in the blank space beside each adjustin entry, enter the letter of the explanation A through F that most closely describes the entry.
A. to record this periods depreciation expense
B. to record accrued salaries expense.
C. to record this period's use of a prepaid expense
D. to record accrued interest rvenue
E. to record accrued interest expense.
F. to record the earining of previously unearned income
__1. salaries expense
salaries payable
__2.Interest expense
Interest payable
__3.Insurance expense
prepaid insuranse
__4.Unearned Professional Fees
Professional Fees EArned
__5. interest receivable
interest revenue
__6. Depreciation expense
accumulated depreciation
1. B
2. E
3. C
4. F
5. D
6. A
1. B. to record accrued salaries expense.
2. E. Interest payable.
3. A. Depreciation expense.
4. F. Professional Fees Earned.
5. E. Interest receivable.
6. C. Insurance expense.
1. B. to record accrued salaries expense.
Explanation: The entry is to record the expense (salaries) that has been incurred but not yet paid (accrued). Therefore, the correct letter is B.
2. E. to record accrued interest expense.
Explanation: The entry is to record the expense (interest) that has been incurred but not yet paid (accrued). Therefore, the correct letter is E.
3. C. to record this period's use of a prepaid expense.
Explanation: The entry is to record the expense (insurance) that has been prepaid but has now been used up in the current period. Therefore, the correct letter is C.
4. F. to record the earning of previously unearned income.
Explanation: The entry is to record the previously received (unearned) income (professional fees) that has now been earned in the current period. Therefore, the correct letter is F.
5. D. to record accrued interest revenue.
Explanation: The entry is to record the revenue (interest) that has been earned but not yet received (accrued). Therefore, the correct letter is D.
6. A. to record this period's depreciation expense.
Explanation: The entry is to record the expense (depreciation) for the current period. Therefore, the correct letter is A.