Question: Record the borrowing in a general journal format.

July 1, 2021- Signed a lease for an office and issued Check 101 for $15,600 to pay the rent in advance for six months. July 1, 2021- Borrowed money from Bancorp West by issuing a four-month, 4.5 percent note for $40,000; received $39,400 because the bank deducted the interest in advance. July 1, 2021- Signed an agreement with Johnson Ventures to provide financial services for one year at $6,000 per month; received the entire fee of $72,000 in advance. The $72,000 was credited to Unearned Financial Service Fees. July 1, 2021- Purchased office equipment for $15,900 from Office Outfitters; issued a two-month, 6 percent note in payment. The equipment is estimated to have a useful life of five years and a $1,500 salvage value. The equipment will be depreciated using the straight-line method. July 1, 2021- Purchased a one-year insurance policy and issued Check 102 for $1,860 to pay the entire premium. July 3, 2021- Purchased office furniture for $16,176 from Furniture Warehouse; issued Check 103 for $8,176 and agreed to pay the balance in 60 days. The equipment has an estimated useful life of four years and a $1,200 salvage value. The office furniture will be depreciated using the straight-line method. July 5, 2021- Purchased office supplies for $1,050 with Check 104. Assume $420 of supplies are on hand July 31, 2021.