Discuss the unearned professional fees

Assignment Help Accounting Basics

Reference no: EM131528255

Question: For each of the following entries, enter 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 period's use of a prepaid expense.

H. To record payment of a prepaid expense.

I. To record this period's depreciation expense.

1. Rent Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000

Prepaid Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000

2. Interest Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000

Interest Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000

3. Depreciation Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000

Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . 4,000

4. Unearned Professional Fees . . . . . . . . . . . . . . . . . . . . . . . . 3,000

Professional Fees Earned . . . . . . . . . . . . . . . . . . . . . . 3,000

5. Insurance Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,200

Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,200

6. Salaries Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400

7. Prepaid Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500

8. Salaries Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000

Salaries Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000

9. Interest Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000

Interest Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000

10. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000

Accounts Receivable (from consulting) . . . . . . . . . . . 9,000

11. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,500

Unearned Professional Fees . . . . . . . . . . . . . . . . . . . . 7,500

12. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000

Interest Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000

Reference no: EM131528255

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