Complete the following adjusting entries.

June $30--$At the end of the month, the inventory was counted and had a value of $$125,000.$ Make the necessary adjusting journal entry to close the purchases account and calculate the cost of goods sold.

June $30--$Adjust the prepaid insurance account for the amount used during the month.

June $30--$All employees are paid once a month and receive their paycheck on the tenth of each month. Payroll Expense for the month was $$150,000.$