The trial balance of Gleimer Corporation reported the following balances for selected accounts on July 31, 2017: Prepaid Insurance $24,000 Unearned Service Revenue $ 9,600 Equipment 120,000 Notes Payable 60,000 Accumulated Depreciation 18,000 Interest Payable 1,400 Instructions: Using the additional information given below, prepare the appropriate monthly adjusting entries at July 31. Show computations. Revenue for services rendered to customers, but not yet billed, totaled $16,000 on July 31.

The note payable is a 7%, 1 year note issued March 1, 2017.

The equipment was purchased on January 1, 2017, for $120,000. It has an estimated life of 5 years and an estimated salvage value of $24,000. Gleimer uses the straight-line depreciation method.

An insurance policy was acquired on June 30, 2017; the premium paid for 2 years was $11,520.

Gleimer received $9,600 fees in advance from a customer on January 1, 2017. Two-thirds of this amount was earned in July.