On July 1, 2019, Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow. office personth: recers to provide accted the interest Percent no DATE TRANSACTIONS July 1 Signed a lease for an office and issued Check 101 for $11,85e 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,eee; 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, 48 from Office Outfitters; issued a two- month, 9 percent note in payment. The equipment is estinated to have a useful life of four years and a $2,160 salvage value. The equipment will be depreciated using the straight-line method. Purchased a one-year Insurance policy and issued Check 182 for $1,716 to pay the entire premium Purchased office furniture for $16,689 from Furniture Warehouse; Issued Check 103 for $13.482 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 184. Assure $880 of Supplies are on hand July 31, 2019. Required: 1. Record the transactions in the general journal. Assume that the firm Initially records prepald 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. Required 1 Required 2 Analyze 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. View transaction ist Journal entry worksheet 2 3 4 5 Record the payment of rent. Note Entert betrecrets Date General Journa Debit Credit Jul 01, 2019 Complete this question by entering your answers below Required: Required Analye Record the acusting your enties that it be made on July 31, 2019 View transaction Journal entry worksheet