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Prepare end-of-June adjusting entries for Cain Company

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Question -

1. On June 1, 2019, Cain Company, a new firm, paid $5,940 rent in advance for a six-month period. The $5,940 was debited to the Prepaid Rent account.

2. On June 1, 2019, the firm bought supplies for $7,900. The $7,900 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $3,275 were on hand.

3. On June 1, 2019, the firm bought equipment costing $70,800. 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 - Prepare end-of-June adjusting entries for Cain Company.

Reference no: EM132440617

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