The data below concerns adjustments to be made at Coffee Bean Importers. Adjustments

1. On November 1, 2019, the firm signed a lease for a warehouse and paid rent of $20,400 in advance for a six-month period.
2. On December 31, 2019, an inventory of supplies showed that items costing $1,930 were on hand. The balance of the Supplies account was $11,570.
3. A depreciation schedule for the firms equipment shows that a total of $9,100 should be charged off as depreciation in 2019.
4. On December 31, 2019, the firm owed salaries of $5,300 that will not be paid until January 2020.
5. On December 31, 2019, the firm owed the employers social security (6.2 percent) and Medicare (1.45 percent) taxes on all accrued salaries.
6. On October 1, 2019, the firm received a five-month, 8 percent note for $5,400 from a customer with an overdue balance.

Required:

1. Record the adjusting entries in the general journal as of December 31, 2019.
2. Record reversing entries in the general journal as of January 1, 2020.

Analyze: After the adjusting entries have been posted, what is the balance of the Prepaid Rent account on January 1, 2020?