a. b. Merchandise Inventory, before adjustment, has a balance of $8,000. The newly counted inventory balance is $8.500. c. Unearned Seminar Fees has a balance of $6,500, 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 $15,000 for six months' Insurance paid in advance on May 1, 20X1. e. Store equipment costing $9.190 was purchased on March 31, 20X1. It has a salvage value of $550 and a useful life of six years. 1. Employees have eamed $300 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. $9.00, FUTA, 5180Medicare, $4.35; and social security, $18.60 h. Management estimates uncollectible accounts expense at 1 percent of sales. This year's sales were $2.500.000 I. Prepaid Rent has a balance of $7,350 for six months' rent paid in advance on March 1, 20X1. J. The Supplies account in the general ledger has a balance of $450. A count of supplies on hand at June 30, 20X1. indicated $175 of supplies remain k. The company borrowed $7,600 from Second Bancorp on June 1, 20X1, and issued a four month note. The note bears interest at 6 percent Required: Based on the information above record the adjusting journal entries that must be made for Sufen Consulting on June 30, 20X1. The company has a June 30 fiscal year-end Analyze After all adjusting entries have been journalized and posted, what is the balance of the Prepaid Rent account? Answer is not complete. Complete this question by entering your answers in the tabs below. Record an adjusting entry for beginning inventory. Record an adjusting entry for ending inventory. 2,600.00 3 Record an adjusting entry for seminar fees earned. es 5,000.00 4 Record an adjusting entry for insurance expired. Record an adjusting entry for depreciation. 360.00 6 Record an adjusting entry for wages owed. Record an adjusting entry for payroll taxes owed. 300.00 Record an adjusting entry for uncollectible accounts. = journal entry has been entered Note : Record an adjusting entry for depreciation. 2. Record an adjusting entry for wages owed. es 5 Record an adjusting entry for payroll taxes owed. 8 Record an adjusting entry for uncollectible accounts. Record an adjusting entry for rent. 10 Record an adjusting entry for supplies used. 11 Record an adjusting entry for interest. Note: = journal entry has been entered JUAL company has a June 30 fiscal year-end. (Round your final answers to 2 decimal places) No Transaction General Journal Credit 1 Merchandise inventory Cash Debit 500.000 8 500.00 2 b Merchandise inventory 2,600.00 2600,00 3 Insurance expense Prepaid insurance 5,000.00 . 5,000.00 4 d Depreciation expense Store equipment Accumulated depreciation Store equipment 360.00 * * 360,00 5 e Wages expense Winges payable 300.00 300.00 6 1. State unemployment taxes payable Social Security taxes payable 1 102.95 1.102.95 7 0 O Interest expense Uncollectible accounts expense 25,000.00 O 25.000.00 1,102.95 6 Stare unemployment taxes payable Social security taxes payable 1 102.95 25.000.00 7 Interest expense Uncollectible accounts expense 25,000.00 2.450.00 B h Rent expense Prepaid rent 2,450.00 275.00 X 9 Supplies expense Supplies 275.00 38.00 11 k Interest expense Interest payable 38.00 Analyze >
