Question: 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 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.
I. To record this period's depreciation expense.
1. Rent Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000
Prepaid Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000
2. Interest Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000
Interest Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000
3. Depreciation Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000
Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . 4,000
4. Unearned Professional Fees . . . . . . . . . . . . . . . . . . . . . . . . 3,000
Professional Fees Earned . . . . . . . . . . . . . . . . . . . . . . 3,000
5. Insurance Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,200
Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,200
6. Salaries Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400
7. Prepaid Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500
8. Salaries Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000
Salaries Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000
9. Interest Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000
Interest Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000
10. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000
Accounts Receivable (from consulting) . . . . . . . . . . . 9,000
11. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,500
Unearned Professional Fees . . . . . . . . . . . . . . . . . . . . 7,500
12. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000
Interest Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000