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have u Ema On July 1, 2019. Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow. DATE

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have u Ema On July 1, 2019. Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow. DATE TRANSACTIONS July 1 Signed a lease for an office and issued Check 161 for $14,256 to pay the rent in advance for six months. 1 Borrowed money from Second National Bank by issuing a four-month, 9 percent note for $36,666: received $34,926 because the bank deducted the interest in advance. 1 Signed an agreement with Carter Corp. to provide accounting and tax ) services for one year at $6,766 per month; received the entire fee of $86,466 in advance. 1 Purchased office equipment for $23,666 from Office Outfitters; issued a twomonth, 12 percent note in payment. The equipment is estimated to have a useful life of five years and a $1,466 salvage value. The equipment will be depreciated using the straight-line method. 1 Purchased a one-year insurance policy and issued Check 162 for $1,764 to pay the entire premium. 3 Purchased office furniture for $15,366 from Furniture Warehouse: issued Check 163 for $6,466 and agreed to pay the balance in 66 days. The equipment has an estimated useful life of four years and a $1,266 salvage value. The office furniture will be depreciated using the straightline method. 5 Purchased office supplies for $1,956 with Check 164. Assume $676 of ,5 supplies are on hand July 31, 2619. Required: 1. Record the transactions in the generaljournal. Assume that the rm initially records prepaid expenses as assets and unearned income as a liability for the year 2019. 2. Record the adjusting Journal entries that must be made on July 31, 2019. Analyze: What balance should be reflected ln Unearned Accounting Fees at July 31. 2019? E Complete thls question by enter-Inc your answers In the tab: below. .s- .a-, , 3.73\"; .7, Required 1

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