On July 1, 2019, Tim Stein established his own accounting practice Selected transactions for the first few days of July follow CAN YOU PLEASE REVIEW THE SCREEN SHOTS TO SEE IF i ENTERED ANY INCORRECTLY DATE TRANSACTIONS July 1 Signed a lease for an office and issued Check 101 for $14,550 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 $35,200 received $33,792 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 $6,900 per month received the entire fee of $82,800 in advance 1 Purchased office equipment for $19,200 from Office Outfitters issued a two month, 6 percent note in payment The equipment is estimated to have a useful life of six years and a $3,360 salvage value The equipment will be depreciated using the straight line method 1 Purchased a one year insurance policy and issued Check 102 for $1,728 to pay the entire premium 3 Purchased office furniture for $19,300 from Furniture Warehouse issued Check 103 for $12,400 and agreed to pay the balance in 60 days The equipment has an estimated useful life of five years and a $1,000 salvage value The office furniture will be depreciated using the straight line method 5 Purchased office supplies for $1,990 with Check 104 Assume $890 of supplies are on hand July 31, 2019 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 2019 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 Required 1 Required 2 Analyze Record the transactions in the general journal Assume that the firm initially records prepaid expenses as asse unearned income as a liability for the year 2019 View transaction listView journal entry worksheet Date General Journal Debit Credit Jul 01, 2019 Prepaid rent 14,550 Cash 14,550 2 Jul 01, 2019 Cash 33,792 Prepaid interest Notes payable 1,408 35,200 3Jul 01, 2019 Cash 82,800 Unearned accounting fees 82,800 4Jul 01, 2019 Office equipment Notes payable 19,200 19,200 5Jul 01, 2019 Prepaid insurance 1,728 Cash 1,728 6Jul 03, 2019 Office furniture 19,300 12,400 6,900 Cash Accounts payable 7Jul 05, 2019 Supplies Cash 1,990 1,990

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On July 1, 2019, Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow. CAN YOU PLEASE REVIEW

On July 1, 2019, Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow. CAN YOU PLEASE REVIEW THE SCREEN SHOTS TO SEE IF i ENTERED ANY INCORRECTLY

DATE		TRANSACTIONS
July	1	Signed a lease for an office and issued Check 101 for $14,550 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 $35,200; received $33,792 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 $6,900 per month; received the entire fee of $82,800 in advance.
	1	Purchased office equipment for $19,200 from Office Outfitters; issued a two-month, 6 percent note in payment. The equipment is estimated to have a useful life of six years and a $3,360 salvage value. The equipment will be depreciated using the straight-line method.
	1	Purchased a one-year insurance policy and issued Check 102 for $1,728 to pay the entire premium.
	3	Purchased office furniture for $19,300 from Furniture Warehouse; issued Check 103 for $12,400 and agreed to pay the balance in 60 days. The equipment has an estimated useful life of five years and a $1,000 salvage value. The office furniture will be depreciated using the straight-line method.
	5	Purchased office supplies for $1,990 with Check 104. Assume $890 of supplies are on hand July 31, 2019.

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 2019.

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?

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Required 1 Required 2 Analyze Record the transactions in the general journal. Assume that the firm initially records prepaid expenses as asse unearned income as a liability for the year 2019 View transaction listView journal entry worksheet Date General Journal Debit Credit Jul 01, 2019 Prepaid rent 14,550 Cash 14,550 2 Jul 01, 2019 Cash 33,792 Prepaid interest Notes payable 1,408 35,200 3Jul 01, 2019 Cash 82,800 Unearned accounting fees 82,800 4Jul 01, 2019 Office equipment Notes payable 19,200 19,200 5Jul 01, 2019 Prepaid insurance 1,728 Cash 1,728 6Jul 03, 2019 Office furniture 19,300 12,400 6,900 Cash Accounts payable 7Jul 05, 2019 Supplies Cash 1,990 1,990