Steven Parks is an electrician and a good friend of Dwayne Pipes the plumber. On Dwayne's advice Steven has contacted you for some assistance in setting up a new accounting system. Steven has managed to collect enough information to create a chart of accounts for you to work from. This completion point comprises two tasks. Setting up a new system by completing on opening entry and any other relevant journal entries then posting these appropriately; and entering a set of transactions into the general journal and then recording these in the relevant ledgers. After completing these tasks, you will need to review your work and submit. Task 1 You have been provided with an Excel File which contains the General Journal and Ledger Accounts. The necessary accounts as well as blank accounts to be used if needed have been included. You will need to complete this task by entering the relevant information into the excel spreadsheet provided. To set up Steven's new system, enter the information below from the chart of accounts and schedules as an Opening Entry into the General Journal and post the relevant information to the General Ledger Accounts provided in the excel file. S. Parks Electrical- Chart of Accounts as at 1 July 2022 1-1110 Bank 4,920.00 1-1160 Petty Cash 450.00 1-1200 Accounts Receivable Control 14,355.00 1-1201 Allowance for Bad and Doubtful Debts 287.00 1-1320 Inventory on Hand 12,408.00 1-1325 Stationery on Hand 130.00 1-1410 Prepaid Expenses 2,690.00 1-1420 Repairs Revenue not yet Received 1-2110 Premises 96.00 360,000.00 1-2120 Accumulated Depreciation - Premises 73,500.00 1-2210 Vehicle 37,000.00 1-2220 Acc. Depreciation-Vehicle 14,957.00 1-2310 Electrical Equipment 11,400.00 1-2320 Accumulated Depreciation - Electrical Equip 460.00 2-1200 Accounts Payable Control 8.349.00 2-1300 Sundry Creditor - Delta Machinery 1,386.00 2-1410 Accrued Advertising Expense 511.00 2-1420 Telephone Expense Payable 850.00 2-1211 GST Balance 2,950.00 2-2100 3-1000 ABC Bank Mortgage Loan (7-year) Capital - Steven Parks 50,000.00 290.199.00