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. 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. Entry Explanation Journal Entries Debit Credit 1 Cash 2,500 Accounts Receivable (from consulting) 2,500 2 Cash Unearned Professional Fees 3,200 3,200 3 Cash Interest Receivable 4 Rent Expense Prepaid Rent 3,700 3,700 4,800 4,800 5 Prepaid Rent Interest Expense Interest Payable 4,800 1,700 1,700 6 Depreciation Expense 5,000 Accumulated Depreciation 5,000 7 Unearned Professional Fees 6,600 Professional Fees Earned 6,600 8 Insurance Expense 4,500 Prepaid Insurance Salaries Payable Cash 4,500 8,100 8,100 10 Prepaid Rent 7,800 Cash 7,800 11 Salaries Expense 1,900 Salaries Payable 1,900 12 Interest Receivable 1,200 Interest Revenue 1,200