Prepaid Rent- Paying \\( \\$ 3,000 \\) for rent in advance gives us the right to use the property for three months on December 1 . Adjusting Entry- for Prepaid Rent account on Dec. 31 - Prepaid Supplies: On November 3, Smart Touch Learning purchased \\( \\$ 500 \\) of supplies on account. As of December 31, only \\( \\$ 100 \\) of supplies remains on hand. - Depreciation: On December 2, Smart Touch Learning received a contribution of furniture with a market value of \\( \\$ 18,000 \\) from a stockholder. Dec. 31: Calculate and record depreciation by straight line method. (Assume that the useful life is 5 vears and residual value at the end of 5 years is zero) \\( 18, \\infty \\)