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 $12,900 to pay the rent in advance for six months 1 Borrowed money from Second National Bank by issuing a four-month, 12 percent note for $37,600; received $36,096 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 $5,800 per month; received the entire fee of $69,600 in advance. 1 Purchased office equipment for $15,600 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 $1,200 salvage value. The equipment will be depreciated using the straight-line method. 1 Purchased a one-year insurance policy and issued Check 102 for $1,632 to pay the entire premium 3 Purchased office furniture for $13,000 from Furniture Warehouse; issued Check 103 for $5,720 and agreed to pay the balance in 60 days. The equipment has an estimated useful life of four years and a $1,000 salvage value. The office furniture will be depreciated using the straight-line method 5 Purchased office supplies for $1,830 with Check 104. Assume $810 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