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Chapter 12 Homework Saved Help Save & Exit Submit Check my work 1 On July 1, 20X1, Tim Stein established his own Financial Services. Selected transactions for the first few days of July follow. DATE TRANSACTIONS 20X1 5 points eBook Print July 1 signed a lease for an office and issued Check 101 for $14,250 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 $36,000; received $34,920 because the bank deducted the interest in advance. 1 signed an agreement with Carter Corp. to provide financial services for one year at $6,700 per month; received the entire fee of $80, 400 in advance. The $80, 400 was credited to Unearned Financial Service Fees. 1 Purchased office equipment for $23,000 from office Outfitters; issued a two-month, 12 percent note in payment. The equipment is estimated to have a useful life of five years and a $1,400 salvage value. The equipment will be depreciated using the straight-line method. 1 Purchased one-year insurance policy and issued Check 102 for $1,704 to pay the entire premium. 3 Purchased office furniture for $15,360 from Furniture Warehouse; issued Check 103 for $8,460 and agreed to pay the balance in 60 days. The equipment has an estimated useful life of four years and a $1,200 salvage value. The office furniture will be depreciated using the straight-line method. 5 Purchased office supplies for $1,950 with Check 104. Assume $870 of supplies are on hand July 31, 20x1. References Required: 1. Record the transactions in the general journal. Assume that the firm initially records prepaid expenses as assets and unearned income as a liability for the year 20X1. 2. Record the adjusting journal entries that must be made on July 31, 20X1. Analyze: What balance should be reflected in Unearned Financial Service Fees at July 31, 20X1? Complete this question by entering your answers in the tabs below. Mc Graw Prev 1 of 2 Next > Chapter 12 Homework Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not ir 1 No Date General Journal Debit Credit 1 Jul. 31, 20X1 2,375 Rent expense Prepaid rent 2,375 5 points 2 Jul. 31, 20X1 Interest expense 270 Prepaid interest 270 3 Jul. 31, 20X1 Interest income 6,700 Cash 6,700 4 Jul. 31, 20X1 Interest expense 552 Notes payable 300 5 Jul. 31, 20X1 115 Depreciation expense-Office furniture Accumulated depreciationOffice equipment 115 Jul. 31, 20X1 Insurance expense Prepaid insurance Mc Graw Hill Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 1 nequicu. 1. Record the transactions in the general journal. Assume that the firm initially records prepaid expenses as assets and unearned income as a liability for the year 20X1. 2. Record the adjusting journal entries that must be made on July 31, 20X1. 5 points Analyze: What balance should be reflected in Unearned Financial Service Fees at July 31, 20X1? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Analyze What balance should be reflected in Unearned Financial Service Fees at July 31, 20X1? Unearned financial service fees, July 31, 20x1