How to solve

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:

Post the journal entries to their respective ledger accounts.

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

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$).$

Prepare the adjusted trial balance.

Prepare all three $2023$ financial statements for presentation to Miss Smart

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

Prepare the post$-$closing trial balance.