a.-b. Merchandise Inventory, before adjustment, has a balance of $7,800. The newly counted inventory balance is $8,300.

Unearned Seminar Fees has a balance of $6,300, representing prepayment by customers for five seminars to be conducted in June, July, and August 2019. Two seminars had been conducted by June 30, 2019.

Prepaid Insurance has a balance of $13,800 for six months insurance paid in advance on May 1, 2019.

Store equipment costing $6,530 was purchased on March 31, 2019. It has a salvage value of $530 and a useful life of five years.

Employees have earned $280 that has not been paid at June 30, 2019.

The employer owes the following taxes on wages not paid at June 30, 2019: SUTA, $8.40; FUTA, $1.68; Medicare, $4.06; and social security, $17.36.

Management estimates uncollectible accounts expense at 1 percent of sales. This years sales were $2,300,000.

Prepaid Rent has a balance of $7,050 for six months rent paid in advance on March 1, 2019.

The Supplies account in the general ledger has a balance of $430. A count of supplies on hand at June 30, 2019, indicated $165 of supplies remain.

The company borrowed $4,800 from First Bank on June 1, 2019, and issued a four-month note. The note bears interest at 9 percent.

Required: Based on the information above, record the adjusting journal entries that must be made for Sufen Consulting on June 30, 2019. 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?