Problem 1 2 1 A ( Algo ) Recording adjustments for accrued and prepaid items and unearned income LO 1 2 2 , 1 2 3 a b Merchandise Inventory, before adjustment, has a balance of $ 8 , 5 0 0 The newly counted inventory balance is $ 9 , 0 0 0 c Unearned SeminarFees has a balance of $ 7 , 0 0 0 , representing prepayment by customers for five seminars to be conducted in June, July, and August 2 0 X 1 Two seminars had been conducted by June 3 0 , 2 0 X 1 d Prepaid Insurance has a balance of $ 1 8 , 0 0 0 for six months' insurance paid in advance on May 1 , 2 0 X 1 e Store equipment costing $ 8 , 7 6 0 was purchased on March 3 1 , 2 0 1 It has a salvage value of $ 6 0 0 and a useful life of four years f Employees have earned $ 3 5 0 that has not been paid at June 3 0 , 2 0 X 1 g The employer owes the following taxes on wages not paid at June 3 0 , 2 0 X 1 SUTA, $ 1 0 5 0 FUTA, $ 2 1 0 Medicare, $ 5 0 8 and social security, $ 2 1 7 0 h Management estimates uncollectible accounts expense at 1 percent of sales This year's sales were $ 3 , 0 0 0 , 0 0 0 i Prepaid Rent has a balance of $ 8 , 1 0 0 for six months' rent paid in advance on March 1 , 2 0 X 1 j The Supplies account in the general ledger has a balance of $ 5 0 0 A count of supplies on hand at June 3 0 , 2 0 X 1 , indicated $ 2 0 0 of supplies remain k The company borrowed $ 1 0 , 1 0 0 from Second Bancorp on June 1 , 2 0 X 1 , and issued a four month note The note bears interest at 1 2 percent Required Based on the information above, record the adjusting journal entries that must be made for Ambriz Distributors on June 3 0 , 2 0 X 1 The company has a June 3 0 fiscal year end Analyze After all adjusting entries have been journalized and posted, what is the balance of the Prepaid Rent account Complete this question by entering your answers in the tabs below Based on the information above, record the adjusting journal entries that must be made for Ambriz Distributors on June 3 0 , 2 0 X 1 The company has a June 3 0 fiscal year end Note Round your final answers to 2 decimal places

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Problem 1 2   1 A ( Algo ) Recording adjustments for accrued and prepaid items and unearned income  LO 1 2   2 , 1 2   3 a     b   Merchandise Inventory, before adjustment, has a balance of $ 8 , 5 0 0   The newly counted inventory balance is $ 9 , 0 0 0   c   Unearned SeminarFees has a balance of $ 7 , 0 0 0 , representing prepayment by customers for five seminars to be conducted in June, July, and August 2 0 X 1   Two seminars had been conducted by June 3 0 , 2 0 X 1   d   Prepaid Insurance has a balance of $ 1 8 , 0 0 0 for six months' insurance paid in advance on May 1 , 2 0 X 1   e   Store equipment costing $ 8 , 7 6 0 was purchased on March 3 1 , 2 0 1   It has a salvage value of $ 6 0 0 and a useful life of four years  f   Employees have earned $ 3 5 0 that has not been paid at June 3 0 , 2 0 X 1   g   The employer owes the following taxes on wages not paid at June 3 0 , 2 0 X 1   SUTA, $ 1 0   5 0   FUTA, $ 2   1 0   Medicare, $ 5   0 8   and social security, $ 2 1   7 0   h   Management estimates uncollectible accounts expense at 1 percent of sales  This year's sales were $ 3 , 0 0 0 , 0 0 0   i   Prepaid Rent has a balance of $ 8 , 1 0 0 for six months' rent paid in advance on March 1 , 2 0 X 1   j   The Supplies account in the general ledger has a balance of $ 5 0 0   A count of supplies on hand at June 3 0 , 2 0 X 1 , indicated $ 2 0 0 of supplies remain  k   The company borrowed $ 1 0 , 1 0 0 from Second Bancorp on June 1 , 2 0 X 1 , and issued a four   month note  The note bears interest at 1 2 percent  Required  Based on the information above, record the adjusting journal entries that must be made for Ambriz Distributors on June 3 0 , 2 0 X 1   The company has a June 3 0 fiscal year   end  Analyze  After all adjusting entries have been journalized and posted, what is the balance of the Prepaid Rent account  Complete this question by entering your answers in the tabs below  Based on the information above, record the adjusting journal entries that must be made for Ambriz Distributors on June 3 0 , 2 0 X 1   The company has a June 3 0 fiscal year   end  Note  Round your final answers to 2 decimal places

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Question: Problem 1 2 . 1 A ( Algo ) Recording adjustments for accrued and prepaid items and unearned income. LO 1 2 - 2 ,

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