On June 1, 20X1, Conner Company, a new firm, paid $4,450 rent in advance for a five-month period. The $4,450 was debited to the Prepaid Rent account. On June 1, 20X1, the firm bought supplies for $7,400. The $7,400 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $3,025 were on hand. On June 1, 20X1, the firm bought equipment costing $47,040. 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