22 23 31 41 51 52 53 54 55 Other Creditors Salaries Payable Unearned Fees Capital Stock Fees Eamed Salary Expense Rent Experie Supplies Expense Insurance Expense Unlices Expense 58 5/ Security Expense Income Summary 2. Post the journal entries to their respective ledger accounts. 3. Prepare a trial balance based on the balances derived after completing requirement #2. 4. The company presented the following adjustments and required you to preparing the adjusting entries in the general journal (Narration required for each journal entry): i. Insurance for the period January to December 2023 were expired during the year. ii. Supplies on hand on December 31, 2023, $77,850. Unpaid salary on December 31, 2023, $1,205,000 iv. Rent not expired on December 31, 2023, $240,000 Unearned fees on December 31, 2023, $240,000. v. 5. Post the adjusting entries to their respective ledger accounts already started in requirement #2. (Do Not create new accounts, simply update the accounts used for requirement #2 with the adjusting entries). 6. Prepare the adjusted trial balance. 7. Prepare all three 2023 financial statements for presentation to Miss Smart 8. Joumalize the closing entries and balance off the ledger accounts including the income summary account. 9. Prepare the post-closing trial balance. Scenario: Your group has been assigned the task of preparing the financial records and financial statements for K's Trucking Services Ltd because the company currently does not have an accounting personnel do it. The company is owned by KerryAnn Smart, and its financial year end is December 31 each year. The previous account personnel who were employed to the company has provided the following information and transactions for 2023: Jan 1. Jan 2. Feb 1. Mar 30. April 4. Balances brought forward from 2022 - Cash $1,200,500; Accounts Receivable $355,500; Supplies $210,850; Motor Truck $1,500,000; Other Creditors $100,000; and Capital $3,166,850. The following assets were received from Paul Zoukis in exchange for capital in the company: cash- $250,105, accounts receivable - $300,000, supplies - $75,000, and Motor Truck-$1,200,000. Paid fifteen (15) month's rent on a lease rental for fully furnished office and parking space at $80,000 per month Paid the premiums on the property and peril insurance policies for fourteen (14) months amounting to $280,000. Received cash from clients as an advance payment for services to be provided in the coming months, $1,000,000. Purchased motor truck on account from Paul's Auto Motors Co Ltd for $1,500,000. Received cash from clients on account, $300,000. May 5. June 6. June 10. Paid cash for security services amounting to $105,000. Aug 12 Paid Paul's Auto Motors $500,000 of the debt incurred on May 5. Sept 12. Sept 30. Recorded services provided on account for the period July 1-Sept 12, $1,000,000. Paid part-time workers salary, $530,000. Oct 17. Oct 30. Oct 30. Nov 24. Nov 25. Nov 27. Paid part-time workers for salary $840,000. Dec 29 Dec 30. Dec 30. Recorded cash from cash clients for fees earned during the first half of year, $950,950. Paid cash for supplies, $212,000. Recorded services provided on account for the period June to July, $850,000. Recorded cash from cash clients for fees earned for the period September 13-Nov 24, $1,545,000. Received cash from clients on account, $550,000 Paid telephone bill for the year 2023 $340,000. Paid electricity bill for the year 2023 $425,000. Dec 30. Recorded cash from cash clients for fees earned for the period September 14-Dec 30, $1,450,000. Recorded services provided on account for October to December 2023, $1480,000. Requirement: 1. Prepare the opening journal entries and journalize each transaction in the general journal referring to the following chart of accounts in selecting the accounts to be debited and credited and Include a narration for each transaction: Account זר 12 Account Name Cash Accounts Receivables 14 Supplies 15 Prepaid Kent 16 Prepaid Insurance 18 Motor Truck