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. Interest Expense 600 Interest Payable 600
______ 2. Interest Payable 600 …show more content…
When the cash was received, the Unearned Training Fees account was credited. The fee for the fifth month will be recorded when it is collected in 2009.
f. On November 1, the school agreed to teach a four-month class (beginning immediately) for an individual for $1,700 tuition per month payable at the end of the class. The services are being provided as agreed, and no payment has been received.
g. The school’s five employees are paid weekly. As of the end of the year, four days’ wages have accrued at the rate of $150 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December.
CHAMPLAIN CONFUSER SYSTEMS
Unadjusted Trial Balance
December 31, 2008
Accumulated depreciation—Professional library
Unearned training fees
S. Champlain, Capital
S. Champlain, Withdrawals
Tuition fees earned
Training fees earned
Depreciation expense—Professional library
Teaching supplies expense