Question: Problem 3 - 1 A ( Algo ) Identifying adjusting entries with explanations LO P 1 , P 2 , P 3 , P 4

Problem 3-1A (Algo) Identifying adjusting entries with explanations LO P1, P2, P3, P4
For journal entries 1 through 12, indicate the explanation that most closely describes it. You can use explans
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.
\table[[Entry,Explanation,Journal Entries,Debit,Credit],[1,,Salaries Payable,1,800,],[,Cash,,1,800],[2,E,Prepaid Rent,5,000,],[,Cash,,5,000],[3,E,Salaries Expense,4,000,],[,Salaries Payable,,4,000],[4,E,Interest Receivable,3,400,],[,Interest Revenue,,3,400],[5,-,Cash,1,700,],[,Accounts Receivable (from consulting),,1,700],[6,,Cash,4,800,],[,Unearned Revenue,,4,800],[7,,Cash,5,100,],[,Interest Receivable,,5,100],[b,Doner connmen,e connt,]]
 Problem 3-1A (Algo) Identifying adjusting entries with explanations LO P1, P2,

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!