On July 1, 20X1, Tim Stein established his own Financial Services. Selected transactions for the first few days of July follow. DATE TRANSACTIONS the bank deducted the interest in advance. the entire fee of $63,600 in advance. The $63,600 was credited to Unearned Financial Service Fees. equipment is estimated to have a useful life of six years and a $1,920 salvage value. The equipment will be depreciated using the straight-line method. July 1, 20X1 Purchased a one-year insurance policy and issued Check 102 for $1,692 to pay the entire premium. furniture will be depreciated using the straight-line method. 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 201. 2. Record the adjusting journal entries that must be made on July 31,201. 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. Record the adjusting journal entries that must be made on July 31,201. On July 1, 20X1, Tim Stein established his own Financial Services. Selected transactions for the first few days of July follow. DATE TRANSACTIONS the bank deducted the interest in advance. the entire fee of $63,600 in advance. The $63,600 was credited to Unearned Financial Service Fees. equipment is estimated to have a useful life of six years and a $1,920 salvage value. The equipment will be depreciated using the straight-line method. July 1, 20X1 Purchased a one-year insurance policy and issued Check 102 for $1,692 to pay the entire premium. furniture will be depreciated using the straight-line method. 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 201. 2. Record the adjusting journal entries that must be made on July 31,201. 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. Record the adjusting journal entries that must be made on July 31,201. On July 1, 20X1, Tim Stein established his own Financial Services. Selected transactions for the first few days of July follow. DATE TRANSACTIONS the bank deducted the interest in advance. the entire fee of $63,600 in advance. The $63,600 was credited to Unearned Financial Service Fees. equipment is estimated to have a useful life of six years and a $1,920 salvage value. The equipment will be depreciated using the straight-line method. July 1, 20X1 Purchased a one-year insurance policy and issued Check 102 for $1,692 to pay the entire premium. furniture will be depreciated using the straight-line method. 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 201. 2. Record the adjusting journal entries that must be made on July 31, 201. 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. What balance should be reflected in Unearned Financial Service Fees at July 31,201