3.Suppose the president of a company where you work as an accountant questions whether it is worthwhile for you to spend time making adjustments at the end of each accounting period. How would you explain the value of the adjustments? 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. Prepare end of June adjusting entries for Cain Company View transaction list v transaction