Zoukis Forklift Services Ltd

General Ledger

Year end December $31$st $2023$

Date Details Folio # Dr Cr

$01-$Jan Cash $11$ $$500,000$

Accounts Receivable $12$ $$150,000$

Supplies $14$ $$105,000$

Machinery and Equipment $18$ $$700,000$

Other Creditors $21$ $$300,000$

Capital $31$ $$1,155,000$

Opening balance brought forward from $2022$

$02-$Jan Cash $11$ $$300,000$

Accounts Receivables $12$ $$150,000$

Supplies $14$ $$105,000$

Machinery and Equipment $18$ $$350,000$

Capital $(300$k$+150$k$+105$k$+350$K$)31$ $$905,000$

Paul Zoukis exchanging assets for capital

$01-$Feb Rent Expense $52$ $$490,000$

Prepaid Rent $15$ $$490,000$

$14$ months rent paid in advance @$$35,000$ per month

$30-$Mar Insurance Expense $54$ $$150,000$

Prepaid Insurance $16$ $$150,000$

used to cover $15$ months of insurance premiums

$04-$Apr Cash $11$ $$440,000$

Unearned Fees $23$ $$440,000$

Received advanced payment from clients

May$-05$ Machinery and Equipment $18$ $$400,000$

Accounts Payable $11$ $$400,000$

Purchased Machinery and Equipment on account

Jun$-06$ Cash $11$ $$200,000$

Accounts Receivables $12$ $$200,000$

Received cash from clients on account

Jun$-10$ Security Expense $56$ $$54,000$

Cash $11$ $$54,000$

Paid for Security Service

Aug$-12$ Accounts Payable $11$ $$150,000$

Cash $11$ $$150,000$

Paid part of debt incurred May $5$

Sep$-12$ Account Receivables $12$ $$560,000$

Fees Earned $41$ $$560,000$

Recorded service provided on account Jul $1-$ Sept $12$

Sep$-30$ Salary Expense $51$ $$226,000$

Salary Payable $22$ $$226,000$

Paid wages of part time workers

Oct$-17$ Cash $11$ $$501,250$

Fees Earned $41$ $$501,250$

Recorded cash from clients for fees earned

Oct$-30$ Supplies Expense $53$ $$95,000$

Cash $11$ $$95,000$

Paid cash for supplies

Oct$-30$ Account Receivable $12$ $$208,000$

Fees Earned $41$ $$208,000$

Recorded Services provided on account

Nov$-24$ Cash $11$ $$485,000$

Fees Earned $41$ $$485,000$

Recorded cash from cash clients for fees earned Sep $13-$ Nov $24$

Nov$-25$ Cash $11$ $$350,000$

Accounts Receivable $12$ $$350,000$

Received cash from clients on account

Nov$-27$ Salary Expense $51$ $$226,000$

Salary Payable $22$ $$226,000$

Paid Part $-$time worker salary

Dec$-29$ Utilities Expense $55$ $$290,000$

Cash $11$ $$290,000$

Paid Telephone bill for Year $2023$

Dec$-30$ Utilities Expense $55$ $$285,000$

Cash $11$ $$285,000$

Paid Electricity for year $2023$

Dec$-30$ Cash $11$ $$350,000$

Fees Earned $41$ $$350,000$

Recorded cash from clients for fees earned

Deec $30$ Account Receivable $12$ $$280,000$

Fees Earned $41$ $$280,000$

Recorded Services provided on account for Oct $-$ Dec $2023$

$1.$ 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$)$:

i$.$ Insurance expired during $2023,$ $$120,000.$

ii$.$ Supplies on hand on December $31,2023,$ $$5,000.$

iii. Unpaid salary on December $31,2023,$ $$526,000$

iv$.$ Rent not expired on December $31,2023,$ $$70,000$

v$.$ Unearned fees on December $31,2023,$ $$400,000.$

$4.$ Post the adjusting entries to their respective ledger accounts already started in requirement # $2.$

$5.$ Prepare the adjusted trial balance.

$6.$ Prepare all three $2023$ financial statements for presentation to Mr$.$ Zoukis

$7.$ Journalize the closing entries and balance off the ledger accounts including the income summary account.

$8.$ Prepare the post$-$closing trial balance.