chapter 3 1

Topics: Generally Accepted Accounting Principles, Depreciation, Expense Pages: 2 (253 words) Published: December 3, 2014
Score: 139.70

1.

out of 140 points (99.79%)

award:

10 out of
10.00
points

Exercise 3-1 Classifying adjusting entries LO C3
In the blank space beside each adjusting entry, enter the letter of the explanation A through F that most closely describes the entry.
A.
B.
C.
D.
E.
F.

To record this period’s depreciation expense.
To record accrued salaries expense.
To record this period’s use of a prepaid expense.
To record accrued interest revenue.
To record accrued interest expense.
To record the earning of previously unearned income.

E

Interest Expense

2,208

Interest Payable
C

Insurance Expense

2,208
3,180

Prepaid Insurance
F

Unearned Professional Fees

3,180
19,250

Professional Fees Earned
D

Interest Receivable

19,250
3,300

Interest Revenue
A

Depreciation Expense

3,300
38,217

Accumulated Depreciation
B

Salaries Expense
Salaries Payable

Worksheet

Exercise 3-1 Classifying adjusting
entries LO C3

38,217
13,280
13,280

Learning Objective: 03-C3 Identify
the types of adjustments and their
purpose.

Exercise 3-1 Classifying adjusting entries LO C3
In the blank space beside each adjusting entry, enter the letter of the explanation A through F that most

closely describes the entry.
A.
B.
C.
D.
E.
F.

To record this period’s depreciation expense.
To record accrued salaries expense.
To record this period’s use of a prepaid expense.
To record accrued interest revenue.
To record accrued interest expense.
To record the earning of previously unearned income.

E

Interest Expense

2,208

Interest Payable
C

Insurance Expense

2,208
3,180

Prepaid Insurance
F

Unearned Professional Fees

3,180
19,250

Professional Fees Earned
D

Interest Receivable

19,250
3,300

Interest Revenue
A

Depreciation Expense

3,300
38,217

Accumulated Depreciation
B

Salaries Expense
Salaries Payable

Explanation:
No further...
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