On June $1,2024,$ Conner Company, a new firm, paid $$16,800$ rent in advance for a seven$-$month period. The $$16,800$ was debited to the Prepaid Rent account.

On June $1,2024,$ the firm bought supplies for $$12,580.$ The $$12,580$ was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $$9,275$ were on hand.

On June $1,2024,$ the firm bought equipment costing $$108,000.$ The equipment has an expected useful life of $9$ years and no salvage value. The firm will use the straight$-$line method of depreciation.

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Requirement

General

Journal

General

Trial Balance

Income

Statement

Balance Sheet $\{\begin{array}{ccc}\text{:}[& \text{I}\text{m}\text{p}\text{a}\text{c}\text{t}on& ]\\ & \text{I}\text{n}\text{c}\text{o}\text{m}\text{e}& \end{array}$

$(43\%$ of available points$)$ The adjusting entry process is critical to the accuracy of financial statements. We know that every adjusting entry affects one income statement account, one balance sheet account, but never cash. For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. $($Hint: Select unadjusted on the dropdown.$)$

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$\backslash$table$[[,--$Account affecting the$--\_,\backslash$table$[[$Impact on net$],[$income$]]],[,$Income Statement,Balance Sheet$],[$Rent$,$Rent expense,Prepaid rent,$T$