On December $1,2023,$ Sean Spaceman formed a corporatioREQUIRED

$1$ Prepare the journal entries for transactions $116.$

$2$ Post the transactions to the appropriate general ledger T accounts. Use the Ref #$.$ listed to

organize your T accounts.

$3$ Prepare a trial balance as of December $31.$

$4$ Prepare adjusting entries on December $31$ based on the following additional information.

a$.$ The Spaceship has a $10-$year life, with no salvage value.

b$.$ Supplies on hand at year end amount to $$750,000.$

c$.$ Employees earned wages of $$480,000$ during December $2022,$ which will be paid in

January $2023.$

d$.$ The insurance policy covered a $12-$month period.

e$.$ Provided services in the amount of $$1,200,000$ for NASA who paid deposits on December

$15$th to pre$-$arrange a delivery of supplies to the International Space Station.

$5$ Prepare an adjusted trial balance as of December $31.$ Post the adjusting entries using the

format in Exhibit $3-4$ from your text as a guide $($p$.3-16).$

$6$ Prepare an income statement, statement of stockholders$$ equity and a classified balance sheet

as of the end of $2023.$ Please use good form including company name and date.

Please note that this project should be completed using the Excel template in

Canvas.n$,$ Space Travel, Inc. to launch a

commercial spaceship into space. In this new business, Space Travel, Inc. partnered with

NASA to deliver various payloads to the International Space Station to offset costs. Below is

a listing of transactions Space Travel, Inc. experienced during its first month of operations.

Transaction

# Date Transaction

$112/1$ Investors provided $$57,000,000$ of cash in exchange for stock of

Space Travel, Inc.

$212/3$ Purchased one spaceship from Elon Musk costing $$19,200,000$ in

exchange for $$6,200,000$ cash and a $$13,000,000$ note payable

$312/3$ Purchased and paid for a one$-$year insurance policy on the

spaceship for $$702,000$

$412/4$ Purchased $$2,800,000$ of supplies on account.

$512/8$ Paid wages of $$480,500$ to his employees for work performed

$612/10$ Delivered supplies to the International Space Station and billed

NASA for this service in the amount of $$11,500,000$

$712/12$ Paid $$1,200,000$ of the amount owed for the transaction on Dec $4$

$($purchased $$2,800,000$ of supplies on account$)$

$812/13$ Collected $$2,250,000$ on the accounts receivable established when

Space Travel, Inc. billed NASA on delivery services to the

International Space Station. This delivery was already performed

on $12/10$

$912/15$ Paid wages of $$395,000$

$1012/15$ Paid $$1,900,750$ for fuel costs used in traveling to the International

Space Station

$1112/15$ Collected $$3,450,000$ as deposits from individuals who contracted

for future rides in the spaceship

$1212/19$ Paid $$2,500,000$ of the Note Payable established when Sean

purchased the spaceship

$1312/19$ Billed NASA for delivery services provided in the amount of

$$4,000,000$ for a trip to the International Space Station

$1412/20$ Collected $$1,950,000$ on accounts receivable

$15$

$16$

$12/20$

$12/31$

Purchased $$750,000$ of additional supplies on account

Paid a $$2,850,000$ cash dividend to shareholders.