mework Saved Help Save & Exl Check Problem 3-1A Identifying adjusting entries with explanations LO P1, P2, P3, P4 For journal entries 1 through 12, select the letter of the explanation that most closely describes it in the space beside each entry. You can use letters more than once. ces 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 Credit Explanation Journal Entries F Interest Receivable Interest Revenue Debit 2,000 2.000 2 D Cash Accounts Receivable from consulting) 3,800 3.800 4,800 Cash Interest Receivable 4,800 LO 1,000 Rent Expense Prepaid Rent 1,000 5,000 Interest Expense Interest Payable 5,000 7 5,600 Depreciation Expense Accumulated Depreciation 5,600 8 4,000 Unearned Professional Fees Professional Fees Earned 4,000 9 Insurance Expense Prepaid Insurance 8,400 8,400 10 Salaries Payable Cash 7,600 7,600 11 Prepaid Rent Cash 2,300 2,300