CAN YOU PLEASE REVIEW THIS AND SEE IF IT IS CORRECT

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?

Cash 6,500.00 Merchandise inventory 6,500.00 7,000.00 Merchandise inventory Cash 7,000.00 C. Unearned seminar fee 2,000.00 Seminar fees income 2,000.00 4 nsurance expense 2,000.00 Prepaid insurance 2,000.00 Depreciation expense-Store equipment 810.00 Accumulated depreciation-Store equipment 810.00 Wages expense 150.00 Wages payable 150.00 Federal unemployment taxes payable Medicare taxes payable State unemployment taxes payable Social security taxes payable 0.90 2.18 4.50 9.30 Payroll taxes expense 16.88 Uncollectible accounts expense 10,000.00 Allowance for doubtful accounts 100,000.00 3,400.00 Rent expense Prepaid rent 3,400.00 10 Supplies expense 200.00 Supplies 200.00 Interest expense 159.00