Problem 3-5ADO not Problem 3-1A Identifying adjusting entries with explanations LO P1 For each of the following entries, 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 perlod's use of a prepaid expense. H. To record payment of a prepaid expense. I. To record this period's depreclation expense. Journal Entries Explanation Debit Credit Interest Expense C 1,000 Interest Payable 1,000 Depreciation Expense Accumulated Depreciation 4,000 4,000 Unearned Professional Fees Professional Fees Earned 3,000 3,000 Insurance Expense 4,200 Prepaid Insurance 4,200 Salaries Payable 1,400 Cash 1,400 Prepaid Rent 4,500 Cash 4,500 Salaries Expense 6,000 Salaries Payable 6,000 Interest Receivable 5,000 Interest Revenue 5,000 Cash 9,000 Accounts Receivable (from consulting) 9,000 Cash Unearned Professional Fees 7,500 7,500 Cash 2,000 Interest Receivable 2,000 Rent Expense Prepaid Rent 2,000 2,000