How can I figure out

Scenario:

Your group has been assigned the task of preparing the financial records and financial statements for K$\text{'}$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 was

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 $$100,000$; and Capital $$1,155,000.$

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 $-$ $$75,000,$ and Machinery and Equipment$-$ $$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.$

Requirement:

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: