Determine the necessary end-of-June adjustments for Cain Company. 

1. On June 1, 2019, Cain Company, a new firm, paid $8,400 rent in advance for a seven-month period. The $8,400 was debited to the Prepaid Rent account. 

2. On June 1, 2019, the firm bought supplies for $10,250. The $10,250 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $5,960 were on hand. 

3. On June 1, 2019, the firm bought equipment costing $72,900. The equipment has an expected useful life of 9 years and no salvage value. The firm will use the straight-line method of depreciation.

Answer rating: 100% (QA)

june 1prepaid rent 8400 cash8400 june 1 supply 10250 cash10250 June when acquired ... View the full answer