Reference no: EM132490311
Question -
1. On June 1, 2019, Cain Company, a new firm, paid $5,100 rent in advance for a six-month period. The $5,100 was debited to the Prepaid Rent account.
2. On June 1, 2019, the firm bought supplies for $7,200. The $7,200 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $2,925 were on hand.
3. On June 1, 2019, the firm bought equipment costing $54,000. The equipment has an expected useful life of 10 years and no salvage value. The firm will use the straight-line method of depreciation.
Required -
1. Prepare the adjusting entry for prepaid rent.
2. Prepare the adjusting entry for supplies.
3. Prepare the adjusting entry for depreciation.
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