Question: Record an adjusting entry for beginning inventory in a general journal format for the following:

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 20X1. Two seminars had been conducted by June 30, 20X1. d. Prepaid Insurance has a balance of $13,200 for six months' insurance paid in advance 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. f. Employees have earned $280 that has not been paid at June 30, 20X1. g. The employer owes the following taxes on wages not paid at June 30, 20X1: SUTA, $8.40; FUTA, $1.68; Medicare, $4.06; and social security, $17.36. h. Management estimates uncollectible accounts expense at 1 percent of sales. This year's sales were $2,350,000. i. Prepaid Rent has a balance of $9,750 for six months' rent paid in advance on March 1, 20X1. j. The Supplies account in the general ledger has a balance of $550. A count of supplies on hand at June 30, 20X1, indicated $165 of supplies remain. k. The company borrowed $4,800 from Second Bancorp on June 1, 20X1, and issued a four-month note. The note bears interest at 6 percent.