Based on the information below, record the adjusting journal entries that must be made for Kisling Distributors on June 30, 20X1. The company has a June 30 fiscal year-end. Use 18 as the page number for the general journal.
a.–b. Merchandise Inventory, before adjustment, has a balance of $7,800. The newly counted inventory balance is $8,300.

c. Unearned Seminar Fees has a balance of $6,300, representing prepayment by customers for five seminars to be conducted in June, July, and August 20X1. Two seminars had been conducted by June 30, 20X1.
d. Prepaid Insurance has a balance of $13,800 for six months’ insurance paid in advance on May 1, 20X1.
e. Store equipment costing $6,530 was purchased on March 31, 20X1. It has a salvage value of $530 and a useful life of five years.
f. Employees have earned $280 that has not been paid at June 30, 20X1.
g. The employer owes the following taxes on wages not paid at June 30, 20X1: SUTA, $8.40; FUTA, $1.68; Medicare, $4.06; and social security, $17.36.
h. Management estimates uncollectible accounts expense at 1 percent of sales. This year’s sales were $2,300,000.
i. Prepaid Rent has a balance of $7,050 for six months’ rent paid in advance on March 1, 20X1.
j. The Supplies account in the general ledger has a balance of $430. A count of supplies on hand at June 30, 20X1, indicated $165 of supplies remain.
k. The company borrowed $4,800 from Second Bancorp on June 1, 20X1, and issued a fourmonth note. The note bears interest at 9 percent.

Analyze: 

After all adjusting entries have been journalized and posted, what is the balance of the Prepaid Rent account?