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  3. 1. on june 1, 20x1, conner company, a new firm, pa

1. On June 1, 20X1, Conner Company, a new firm, paid $16,800 rent in advance...

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Accounting

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1. On June 1, 20X1, Conner Company, a new firm, paid $16,800 rent in advance for a seven-month period. The $16,800 was debited to the Prepaid Rent account. 2. On June 1,20X1, the firm bought supplies for $12,580. The $12,580 was debited to the Supplies account. An inventory of suppiles at the end of June showed that items costing $9,275 were on hand. 3. On June 1, 20X1, the firm bought equipment costing $108,000. 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 Conner Company. Journal entry worksheet Prepare the adjusting entry for prepald rent. Note: Enter dobits before credits: Journal entry worksheet Prepare the adjusting entry for supplies. Note: Enter debits before credits. Journal entry worksheet Prepare the adjusting entry for depreciation. Note: Enter debits before credits

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