Sunny's Emporium had the following transactions in June, $2024,$ the final month in their fiscal year:

TRANSACTIONS

June $1$ Sold a fully depreciated delivery truck for $$5,000.$

June $1$ A new delivery truck is delivered at a total cost of $$63,000.$ The truck has an expected useful life

of $7$ years, with no residual value and will be depreciated using the straight line method.

The company made a downpayment of $$12,500$ and issued a $4-$year $6\%$ note for the balance.

The note requires annual payments of $$14,575,$ including interest and principal, be made on

March $31,2025,2026,2027$ and $2028.$

June $29$ Petty cash on hand was $$27.$ Replenished the petty cash fund for the following disbursements,

each evidenced by a petty cash receipt:

Store supplies, $$56.$

Express charges on merchandise sold, $$185($Delivery Expense$).$

Office supplies, $$118.$

Repair to office file cabinet lock, $$110($Miscellaneous Administrative Expense$).$

June $30$ Sold a $250,00015-$year bond, with semi$-$annual interest at $6\%$ when market interest rate was $8\%$

June $30$ The cash sales for the month, according to the cash register records, totaled $$55,050,$ including sales

tax of $$5,050.$ The actual cash received from these cash sales was $$55,034.$ Cost of goods sold related to

these sales was $$34,900$Assume a $360$ day year for all transactions related to interest calculations.

$2$ Complete the worksheet. Adjusting entries have not been made at any time this year.

Here is the information you need to calculate the adjusting entries $($note: the General Ledger is your friend in this!$)$

a Evaluation of the years sales indicated that warranties related to current years sales

were $$22,500.$

b The note receivable in the general ledger is an $9\%$ nine month note received on November $1,2023$ that due is

on September $30,2024$

c There notes payable balance relates to the delivery truck purchasee on June $1.$ The interest rate and

payment information is provided in the transaction above.

c The company purchased an annual liability policy on January $1,2024.$

d Office supplies on hand at June $30$ were $$1,500$ and store supplies on hand were $$2,500.$

e Depreciation on the building is calculated using straight line with a $40$ year life and $$150,000$ residual value.

f Depreciation for the office equipment is calculated using double declining balance method, has a four year

life and was purchased two years ago $(1$ year of depreciation has been recorded$).$

g Information related to the depreciation calculation for the delivery truck is in the transactions above.

h Payroll for June is going to be paid in early July. Salaries earned were $$37,500.$ The FICA rate is $7\mathrm{.}65\%$

and is paid by both the employee and the employer. Employee income taxes are withheld at a rate of $15\%.$

Federal and state unemployment limits were reached in March so they are not a factor.

$3$ Journalize and post the adjusting entries.

$4$ Prepare a multiple$-$step income statement.

$5$ Prepare a statement of stockholders$$ equity.

$6$ Prepare a balance sheet.

$7$ Journalize and post the closing entries.

$8$ Prepare a post$-$closing trial balance.