On July $1,20$X$1,$ Tim Stein established his own Financial Services. Selected transactions for the first few days of July follow.

DATE TRANSACTIONS

July $1,20$X$1$ Signed a lease for an office and issued Check $101$ for $$14,400$ to pay the rent in advance for six months.

July $1,20$X$1$ Borrowed money from Second National Bank by issuing a four$-$month, $6$ percent note for $$33,600$; received $$32,928$ because the bank deducted the interest in advance.

July $1,20$X$1$ Signed an agreement with Carter Corporation to provide financial services for one year at $$6,800$ per month; received the entire fee of $$81,600$ in advance. The $$81,600$ was credited to Unearned Financial Service Fees.

July $1,20$X$1$ Purchased office equipment for $$20,400$ from Office Outfitters; issued a two$-$month, $9$ percent note in payment. The equipment is estimated to have a useful life of four years and a $$2,160$ salvage value. The equipment will be depreciated using the straight$-$line method.

July $1,20$X$1$ Purchased a one$-$year insurance policy and issued Check $102$ for $$1,716$ to pay the entire premium.

July $3,20$X$1$ Purchased office furniture for $$23,200$ from Furniture Warehouse; issued Check $103$ for $$13,400$ and agreed to pay the balance in $60$ days. The equipment has an estimated useful life of six years and a $$1,600$ salvage value. The office furniture will be depreciated using the straight$-$line method.

July $5,20$X$1$ Purchased office supplies for $$1,970$ with Check $104.$ Assume $$880$ of supplies are on hand July $31,20$X$1.$

Required:

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 $20$X$1.$

Record the adjusting journal entries that must be made on July $31,20$X$1.$Required $1$

Required $2$

Record the adjusting journal entries that must be made on July $31,201.$

$\backslash$table$[[$No$,$Date,General Journal,Debit,Credit$],[1,$July $31,201,$Rent expense,$*,2,400,],[,,$Prepaid rent,$,,2,400],[2,$July $31,201,$No Transaction Recorded,,,$],[3,$July $31,201,$Unearned financial services fees,$2,,],[4,$July $31,201,$Interest expense,,,$],[,,$Interest payable,,,$],[5,$July $31,201,$Depreciation expense$-$Office equipment,,,$],[,,$Accumulated depreciation$-$Office equipment,$2,,],[7,$July $31,201,$Depreciation expense$-$Office furniture,,,$],[,,$Accumulated depreciation$-$Office furniture,$,,],[8,$July $31,201,$Supplies expense,$2,1,090,],[,,$Supplies,$8,,1,090$