a.-b. Merchandise Inventory, before adjustment, has a balance of $8,300. The newly counted inventory balance is $8,800.

c. Unearned Seminar Fees has a balance of $6,800, 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.

d. Prepaid Insurance has a balance of $16,800 for six months' insurance paid in advance on May 1, 2019.

e. Store equipment costing $11,380 was purchased on March 31, 2019. It has a salvage value of $580 and a useful life of four years.

f. Employees have earned $330 that has not been paid at June 30, 2019.

g. The employer owes the following taxes on wages not paid at June 30, 2019: SUTA, $9.90; FUTA, $1.98; Medicare, $4.79; and social security, $20.46.

h. Management estimates uncollectible accounts expense at 1 percent of sales. This year's sales were $2,800,000.

I. Prepaid Rent has a balance of $7,800 for six months' rent paid in advance on March 1, 2019.

j. The Supplies account in the general ledger has a balance of $480. A count of supplies on hand at June 30, 2019, indicated $190 of supplies remain.

k. The company borrowed $8,200 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?