s | Apply Connect Apply Exercise cise On July 1, 2019, Tim Stein established is own accounting practice. Selected transactions for the first few days of July follow DATE TRANSACTIONS Julyl signed a lease for an office and issued Check 101 for $11,700 to pay the rent in advance for six months. 1 Borrowed money from Second National Bank by issuing a four- 1 Signed an agreement with Carter Corp. to provide accounting 1 Purchased offico equipment for $19,200 rom office month, 6 percent note for $43,200; received $42,336 because the bank deducted the interest in advance. and tax services for one year at $5,000 per month: received the ontire fee of $60,000 in advance Outfitters: issued a two-month, 6 percen The equipment is estimated to have a useful life of six years and a $3,360 salvage value. The equipmant will be depreciated using the straight-line method. t note in payment. 1 Purchased a one-year insurance policy and issued Check 102 for $1,728 to pay the entire premiun 3 Purchased office furniture for $14,200 from Furniture Warehouse; ssued check 103 for $12,400 and agreed to pay the balance in 60 days. The equipment has an estimated useful 1life of five years and a $1,600 salvage value. The office furniture will be depreciated using the straight- 1ine method. S Purchased office supplies for $1,990 with check 104. As sume 5890 of supplies are on hand July 31, 2019. 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 2019 2 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? 1 of 2 ll: Next .>