
1,300
1,900](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcc3b1b46-9f9c-4c4b-83d8-808f8ee30788%2F2d3c565b-7fd7-4d3d-93bb-f5a8af400b3d%2Fvduce7e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Entry
1
2
3
4
5
сл
6
7
8
9
10
11
12
Explanation
Insurance Expense
Prepaid Insurance
Salaries Payable
Cash
Prepaid Rent
Cash
Salaries Expense
Salaries Payable
Interest Receivable
Interest Revenue
Cash
Accounts Receivable (from consulting)
Cash
Journal Entries
Unearned Revenue
Cash
Interest Receivable
Rent Expense
Prepaid Rent
Interest Expense
Interest Payable
Depreciation Expense
Accumulated Depreciation
Unearned Revenue
Services Revenue
Debit
*
1,900
3,900
3,200
4,900
1,900
3,900
5,900
4,300
8,000
6,300
1,300
1,900
Credit
1,900
3,900
3,200
4,900
1,900
3,900
5,900
4,300
8,000
6,300
1,300
1,900
![For journal entries 1through 12, indicate the explanation that most closely describes it. You can use explanations more than
once.
A. To record receipt of unearned revenue.
B. To record this period's earning of prior unearned revenue.
C. To record payment of an accrued expense.
D. To record receipt of an accrued revenue.
E. To record an accrued expense.
F. To record an accrued revenue.
G. To record this period's use of a prepaid expense.
H. To record payment of a prepaid expense.
1. To record this period's depreciation expense.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcc3b1b46-9f9c-4c4b-83d8-808f8ee30788%2F2d3c565b-7fd7-4d3d-93bb-f5a8af400b3d%2Fykd4k84_processed.jpeg&w=3840&q=75)
Transcribed Image Text:For journal entries 1through 12, indicate the explanation that most closely describes it. You can use explanations more than
once.
A. To record receipt of unearned revenue.
B. To record this period's earning of prior unearned revenue.
C. To record payment of an accrued expense.
D. To record receipt of an accrued revenue.
E. To record an accrued expense.
F. To record an accrued revenue.
G. To record this period's use of a prepaid expense.
H. To record payment of a prepaid expense.
1. To record this period's depreciation expense.
Expert Solution
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Step 1
Accrued expenses are those expenses which are incurred, but not yet paid. Accrued revenue is that revenue which is earned, but not yet received.
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