Exercise 3-2 Classifying adjusting entries LO P1, P2, P3, P4 In the blank space beside...
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Accounting
Exercise 3-2 Classifying adjusting entries LO P1, P2, P3, P4 In the blank space beside each adjusting entry, enter the letter of the explanation A through F that most closely describes the entry. A. To record this period's depreciation expense. B. To record accrued salaries expense. c. To record this period's use of a prepaid expense. D. To record accrued interest revenue. E. To record accrued interest expense. F. To record the earning of previously unearned income. G. To record cash receipt of unearned revenue. H. To record cash payment of an accrued expense. 1. To record cash receipt of an accrued revenue. J. To record cash payment of a prepaid expense. Unearned Professional Fees 19,250 Professional Fees Earned Cash 4,200 Unearned Revenue Accounts Payable 1,700 Cash Cash 12,300 Accounts Receivable (from services) 500 38,217 Accumulated Depreciation 13,280 Salaries Payable 3,180 3,300 2,208 Prepaid Rent Cash Depreciation Expense Salaries Expense Insurance Expense Interest Receivable Interest Expense Prepaid Insurance Interest Revenue Interest Payable 19,250 4,200 1,700 12,300 500 38,217 13,280 3,180 3,300 2,208
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