Check my work 1 Problem 12.1A (Static) Recording adjustments for accrued and prepaid Items and unearned Income. LO 12-2, 12-3 ook ces ab. Merchandise Inventory, before adjustment, has a balance of 57.800. The wwly counted inventory bintance is $8.200 c. Unearned Seminar Pees has a balance of $6,300, representing prepayment by customers for five seminars to be conducted in June July, and August 2pX1. Two seminars had been conducted by June 30, 20X1 d. Prepaid insurance has a balance of $13,800 for six months insurance pold in dvance on May 1 20x1 e. Store equipment costing $6,530 was purchased on March 31 , 20X1 . It has a salvage value of $530 and a useful life of five years t. Employees have earned $280 that has not been paid at June 30, 20X1 9. The employer owes the following taxes on wages not paid at June 30, 20X1 SUTA, $8.40, FUTA, 51.68, Medicare, $4.06, and social security, $17.36 h. Management estimates uncollectible accounts expense at 1 percent of sales. This year's sales were $2,300,000 1. Prepaid Rent has a balance of $7050 for six months' rent paid in advance on March 1, 20X1 )The Supplies account in the general ledger has a balance of 5430. A count of supplies on hand at June 30, 20X1, indicated 5165 of supplies remain k. The company borrowed $4,800 from Second Bancorp on June 1, 20x1, and issued a four-month note. The note beats interest at 9 percent Required: Based on the information above, record the adjusting journal entries that must be made for Kisling Distributors on June 30, 20X1. The company has a June 30 fiscal year-end. ki Saved View transaction list Journal entry worksheet ..... Record an adjusting enti for beginning inventory. Note: Enter debits before credits. Transaction Debit Credit General Journal Merchandise inventory a Prey 1 of 2 HI Next >