The business was purchased on June 1, 2022. Rental and insurance period start on June 1. Insurance expenses and promotional material supplies are initially recognized as an asset, rental expense is initially recognized as an expense

Prepare journal entries for all the transactions in June 2022. Narrations are required.

Prepare journal entries for all balance-day adjustments/ adjusting entries for the month of June 2022. You need to refer to the additional information given. Narrations and workings are required.

Transactions in the month of June 2022: 8. Refer to the following information for the balance-day adjustments: a)Closingstockofpromotionalmaterialsupplieson30/6($)b)Furniture&fittingsscrapvalue($)c)Furniture&fittingsusefullife(years)d)Rentpaidfor(months)e)Insurancepaidfor(months)f)Motorvehiclescrapvalue($)g)Motorvehicleusefullife(years)h)Bankloaninterestrates(%peryear)i)Use360daysinayearforinterestcalculation.$895$0243$4,488311