On July 1, 20X1, Tim Stein established his own Financial Services. Selected transactions for the first few days of July follow. DATE TRANSACTIONS 20x1 July 1 Signed a lease for an office and issued Check 101 for $12,750 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 $44,000; received $42,680 because the bank deducted the interest in advance. 1 Signed an agreement with Carter Corp. to provide financial services for one year at $5,700 per month; received the entire fee of $68,400 in advance. The $68,400 was credited to Unearned Financial Service Fees. 1 Purchased office equipment for $14,000 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 $1,520 salvage value. The equipment will be depreciated using the straight-line method. 1 Purchased a one-year insurance policy and issued Check 102 for $1,644 to pay the entire premium. 3. Purchased office furniture for $18,840 from Furniture Warehouse; issued Check 103 for $15,440 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 $1,850 with Check 104. Assume $820 of supplies are on hand July 31, 20x1. 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 20X1. 2. Record the adjusting journal entries that must be made on July 31, 20X1. Analyze: What balance should be reflected in Unearned Financial Service Fees at July 31, 20X1? Complete this question by entering your answers in the tabs below. Required 1 Required 21 Analyze 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 20X1. 2. Record the adjusting journal entries that must be made on July 31, 20X1. Analyze: What balance should be reflected in Unearned Financial Service Fees at July 31, 20X1? 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 20X1. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the payment of rent. Note: Enter debits before credits Date General Journal Debit Credit Required 1 Required 2 Analyze Record the transactions in the general journal. Assume that the firm initially records prepaid ex a liability for the year 20X1. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 > Record the borrowing. Note: Enter debits before credits. Date Jul. 01, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Analyze Record the transactions in the general journal. Assume that the firm initially records prepaid expenses a a liability for the year 20X1. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the fees received in advance. Note: Enter debits before credits. Date Jul. 01, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Analyze Record the transactions in the general journal. Assume that the firm initially records prepaid expenses a liability for the year 20X1. View transaction list Journal entry worksheet < 2 3 4 5 6 7 Record the purchase of equipment. Note: Enter debits before credits. Date Jul. 01, 20X1 General Journal Debit Credit Record entry Clear entry View general journal 7* Required 1 Required 2 Analyze Record the transactions in the general journal. Assume that the firm initially records prepaid expenses a a liability for the year 20X1. View transaction list Journal entry worksheet < 1 2 3 4 5 Record the payment for insurance. Note: Enter debits before credits. Date Jul. 01, 20X1 6 7 General Journal Debit Credit Record entry Clear entry View general journal > 36 Required 1 Required 2 Analyze Record the transactions in the general journal. Assume that the firm initially records prepaid expen a liability for the year 20X1. View transaction list Journal entry worksheet < 1 2 3 4 5 7 Record the purchase of furniture. Note: Enter debits before credits. Date Jul. 03, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Analyze Record the transactions in the general journal. Assume that the firm initially records prepaid expens a liability for the year 20X1. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the purchase of supplies. Note: Enter debits before credits. Date Jul. 05, 20X1 General Journal Debit Credit Record entry Clear entry View general journal < Prev 1 of 36 Next > Required 1 Required 2 Analyze Record the adjusting journal entries that must be made on July 31, 20X1. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 Record an adjusting entry for rent. Note: Enter debits before credits. Date Jul. 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Analyze Record the adjusting journal entries that must be made on July 31, 20X1. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Record an adjusting entry for interest paid in advance. Note: Enter debits before credits. Date Jul. 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Analyze Record the adjusting journal entries that must be made on July 31, 20X1. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record an adjusting entry for accounting fees earned. Note: Enter debits before credits. Date Jul. 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Analyze Record the adjusting journal entries that must be made on July 31, 20X1. View transaction list Journal entry worksheet DO < 1 2 3 4 5 6 7 8 Record an adjusting entry for interest on the note payable. Note: Enter debits before credits. Date Jul. 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Analyze Record the adjusting journal entries that must be made on July 31, 20X1. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Record an adjusting entry for depreciation on the equipment. Note: Enter debits before credits. Date Jul. 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Analyze Record the adjusting journal entries that must be made on July 31, 20X1. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record an adjusting entry for insurance expired. Note: Enter debits before credits. Date Jul. 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Analyze Record the adjusting journal entries that must be made on July 31, 20X1. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 > Record an adjusting entry for depreciation on the furniture. Note: Enter debits before credits. Date Jul. 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Analyze Record the adjusting journal entries that must be made on July 31, 20X1. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record an adjusting entry for supplies. Note: Enter debits before credits. Date Jul. 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal 1 Purchased a one-year insurance policy and issued Check 102 for $1,644 3 Purchased office furniture for $18,840 from Furniture Warehouse; issu the balance in 60 days. The equipment has an estimated useful life of office furniture will be depreciated using the straight-line method. 5 Purchased office supplies for $1,850 with Check 104. Assume $820 of s Required: 1. Record the transactions in the general journal. Assume that the firm initially records income as a liability for the year 20X1. 2. Record the adjusting journal entries that must be made on July 31, 20X1. Analyze: What balance should be reflected in Unearned Financial Service Fees at July 31, 20X1? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Analyze What balance should be reflected in Unearned Financial Service Fees at July 31, 20X1? Unearned financial service fees, July 31, 20X1 < Required 2 Analyze >