Problem $12\mathrm{.}1$A $($Static$)$ Recording adjustments for accrued and prepaid items and unearned income. LO $12-2,12-3$a$.$b$.$ Merchandise Inventory, before adjustment, has a balance of $$8,800.$ The newly counted inventory balance is $$9,300.$c$.$ Unearned Seminar Fees has a balance of $$5,500,$ representing prepayment by customers for five seminars to be conducted in June, July, and August $20$X$1.$ Two seminars had been conducted by June $30,20$X$1.$d$.$ Prepaid Insurance has a balance of $$13,200$ for six months insurance paid in advance on May $1,20$X$1.$e$.$ Store equipment costing $$6,530$ was purchased on March $31,20$X$1.$ It has a salvage value of $$530$ and a useful life of five years.f$.$ Employees have earned $$280$ that has not been paid at June $30,20$X$1.$g$.$ The employer owes the following taxes on wages not paid at June $30,20$X$1$: SUTA, $$8\mathrm{.}40$; FUTA, $$1\mathrm{.}68$; Medicare, $$4\mathrm{.}06$; and social security, $$17\mathrm{.}36.$h$.$ Management estimates uncollectible accounts expense at $1$ percent of sales. This years sales were $$2,350,000.$i$.$ Prepaid Rent has a balance of $$9,750$ for six months rent paid in advance on March $1,20$X$1.$j$.$ The Supplies account in the general ledger has a balance of $$550.$ A count of supplies on hand at June $30,20$X$1,$ indicated $$165$ of supplies remain.k$.$ The company borrowed $$4,800$ from Second Bancorp on June $1,20$X$1,$ 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 Ambriz Distributors on June $30,20$X$1.$ 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?