Scenario:

Dalton McDonald owns and operates D Mac Trucking Ltd but has no accounting personal to prepare his financial information and has approached your group for assistance. The companys financial year end is December 31 each year. They have provided the following information and transactions for 2022:

Jan 1. Balances from 2021 Cash $400,000; Accounts Receivable $250,000; Supplies $205,000; Furniture and Equipment $600,000; Other Creditors $218,000; and Capital $1,237,000.

Jan 2. The following assets were received from Dalton McDonald in exchange for capital in the company: cash - $200,000, accounts receivable - $61,000, supplies - $90,000, and furniture- $400,000.

Feb 1. Paid fifteen (15) months rent on a lease rental contract, $450,000.

Mar 30. Paid the premiums on the property and peril insurance policies for thirteen (13) months, $100,000.

April 4. Received cash from clients as an advance payment for services to be provided in the coming months, $350,000.

May 5. Purchased additional equipment on account from Magic Trucking, $120,000.

June 6. Received cash from clients on account, $150,000.

June 10. Paid cash for rental of equipment, $75,000.

Aug 12. Paid Magic Trucking a portion of the debt incurred on May 5, $90,000.

Sept 12. Recorded services provided on account for the period July 1 Sept 12, $400,000.

Sept 30. Paid part-time workers salary, $195,000.

Oct 17. Recorded cash from cash clients for fees earned during the first half of year, $390,000.

Oct 30. Paid cash for supplies, $40,000.

Oct 30. Recorded services provided on account for the period June to July, $190,000.

Nov 24. Recorded cash from cash clients for fees earned for the period September 13- Nov 24, $310,000.

Nov 25. Received cash from clients on account, $250,000.

Nov 27. Paid part-time workers for salary $195,000.

Dec 29. Paid telephone bill for the year 2022 $140,000.

Dec 30. Paid electricity bill for the year 2022 $310,000.

Dec 30. Recorded cash from cash clients for fees earned for the period September 14- Dec 30, $210,000.

Dec 30. Recorded services provided on account for October to December 2022, $150,000.

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 #	Account Name
11	Cash
12	Accounts Receivables
14	Supplies
15	Prepaid Rent
16	Prepaid Insurance
18	Furniture and Equipment
21	Other Creditors
22	Salaries Payable
23	Unearned Fees
31	Capital Stock
41	Fees Earned
51	Salary Expense
52	Rent Expense
53	Supplies Expense
54	Insurance Expense
55	Utilities Expense
56	Equipment Rental Expense
57	Income Summary

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