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Complete entries for prepaid rent and supplies

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Question -

1. On June 1, 2019, Cain Company, a new firm, paid $4,300 rent in advance for a five-month period. The $4,300 was debited to the Prepaid Rent account.

2. On June 1, 2019, the firm bought supplies for $7,250. The $7,250 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $2,950 were on hand.

3. On June 1, 2019, the firm bought equipment costing $44,160. The equipment has an expected useful life of 8 years and no salvage value. The firm will use the straight-line method of depreciation.

Required - Show me how to complete the end-of-June adjusting entries for Cain Company using the following columns: General Journal, Debit, and Credit.

Complete entries for prepaid rent, supplies, and depreciation all separately.

Reference no: EM132447783

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