1. On June 1, 2019, Cain Company, a new firm, paid $4,920 rent in advance for a six-month period. The $4,920 was debited to the Prepaid Rent account. 2. On June 1, 2019, the firm bought supplies for $7,050. The $7,050 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $2,850 were on hand. 3. On June 1, 2019, the firm bought equipment costing $50,400. The equipment has an expected useful life of 10 years and no salvage value. The firm will use the straight-line method of depreciation. Prepare end-of-June adjusting entries for Cain Company. View transaction list View journal entry worksheet No 1 Transaction General Journal Debit Credit Rent expense 820 2 2 Prepaid rent No Transaction Recorded 820