a.-b. Merchandise Inventory, before adjustment, has a balance of $6,900. The newly counted inventory balance is $7,400. c. Unearned Seminar Fees has a balance of $5,400, 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 $8,400 for six months' insurance paid in advance on May 1, 20X1. e. Store equipment costing $11,480 was purchased on March 31, 20X1. It has a salvage value of $440 and a useful life of four years. f. Employees have earned $190 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, $5.70; FUTA, $1.14; Medicare, $2.76; and social security, $11.78. h. Management estimates uncollectible accounts expense at 1 percent of sales. This year's sales were $1,400,000. i. Prepaid Rent has a balance of $5,700 for six months' rent paid in advance on March 1, 20X1. j. The Supplies account in the general ledger has a balance of $340. A count of supplies on hand at June 30, 20X1, indicated $120 of supplies remain. k. The company borrowed $12,500 from Second Bancorp on June 1, 20X1, and issued a four-month note. The note bears interest at 12 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? 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. (Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 ..... 11 > Record an adjusting entry for beginning inventory. Note: Enter debits before credits. General Journal Debit Credit Transaction a. Record entry Clear entry View general journal Journal entry worksheet Record an adjusting entry for seminar fees earned. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journal Journal entry worksheet Record an adjusting entry for insurance expired. Note: Enter debits before credits. General Journal Debit Credit Transaction d. Record entry Clear entry View general journal Journal entry worksheet Record an adjusting entry for wages owed. Note: Enter debits before credits. General Journal Debit Credit Transaction f. Record entry Clear entry View general journal Journal entry worksheet Record an adjusting entry for supplies used. Note: Enter debits before credits. General Journal Debit Credit Transaction j Record entry Clear entry View general journal Journal entry worksheet Record an adjusting entry for interest. Note: Enter debits before credits. General Journal Debit Credit Transaction k. Record entry Clear entry View general journal After all adjusting entries have been journalized and posted, what is the balance of the Prepaid Rent account? Prepaid rent, June 30, 20X1
