xercise $5\mathrm{.}1($Algo$)$ Calculating adjustments. LO $5-2$

On June $1,20$X$1,$ Conner Company, a new firm, paid $$5,880$ rent in advance for a seven$-$month period. The $$5,880$ was debited to the Prepaid Rent account.

On June $1,20$X$1,$ the firm bought supplies for $$7,150.$ The $$7,150$ was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $$2,900$ were on hand.

On June $1,20$X$1,$ the firm bought equipment costing $$47,520.$ The equipment has an expected useful life of $9$ years and no salvage value. The firm will use the straight$-$line method of depreciation.

Prepare end$-$of$-$June adjusting entries for Conner Company.