Problem 3-1A laentitying aajusting entries with explanations LO PT For each of the following entries, enter the letter ofthe explanation that most closely describes it 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. l. To record this period's depreciation expense. Explanation Journal Entries Debit Credit 1,000 Interest Expense Interest payable 1.000 Depreciation Expense 4,000 4,000 Accumulated Depreciation Unearned Professional Fees 3,000 3,000 Professional Fees Earned 4,200 Insurance Expense 4,200 Prepaid Insurance 1,400 Salaries Payable Cash 1,400 Prepaid Rent 4,500 Cash 4,500 Salaries Expense 6,000 6,000 Salaries Payable Interest Receivable 5,000 5,000 Interest Revenue Cash 9,000 9,000 Accounts Receivable (from consulting) Cash 7,500 7,500 Unearned Professional Fees Cash 2,000 2,000 Interest Receivable 2,000 Rent Expense 2,000 Prepaid Rent