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1. On June 1, 2019, Cain 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. 2. On June 1, 2019, the firm bought supplies for $7,150. The $7,150 was debited to the Supplies account. An inventory of supplies at 5 the end of June showed that items costing $2,900 were on hand. points 3. On June 1, 2019, 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. eBook Prepare end-of-June adjusting entries for Cain Company. View transaction list Hint Journal entry worksheet Ask 1 2 3 > Print Prepare the adjusting entry for prepaid rent. n References Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal2 1. A firm purchased a three-year insurance policy for $10,440 on July 1, 2019. The $10,440 was debited to the Prepaid Insurance account. 2. On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a two-year period. The 5 firm paid $30,960 in advance and debited the amount to Prepaid Advertising. points Prepare end-of-month adjusting entries for each of the above situations. eBook View transaction list Hint Journal entry worksheet 2 Ask Prepare the adjusting entry for insurance. Print n References Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal3 The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears below. CANTU CORPORATION Worksheet 25 Month Ended December 31, 2019 points Adjusted Trial Trial Balance Adjustments Balance Income Statement Balance Sheet Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 76,500 76,500 76,500 Accounts Receivable 11, 300 1, 300 11, 300 8 , 700 5,300 3, 400 3, 400 eBook Supplies Prepaid Advertising 10, 200 1, 700 8, 500 8 , 500 Equipment 102,500 102,500 102,500 Accumulated Depreciation- Equipment 2 , 050 2 , 050 2 , 050 Ask Accounts Payable 11 , 300 11, 300 11, 300 Selena Cantu, Capital 107, 300 107,300 107, 300 Selena Cantu, Drawing 6,500 6,500 6,500 Print Fees Income 114,300 114, 300 114, 300 Supplies Expense 5,300 5,300 5,300 Advertising Expense 1, 700 1, 700 1, 700 Depreciation Expense- Equipment 2, 050 2, 050 2 , 050 References Salaries Expense 16, 100 16, 100 16, 100 Utilities Expense 1, 100 1, 100 1, 100 Totals 232,900 232,900 9,050 9 , 050 234, 950 234,950 26,250 114, 300 208, 700 120, 650 Net Income 88 , 050 8 8 , 050 114, 300 114, 300 208, 700 208, 700 Required: 1. Prepare an income statement. 2. Prepare a statement of owner's equity. The owner made no additional investments during the month. 3. Prepare a balance sheet. Analyze: If the adjustment to Prepaid Advertising had been $3,400 instead of $1,700, what net income would have resulted? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze Graw 3 1. Prepare an income statement. 2. Prepare a statement of owner's equity. The owner made no additional investments during the month. 3. Prepare a balance sheet. 25 points Analyze: If the adjustment to Prepaid Advertising had been $3,400 instead of $1,700, what net income would have resulted? eBook Complete this question by entering your answers in the tabs below. Ask Required 1 Required 2 Required 3 Analyze Prepare an income statement. Print CANTU CORPORATION Income Statement References Month Ended December 31, 2019 Revenue Expenses Total expenses Graw 4 On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 15 101 Cash $ 94, 400 Dr. points 111 Accounts Receivable 35 , 600 Dr. 121 Supplies 8, 000 Dr. Prepaid Rent 81, 200 Dr. 141 Equipment 128, 000 Dr. 142 Accumulated Depreciation-Equip. 4,000 Cr. 202 Accounts Payable 17,000 Cr. Book 301 Emilio Gonzalez, Capital (12/1/2019) 131, 240 Cr. 302 Emilio Gonzalez, Drawing 16, 400 Dr. 401 Fees Income 327,200 Cr. 511 Advertising Expense 11, 600 Dr. Ask 514 Depreciation Expense-Equip. 2,000 Dr. Rent Expense 9, 200 Dr. 519 Salaries Expense 77,600 Dr. 523 Utilities Expense 15, 440 Dr. Print Required: References 1. Journalize the closing entries in the general journal. 2. Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances. Analyze: What is the balance of the Salaries Expense account after closing entries are posted? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Analyze Journalize the closing entries in the general journal. View transaction list Journal entry worksheet 2 3 V Dacard tha closing antes for pat graw