Jovan White has a candy shop that sells assorted candy. On June $1,2023$ he opened $$Really White Sweets$.$The following information relates to the transactions of the candy shop for the first month of operation June $2023$

June $1$ started business with, cash, $$120,000$ and a motor vehicle $$160,000$

June $2$ received a long term loan from the Jamaica Union Bank, $$250,000$ by cheque

June $3$ paid for shop fixtures by cheque $$50,000.$

June $3$ bought merchandise for resale from Jolly Rancher Ltd$,$ by cheque $$150,000.$

June $4$ purchased furniture, on credit from Courts Ltd$.$ for $$165,000.$

June $4$ sold merchandise to Candy Craze, for cash $$110,000.$

June $5$ sold merchandise on credit to Woolworthy Variety Store $$125,000$ and Fontana Pharmacy $$65,000.$

June $7$ bought merchandise on credit from Hershell$$s Chocolate Company $$95,000.$

June $8$ sold merchandise on credit to Candyland Confectionery $$80,000$ and Chocolate Dreams Ltd$,$ $$30,000.$ June $10$ bought stationery with the entity$$s logo for cash $$17,000.$

June $13$ returned unsatisfactory merchandise to Hershell$$s Chocolate Company for $$3,500.$

June $15$ bought merchandise on credit from Jelly Beans Ltd$.$ $$34,500.$

June $16$ sold merchandise to Palmer Candy Company receiving a cheque for $$120,000$

June $17$ Woolworthy Variety Store settled their account using a cheque; they were allowed a $10\%$ discount. June $18$ lodged cash of $$83,000$ to the business bank account.

June $19$ merchandise valued at $$6,000,$ sold on credit to Fontana Pharmacy on June $5,$ was returned. June $20$ paid Hershell$$s Chocolate Company $$88,500$ in full settlement of the balance outstanding by cheque having received a discount of $$3,000.$ June $22$ paid electricity by cheque $$32,000$; water rates $$20,000$ by cash, security fees of $$45,000$ by cheque and rent amounting to $$45,000$ by cheque

June $24$ Jovan paid Courts Ltd$.$ $$65,000,$ cash from his personal funds June $25$ paid staff salaries by cash $$82,500.$

June $28$ during the year Jovan, took for his personal merchandise amounting to $$16,500$

June $30$ received interest income by cheque of $$15,000$

REQUIRED:

A$.$ Journalize the transactions for the month. $($Narrations are not necessary$)(15$ Marks$)$ B$.$ Post the above transactions in the General ledger. $(20$ marks$)$ C$.$ Extract a trial balance as at June $302023.(10$ marks$)$ D$.$ Journalize and post the adjusting entries using the following information: $(15$ marks$)$

The electricity bill for June amounted to $$35,000.$

Upon recalculation of the employees$$ salaries for the month it was found that one employee was overpaid by $$1,500.$

The insurance for the shop was due and payable by June $1$st$.$ The annual premium is $$54,000$ and the expense is incurred on a pro rata basis.

$$ It was found that of Candyland Confectionery balance, $$4,500$ has to be written off as bad debts.

$$ Depreciation for the motor vehicle, furniture and fixtures has not been taken into account for the month. The business uses the straight$-$line method to calculate depreciation. A full month$$s depreciation is charged to the accounts. o$$

Motor Vehicle at a rate of twenty $-$five per cent $(25\%)$ per annum. o$$

$$ Furniture at a rate of ten per cent $(10\%)$ per annum. o$$

$$ Fixtures at a rate of $8$ per cent $(8\%)$ per annum. $$

E$.$ Prepare an adjusted trial balance with the inclusion of the above balances $(5$ marks$)$

F$.$ Prepare the Statement of Profit or Loss and the Statement of Financial Position for the period under review.$$ For use in the financial statements, closing stock amounts to $$38,000$ at the end of the month. $(20$ marks$)$