Transactions for the month of June are as follows:
June 1	Received $2 000 from B Bobbin for full payment of her debt as at 31 May, Receipt No 103 (hint, we may have given her a discount).
1	Paid the annual insurance premium of $2 356, Cheque 503.
1	Traded in the delivery truck for $8 000 in part payment for a new delivery truck costing $84 000. The remaining $76 000 was paid in cash, Cheque 504 (see depreciation information below). NOTE: You will need to wait until we have learnt Topic 9 to do the general journal part of this entry but you can enter the amount of cash in the appropriate cash journal before then.
2	Cash Sales, 12 Crazy Patchwork Quilts @ $180, Receipt No 104.
4	Paid S Silk the amount owing to them less 5% cash discount for early payment, Cheque 505.
6	Credit sales to T Thread of 20 Country Garden Quilts @ $340, Invoice No. 56.
6	Paid L Linen the amount owing at 31 May and received a 7.5% discount for early payment, Cheque 506.
7	Paid wages owing for the fortnight $420, Cheque 507.
8	Paid C Cotton the full amount owing as at 31 May, Cheque 508.
9	Received $7,170 from B Button as full payment of her debt as at 31 May, Receipt No 105.
14	Paid Electricity Account $570, Cheque 509.
15	Purchased 30 Country Garden Quilts @ $250 from C Cotton, Invoice 1290.
16	Purchased 25 Crazy Patchwork Quilts @ $115 from S Silk, Invoice 101.
18	Credit sales to B Bobbin of 33 Country Garden Quilts @ $348 each, Invoice No 57.
18	Cash sales, 15 Country Garden Quilts @ $350, Receipt No 106.
19	Credit sales to B Button 25 Crazy Patchwork Quilts @ $184 each, Invoice No. 58.
21	B Button returned 5 Crazy Patchwork Quilts as she decided she only wanted 20. Queeny issued Credit Note 19 and gave B Button a credit. As the Quilts were not damaged, they were returned to the inventory.
22	Paid wages owing for the fortnight $420, Cheque 510.
23	Received $5,100 from T Thread, Receipt No 107.
24	Credit sales to B Bobbin of 15 Crazy Patchwork Quilts @ $185, Invoice No. 59.
25	Purchased 40 Country Garden Quilts @ $252 each from L Linen, Invoice 277.
26	Cash Sales, 10 Country Garden Quilts @ $365 and 10 Crazy Patchwork Quilts @ $185, Receipt No 108.
28	Received $3 000 from B Button, Receipt No 109.
29	Paid S Silk amount owing less 5% discount for early payment, Cheque 511.
30	End of accounting period 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 12 years usage and the straight line method (residual value $6 000) The old Delivery Truck sold on 30 June is depreciated at 18% using the diminishing balance method (residual $8 000). The new Delivery Truck bought on 1 June is to be depreciated at 25% using the diminishing balance method (residual $10,000). The Telephone and Internet account for June for $320 has not been received or paid. Allowance for Doubtful Debts needs to be adjusted to equal 6% of Accounts Receivable Control at 30 June. A stocktake revealed the following closing balances: Queeny Country Garden Quilt 34 Queeny Crazy Patchwork Quilt 7

Qusetion: Prepare the adjusting entries and closing entries.