Wk. 4 - Apply: Exercise i Saved 1. On June 1, 2019, Cain Company, a new firm, paid $4,600 rent in advance for a five-month period. The $4,600 was debited to the Prepaid Rent account. 2. On June 1, 2019, the firm bought supplies for $7,550. The $7,550 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $3,100 were on hand. 3. On June 1, 2019, the firm bought equipment costing $49,920. The equipment has an expected useful life of 8 years and no salvage value. The firm will use the straight-line method of depreciation. points Prepare end-of-June adjusting entries for Cain Company. View transaction list Journal entry worksheet