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Prepare the adjusting entry for prepaid rent

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On June 1, 2019, Cain Company, a new firm, paid $5,760 rent in advance for a six-month period. The $5,760 was debited to the Prepaid Rent account.

  • On June 1, 2019, the firm bought supplies for $7,750. The $7,750 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $3,200 were on hand.
  • On June 1, 2019, the firm bought equipment costing $67,200. The equipment has an expected useful life of 10 years and no salvage value. The firm will use the straight-line method of depreciation.

Question 1: Prepare end-of-June adjusting entries for Cain Company.

Question 2: Prepare the adjusting entry for prepaid rent.

Question 3: Prepare the adjusting entry for supplies.

Question 4: Prepare the adjusting entry for depreciation.

Reference no: EM132466623

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