Your group has been assigned the task of preparing the financial records and financial statements for K$$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 were employed to the company has provided the following information and transactions for $2023$:

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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 $$100,000$; and Capital $$3,166,850.$

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 $-$ $$75,000,$ and Motor Truck$-$ $$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.$

$1.$ 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$)$:

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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.$