Zoukis Forklift Services Ltd

$$General Ledger

$$Year end December $31$st $2023$

Date Details Folio # Dr Cr

$01-$Jan Cash $11$$$500,000$

$$ Accounts Receivable $12$$$150,000$

$$ Supplies $14$$$105,000$

$$ Machinery and Equipment $18$$$700,000$

$$ Other Creditors $21$ $$300,000$

$$ Capital $31$ $$1,155,000$

$$ Opening balance brought forward from $2022$

$02-$Jan Cash $11$$$300,000$

$$ Accounts Receivables $12$$$150,000$

$$ Supplies $14$$$105,000$

$$ Machinery and Equipment $18$$$350,000$

$$ Capital $(300$k$+150$k$+105$k$+350$K$)31$ $$905,000$

$$ Paul Zoukis exchanging assets for capital

$01-$Feb Rent Expense $52$$$490,000$

$$ Prepaid Rent $15$ $$490,000$

$14$months rent paid in advance @$$35,000$ per month

$30-$Mar Insurance Expense $54$$$150,000$

$$ Prepaid Insurance $16$ $$150,000$

$$ used to cover $15$months of insurance premiums

$04-$Apr Cash $11$$$440,000$

$$ Unearned Fees $23$ $$440,000$

$$ Received advanced payment from clients

May$-05$Machinery and Equipment $18$$$400,000$

$$ Accounts Payable $11$ $$400,000$

$$ Purchased Machinery and Equipment on account

Jun$-06$Cash $11$$$200,000$

$$ Accounts Receivables $12$ $$200,000$

$$ Received cash from clients on account

Jun$-10$Security Expense $56$$$54,000$

$$ Cash $11$ $$54,000$

$$ Paid for Security Service

Aug$-12$Accounts Payable $11$$$150,000$

$$ Cash $11$ $$150,000$

$$ Paid part of debt incurred May $5$

Sep$-12$Account Receivables $12$$$560,000$

$$ Fees Earned $41$ $$560,000$

$$ Recorded service provided on account Jul $1-$Sept $12$

Sep$-30$Salary Expense $51$$$226,000$

$$ Salary Payable $22$ $$226,000$

$$ Paid wages of part time workers

Oct$-17$Cash $11$$$501,250$

$$ Fees Earned $41$ $$501,250$

$$ Recorded cash from clients for fees earned

Oct$-30$Supplies Expense $53$$$95,000$

$$ Cash $11$ $$95,000$

$$ Paid cash for supplies

Oct$-30$Account Receivable $12$$$208,000$

$$ Fees Earned $41$ $$208,000$

$$ Recorded Services provided on account

Nov$-24$Cash $11$$$485,000$

$$ Fees Earned $41$ $$485,000$

$$ Recorded cash from cash clients for fees earned Sep $13-$Nov $24$

Nov$-25$Cash $11$$$350,000$

$$ Accounts Receivable $12$ $$350,000$

$$ Received cash from clients on account

Nov$-27$Salary Expense $51$$$226,000$

$$ Salary Payable $22$ $$226,000$

$$ Paid Part $-$time worker salary

Dec$-29$Utilities Expense $55$$$290,000$

$$ Cash $11$ $$290,000$

$$ Paid Telephone bill for Year $2023$

Dec$-30$Utilities Expense $55$$$285,000$

$$ Cash $11$ $$285,000$

$$ Paid Electricity for year $2023$

Dec$-30$Cash $11$$$350,000$

$$ Fees Earned $41$ $$350,000$

$$ Recorded cash from clients for fees earned

Deec $30$Account Receivable $12$$$280,000$

$$ Fees Earned $41$ $$280,000$

$$ Recorded Services provided on account for Oct $-$Dec $2023$

$1.$Post the journal entries to their respective ledger accounts.

$2.$Prepare a trial balance based on the balances derived after completing requirement #$2.$

$3.$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 expired during $2023,$$$120,000.$

ii$.$Supplies on hand on December $31,2023,$$$5,000.$

iii. Unpaid salary on December $31,2023,$$$526,000$

iv$.$Rent not expired on December $31,2023,$$$70,000$

v$.$Unearned fees on December $31,2023,$$$400,000.$

$4.$Post the adjusting entries to their respective ledger accounts already started in requirement # $2.$

$5.$Prepare the adjusted trial balance.

$6.$Prepare all three $2023$financial statements for presentation to Mr$.$Zoukis

$7.$Journalize the closing entries and balance off the ledger accounts including the income summary account.

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