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On July 1,20X1, Tim Stein established his own Financial Services. Selected transactions for the first few days of July follow. DATE TRANSACTIONS 2ex1 July 1 Signed a lease for an office and issued Check 101 for $13,800 to pay the rent in advance for six nonths. 1 Borrowed money from Second National Bank by issuing a four-month, 9 percent note for $32,00a; received $31, e40 because the bank deducted the interest in advance. 1 signed an agreenent with Carter Corp. to provide financial services for one year at $6,400 per month; received the entire fee of $76,800 in advance. The $76,800 was credited to Unearned Financiat Service Fees. 1 Purchased office equipment for $19,30 from office outfitters; issued a two-month, 12 percent note in payent. The equipment is estimated to have a useful life of five years and a $1,300 satvage value. The equipment wit be depreciated using the straight-line nethod. 1 Purchased a one-year insurance policy and issued Check 102 for $1,668 to pay the entire prentum. 3 Purchased office furniture for $24,640 from Furniture warehouse; issued Check 163 for $8,440 and agreed to pay the balance in 60 days. The equipment has an estimated useful life of four years and a $1,200 satvage vatue. The office furniture will be depreciated using the straight-line nethod. 5 Purchased office supplies for $1,890 with Check 104. Assune $840 of supplies are on hand Juty 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 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 31,201? Complete this question by entering your answers in the tabs below. Hecord 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. Record the transactions in the general journal. Assume that the firm initially records prepaid expenses as assets and uneamed income as a liablity for the year 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. Record the adjusting journal entries that must be made on July 31, 201. 1 Purchased a one-year insurance policy and issued Check 102 for $1,668 to pay the entire premium. 3 Purchased office furniture for $14,640 fron Furniture Warehouse; issued Check 103 for $8,440 and agreed the balance in 68 days. The equipment has an estinated useful life of four years and a $1,200 salvage val The office furniture will be depreciated using the straight-line method. 5 Purchased office supplies for $1,890 with Check 104. Assume $840 of supplies are on hand July 31, 201. Required: 1. Record the transactions in the general journal. Assume that the firm initially records prepaid expenses as assets and unearneincome as a liability for the year 201. 2. Record the adjusting journal eutries 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, 20X1
