Exercise 1. On June 1, 2019, 2. On June 1, 2019, the firm bought supplies for $7,850. The $7,850 was debited to the Supplies account. An inventory of suppi 3. On June 1, 2019, the firm bought equipment costing $55,680. The equipment has an expected useful life of 8 years and no sa Cn ew fim, paid $4,900 rent in edvance for a five-month period. The $4,900 was debited to Prepaid Rent account the end of June showed that items costing $3,250 were on hand. value. The firm will use the straight-line method of depreciation. Prepare end-of-June adjusting entries for Cain Company. View transaction list Journal entry worksheet Prepare the adjusting entry for prepaid rent. Note: Enter debits before credits. Debit View general journal Clear entry Record entry Prev 10( 10 Next > rcise 1. A firm purchased a four-year insurance policy for $10,080 on July 1, 2019. The $10,080 was debited to the Prepaid Insurance occount 2. On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a three-year period. The firm paid $43,560 in advance and debited the amount to Prepaid Advertising Prepare end-of month adjusting entries for each of the above situations Journal entry worksheet Prepare the adjusting entry for insurance. Note: Enter debits before credits General Journal Clear entry View general journal Record entry BEE Next Prev 2 of 10