complete adjusting entries in June. On 1st june, paid the annual insurance premium of $1956.Please include the formula so that I could know how you could have those figure. Thanks

30 End of Month adjustments Insurance is paid once a year in advance on 1 June each year. No adjustment has been made during the year. Wages owing at 30 June $220. A stocktake in the office reveals that Packaging Materials on Hand are $640. Depreciation: Warehouse Fixtures and Fittings depreciation is based on 15 years usage and the straight line method (residual value $6 000) The old Delivery Truck sold on 30 June is depreciated at 20% using the diminishing balance method (residual 58 000). The new Delivery Truck bought on 30 June is to be depreciated at 25% using the diminishing balance method (residual $10.000). The Telephone and Internet account for June for S250 has not been received or paid. Allowance for Doubtful Debts needs to be adjusted to equal 8% of Accounts Receivable Control at 30 June A stocktake revealed the following closing balances: Day Pack 34 Hiking Pack 29 Paid M Mountain $1 200, Cheque 911. Traded in the delivery truck for $13 000 in part payment for a new delivery truck 30 costing $74 000. The remaining $61 000 was paid in cash, Cheque 912 (see depreciation information below). 30 . . End of Month adjustments Insurance is paid once a year in advance on 1 June each year. No adjustment has been made during the year. Wages owing at 30 June $220. A stocktake in the office reveals that Packaging Materials on Hand are $640. Depreciation: Warehouse Fixtures and Fittings depreciation is based on 15 years usage and the straight line method (residual value $6 000) The old Delivery Truck sold on 30 June is depreciated at 20 using the diminishing balance method (residual SS 000). The new Delivery Truck bought on 30 June is to be depreciated at 25 using the diminishing balance method (residual $10,000). The Telephone and Internet account for June for S250 has not been received or paid. Allowance for Doubtful Debts needs to be adjusted to equal So of Accounts Receivable Control at 30 June. A stocktake revealed the following closing balances: The Trial Balance as at 31 May 2020 prepared by the old bookkeeper is as follows: Account Name Acc No Debit Credit 1-1100 74 530 12 503 1-1104 1-1105 565 1-1115 1-2121 6258 2 480 1 890 42 000 1-2125 1-3175 1-3176 15 000 1-3180 65 000 1-3181 47 000 16 595 2-1200 2-1215 3-1300 131 600 3-1310 48 205 3-9000 Cash at Bank Accounts Receivable Control Allowance for Doubtful Debts Inventory Control Packaging Materials Prepaid Insurance Warehouse Fixtures and Fittings Accum Depn - Warehouse Fixtures and Fittings Delivery Truck Accum Depn - Delivery Truck Accounts Payable Control Accrued Expense Payable SO'Brien, Capital S O'Brien, Drawings Profit and Loss Summary Sales Sales Returns and Other Allowances Interest Revenue Discount Received Cost of Goods Sold Salaries and Wages Expense Telephone and Internet Expense Electricity Expense Insurance Expense Packaging Materials Expense Depn Expense Warehouse Fixtures and Fittings Depn Expense - Delivery Truck Bank Fee Expense Bad Debts Expense Discount Allowed 4-1000 154 705 4-1005 410 4-8410 75 74 4-8420 5-1000 6-2540 89 540 18 350 2 145 2 035 6-2545 6-2547 6-2550 6-2556 6-2563 6-2564 150 6-3580 6-3590 6-3595 118 $365 614 $365 614