a.-b. Merchandise Inventory, before adjustment, has a balance of $6,500. The newly counted inventory balance is $7,000. Unearned Seminar Fees has a balance of $5,000, 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 $6,000 for six months insurance paid in advance on May 1, 2019. Store equipment costing $19,840 was purchased on March 31, 2019. It has a salvage value of $400 and a useful life of six years. Employees have earned $150 that has not been paid at June 30, 2019. The employer owes the following taxes on wages not paid at June 30, 2019: SUTA, $4.50; FUTA, $0.90; Medicare, $2.18; and social security, $9.30. Management estimates uncollectible accounts expense at 1 percent of sales. This years sales were $1,000,000. Prepaid Rent has a balance of $5,100 for six months rent paid in advance on March 1, 2019. The Supplies account in the general ledger has a balance of $300. A count of supplies on hand at June 30, 2019, indicated $100 of supplies remain. The company borrowed $10,600 from First Bank on June 1, 2019, 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, 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?