Answered

Discover new information and insights with the help of IDNLearn.com. Receive prompt and accurate responses to your questions from our community of knowledgeable professionals ready to assist you at any time.

For journal entries 1 through 6, identify the explanation that most closely describes it.

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.

\begin{tabular}{|c|c|c|c|}
\hline Explanation & Journal Entries & Debit & Credit \\
\hline E & Interest Expense & 2,208 & \\
\hline & Interest Payable & & 2,208 \\
\hline C & Insurance Expense & 3,180 & \\
\hline & Prepaid Insurance & & 3,180 \\
\hline F & Unearned Revenue & 19,250 & \\
\hline & Services Revenue & & 19,250 \\
\hline D & Interest Receivable & 3,300 & \\
\hline & Interest Revenue & & 3,300 \\
\hline A & Depreciation Expense & 38,217 & \\
\hline & Accumulated Depreciation & & 38,217 \\
\hline B & Salaries Expense & 13,280 & \\
\hline & Salaries Payable & & 13,280 \\
\hline
\end{tabular}

Sagot :

GinnyAnsweridn
To match each journal entry (1 through 6) with the appropriate explanation, let's examine each entry in detail and connect it to the correct explanation:

1. Journal Entry:
- Debit: Interest Expense (2,208)
- Credit: Interest Payable (2,208)

Explanation:
- "To record accrued interest expense." (E)

2. Journal Entry:
- Debit: Insurance Expense (3,180)
- Credit: Prepaid Insurance (3,180)

Explanation:
- "To record this period's use of a prepaid expense." (C)

3. Journal Entry:
- Debit: Unearned Revenue (19,250)
- Credit: Services Revenue (19,250)

Explanation:
- "To record the earning of previously unearned income." (F)

4. Journal Entry:
- Debit: Interest Receivable (3,300)
- Credit: Interest Revenue (3,300)

Explanation:
- "To record accrued interest revenue." (D)

5. Journal Entry:
- Debit: Depreciation Expense (38,217)
- Credit: Accumulated Depreciation (38,217)

Explanation:
- "To record this period's depreciation expense." (A)

6. Journal Entry:
- Debit: Salaries Expense (13,280)
- Credit: Salaries Payable (13,280)

Explanation:
- "To record accrued salaries expense." (B)

Summary:
```
1. E - To record accrued interest expense.
2. C - To record this period's use of a prepaid expense.
3. F - To record the earning of previously unearned income.
4. D - To record accrued interest revenue.
5. A - To record this period's depreciation expense.
6. B - To record accrued salaries expense.
```
Your engagement is important to us. Keep sharing your knowledge and experiences. Let's create a learning environment that is both enjoyable and beneficial. Thank you for trusting IDNLearn.com. We’re dedicated to providing accurate answers, so visit us again for more solutions.