Exercise 5.1 (Algo) Calculating adjustments. LO 5-2 1. On June 1, 20X1, Conner Company, a new firm, paid $4,150 rent in advance for a five-month period. The $4,150 was debited to the Prepaid Rent account. 2. On June 1,201, the firm bought supplies for $7,100. The $7,100 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $2,875 were on hand. 3. On June 1, 20X1, the firm bought equipment costing $41,280. 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. Prepare end-of-June adjusting entries for Conner Company. Journal entry worksheet Prepare the adjusting entry for prepaid rent. Note: Enter debits before credits. Prepare end-of-June adjusting entries for Conner Company. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Prepare the adjusting entry for depreciation. Note: Enter debits before credits