Exercise 5.1 (Algo) Calculating adjustments. LO 5-2 1. On June 1, 20X1, Conner Company, a new firm, paid $4,750 rent in advance for a five-month period. The $4,750 was debited to the Prepaid Rent account. 2. On June 1, 20X1, the firm bought supplies for $7,700. The $7,700 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $3,175 were on hand. 3. On June 1, 20X1, the firm bought equipment costing $52,800. The equipment has an expected useful life of 8 years and no salvage value. The firm will use the straight-line method of depreciation. Prepare end-of-June adjusting entries for Conner Company. View transaction list Journal entry worksheet

Exercise 5.1 (Algo) Calculating adjustments. LO 5-2 1. On June 1, 20X1, Conner Company, a new firm, paid $4,750 rent in advance for a five-month period. The $4,750 was debited to the Prepoid Rent account 2. On June 1.20X1, the firm bought supplies for $7,700. The $7,700 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $3,175 were on hand. 3. On June 1,20X1, the firm bought equipment costing $52,800. The equipment has an expected usefur life of 8 years and no salvage value. The firm will use the straight-fine method of depreciation. Prepare end of June adjusting entries for Conner Company. Journal entry worksheet