LUMPIULUR. Return to question 1. On June 1, 2019, Cain Company, a new firm, paid $5,670 rent in advance for a seven-month period. The $5,670 was debited to the Prepaid Rent account. 2. On June 1, 2019, the firm bought supplies for $7,000. The $7.000 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $2,825 were on hand. 3. On June 1, 2019, the firm bought equipment costing $44,280. 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. Answer is complete but not entirely correct. No General Journal Debit Credit Transaction 1 1 5,670 & Cash Prepaid rent 5,670 X 2 2 2,925 Supplies Supplies expense 2,825 3 3 4,920 Accumulated depreciation equipment Depreciation expense-equipment 4,920 1. A firm purchased a four-year insurance policy for $12,960 on July 1, 2019. The $12,960 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 three-year period. The firm paid $45,720 in advance and debited the amount to Prepaid Advertising Prepare end-of-month adjusting entries for each of the above situations. View transaction list Journal entry worksheet Prepare the adjusting entry for insurance. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal