On june 1, 2019, cain company, a new firm, paid $5,580 rent in advance for a six-month period. the $5,580 was debited to the prepaid rent account. on june 1, 2019, the firm bought supplies for $7,600. the $7,600 was debited to the supplies account. an inventory of supplies at the end of june showed that items costing $3,125 were on hand. on june 1, 2019, the firm bought equipment costing $63,600. the equipment has an expected useful life of 10 years and no salvage value. the firm will use the straight-line method of depreciation.