For journal entries 1 through 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. Entry 1 2 3 4 5 6 Explanation Prepaid Rent Cash Salaries Expense Salaries Payable Interest Receivable Interest Revenue Cash Accounts Receivable (from consulting) Cash Journal Entries Unearned Revenue Cash Interact Rareivablo Debit 2,500 4,200 4,000 4,500 1,400 3,900 Credit 2,500 4,200 4,000 4,500 1,449 3 900 2 3 4 5 6 7 8 9 10 11 12 Cash Salaries Expense Salaries Payable Interest Receivable Interest Revenue Cash Accounts Receivable (from consulting) Cash Unearned Revenue Cash Interest Receivable Rent Expense Prepaid Rent Interest Expense Interest Payable Depreciation Expense Accumulated Depreciation Unearned Revenue Services Revenue Insurance Expense Prepaid Insurance Salaries Payable Cash 4,200 4,000 4,500 1,400 3,900 6,900 4,200 9,000 6,900 1,900 1,500 2,500 4,200 4,000 4,500 1,400 3,900 6,900 4,200 9,000 6,900 1,900 1,500
For journal entries 1 through 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. Entry 1 2 3 4 5 6 Explanation Prepaid Rent Cash Salaries Expense Salaries Payable Interest Receivable Interest Revenue Cash Accounts Receivable (from consulting) Cash Journal Entries Unearned Revenue Cash Interact Rareivablo Debit 2,500 4,200 4,000 4,500 1,400 3,900 Credit 2,500 4,200 4,000 4,500 1,449 3 900 2 3 4 5 6 7 8 9 10 11 12 Cash Salaries Expense Salaries Payable Interest Receivable Interest Revenue Cash Accounts Receivable (from consulting) Cash Unearned Revenue Cash Interest Receivable Rent Expense Prepaid Rent Interest Expense Interest Payable Depreciation Expense Accumulated Depreciation Unearned Revenue Services Revenue Insurance Expense Prepaid Insurance Salaries Payable Cash 4,200 4,000 4,500 1,400 3,900 6,900 4,200 9,000 6,900 1,900 1,500 2,500 4,200 4,000 4,500 1,400 3,900 6,900 4,200 9,000 6,900 1,900 1,500
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 9GI: Give an example and explanation for each of the following differences between when revenues are...
Related questions
Question
Transcribed Image Text:For journal entries 1 through 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.
Entry
1
2
3
4
5
6
Explanation
Prepaid Rent
Cash
Salaries Expense
Salaries Payable
Interest Receivable
Interest Revenue
Cash
Accounts Receivable (from consulting)
Cash
Journal Entries
Unearned Revenue
Cash
Interact Rareivablo
Debit
2,500
4,200
4,000
4,500
1,400
3,900
Credit
2,500
4,200
4,000
4,500
1,449
3 900
Transcribed Image Text:2
3
4
5
6
7
8
9
10
11
12
Cash
Salaries Expense
Salaries Payable
Interest Receivable
Interest Revenue
Cash
Accounts Receivable (from consulting)
Cash
Unearned Revenue
Cash
Interest Receivable
Rent Expense
Prepaid Rent
Interest Expense
Interest Payable
Depreciation Expense
Accumulated Depreciation
Unearned Revenue
Services Revenue
Insurance Expense
Prepaid Insurance
Salaries Payable
Cash
4,200
4,000
4,500
1,400
3,900
6,900
4,200
9,000
6,900
1,900
1,500
2,500
4,200
4,000
4,500
1,400
3,900
6,900
4,200
9,000
6,900
1,900
1,500
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning