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 $1-$ Balances brought forward from $2022$ Cash $$1,200,500$; Accounts Receivable $$355,500$; Supplies $$210,850$; Motor Truck $$1,500,000$; Other Creditors $$100,000$; and Capital $$3,166850$

Jan $2-$ 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.$

Feb $1-$ Paid fifteen $(15)$ month$$s rent on a lease rental for fully furnished office and parking space at $$80,000$ per month.

Mar $30-$ Paid the premiums on the property and peril insurance policies for fourteen $(14)$ months amounting to $$280,000.$

April $4-$ Received cash from clients as an advance payment for services to be provided in the coming months, $$1,000,000.$

May $5-$ Purchased motor truck on account from Paul$$s Auto Motors Co Ltd for $$1,500,000.$

June $6-$ Received cash from clients on account, $$300,000.$

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 $12-$ Recorded services provided on account for the period July $1$ Sept $12,$ $$1,000,000.$

Sept $30-$ Paid part$-$time workers salary, $$530,000.$

Oct $17-$ Recorded cash from cash clients for fees earned during the first half of year, $$950,950.$

Oct $30-$ Paid cash for supplies, $$212,000.$

Oct $30-$ Recorded services provided on account for the period June to July, $$850,000.$

Nov $24-$ Recorded cash from cash clients for fees earned for the period September $13-$ Nov $24,$ $$1,545,000.$

Nov $25-$ Received cash from clients on account, $$550,000.$

Nov $27-$ Paid part$-$time workers for salary $$840,000.$

Dec $29-$ Paid telephone bill for the year $2023$ $$340,000.$

Dec $30-$ 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.$

Dec $30-$ Recorded services provided on account for October to December $2023,$ $$1480,000.$

$1.$ 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:

$2.$ 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.$

iii. Unpaid salary on December $31,2023,$ $$1,205,000$

iv Rent not expired on December $31,2023,$ $$240,000$

v Unearned fees on December $31,2023,$ $$240,000.$

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

$8.$ Journalize the closing entries and balance off the ledger accounts including the income summary account.

$9.$ Prepare the post$-$closing trial balance.