Problem 3-1A Identifying adjusting entries with explanations LO P1, P2, P3, P4 For journal entries 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 earing of prorunearned 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 Explanation Journal Entries Credit Entry 1 Debit 1.100 Rent Expense Prepaid Rent 1,100 2 3,100 Interest Expense Interest Payable 3,100 3 4,600 Depreciation Expense Accumulated Depreciation 4,600 4 4,400 Uneared Professional Fees Professional Fees Eamed 4,400 1,300 Insurance Expense Prepaid Insurance 1,300 6 3,000 Salaries Payable Cash 3,000 7 Prepaid Rent 6,600 Cash 6,600 8 5,600 Salaries Expense Salaries Payable 5,600 9 8.700 Interest Receivable Interest Revenue 8,700 10 6.800 Cash Accounts Receivable (from consulting) 6,800 11 Cash 2,600 Uneamed Professional Fees 2.600 12 Cash 1,600 Interest Receivable 1,600