In the blank space beside each adjusting entry enter the let

In the blank space beside each adjusting entry, enter the letter of the expla 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 nation A through F that mos D. To record accrued interest revenue. E. To record accrued interest expense F. To record the earning of previously unearned . expense income 1. Interest Expense 2,208 2,208 Interest Payable Prepaid Insurance Professional Fees Earned 2. Insurance Expense 3,180 3,180 3. Unearned Professional Fees 19,250 19,250 4. Interest Receivable 3,300 Interest Revenue 3,300 5. Depreciation Expense 38,217 38,217 Accumulated Depreciation 13,280 6. Salaries Expense 13,280 Salaries Payable

Solution

1) E Interest Expenses debited because its a expense and Interest Payable is credited because its a liability)
2) C Isurance expense debited because its a expense and prepaid insurance amount will be deducted equal to period expense hence credited.
3) F (This is the adjustment entry for previous year unearned income into this year)
4) D (To record interest income due)
5) A ( To record depreciation expense for the current year)
6) B ( to record outstanding salaries expenses)
6)