17. The foliowing activity occurred during the month ofjuly. Set up or create additional preferences and les when needed and record the following transactions in the appropriate windows. Jul 2 Received a six-month insurance policy renewal from General Insurance Co. for $1,200, paid immediately, Check No. 12. Jen recorded the rst six-month policy as Insurance Expense, but you think it is better to record it as Prepaid Insurance on payment, and then adjust it at the end of each month. Received a six-month advertising renewal from Ray Vill Advertising Agency for $800, paid immediately, Check No. 13.]en also recorded the previous advertising as Advertising Expense, but like the insurance policy, you will record it as Prepaid Advertising on payment and then adjust it at the end of each month. Recommended to the owner, Jen Beck, that she put some of the cash into a Money Market account that will earn interest. Jen agrees. Create the general ledger account 1030 Money Market and transfer $1,000 into the account. Purchased $500 of ofce supplies on account from the Ofce Supply Store, their Invoice No. 285, Net 30 Days. Jen previously recorded this type of purchase as Supplies Expense, but you record it in the asset account Ofce Supplies. Purchased 25 cans of tennis balls from Sporting Goods, Inc., at $2 per can, paid immediately, Check No. 14. Provided 2 hours of tennis lessons {owner} at $25 each and 2 hours of tennis court services at $30 each on account to the Davis Family, Invoice No. 1150, Net 30 Days. Sold 4 tennis racquets for $100 each and 4 tennis outts for $80 each on account to the Grisham Family, Invoice No. 1151, 2f10, Net 30 Days. Received full payment from Whitestone Seniors Club, their Check No. 1537. Paid in full AGI Telephone (20., Check No. 75. Recorded the cash sales for the week for 15 hours of tennis lessons (owner) at $25 each, 32 hours of tennis court services at $30 each, and 15 cans of tennis balls at $4 each, Sale No. 551. Received the telephone bill from AGI Telephone Co., their Invoice No. 809, $150, Net 30 Days