On July 1, 2019, Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow. DATE TRANSACTIONS July1 Signed a lease for an office and issued Check 1e1 for $12,888 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 $42,48e; received $48,784 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 $5,280 per month; received the entire fee of $62,488 in advance 1 Purchased office equipment for $23,880 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 $1,48 salvage l The equipment will be depreciated using the straight-line method 1 Purchased a one-year insurance policy and issued Check 182 for $1,784 to pay the entire premium 3 Purchased office furniture for $11,56e from Furniture Warehouse issued Check 183 for $8,460 and agreed to pay the balance in 68 days. The equipment has an estimated useful life of four years and a $1,8 salvage value. The office furniture will be depreciated using the straight-line method 5 Purchased office supplies for $1,95e with Check 184. Assume $87e of supplies are on hand July 31, 2819 Requlred 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 0 Analyze: What balance should be reflected in Unearned Accounting Fees at July 31, 2019