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 101 for $11,850 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 $52,000; received $50,440 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 $5,100 per month; received the entire fee of $61,200 in advance. 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 1 Purchased a one-year insurance policy and issued Check 102 for $1,716 to pay the entire premium 3 Purchased office furniture for $16,680 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 $1,200 salvage value. The office furniture will be depreciated using the straight-line method. 5 Purchased office supplies for $1,970 with Check 104. Assume $880 of supplies are on hand July 31, 2019 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 2019 2. Record the adjusting journal entries that must be made on July 31, 2019 Analyze: What balance should be reflected in Unearned Accounting Fees at July 31, 2019? Complete this question by entering your answers in the tabs below