On December 1, 2023, Sean Spaceman formed a corporation, 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 General Journal Ref# Debit Credit 57,000,000 57,000,000 Date Description Dec. 1 Cash Common stock To record issuance of stock 3-Dec 1 12/1 Investors provided $57,000,000 of cash in exchange for stock of Space Travel, Inc. 3-Dec 2 12/3 3 12/3 Purchased one spaceship from Elon Musk costing $19,200,000 in exchange for $6,200,000 cash and a $13,000,000 note payable Purchased and paid for a one-year insurance policy on the spaceship for $702,000 4 12/4 Purchased $2,800,000 of supplies on account. 4-Dec 8-Dec To record purchase of spaceship with cash and notes payabe To record purchase of annual insurance policy To record purchase of supplies To record payment of wages 10-Dec 5 12/8 6 12/10 Paid wages of $480,500 to his employees for work performed Delivered supplies to the International Space Station and billed NASA for this service in the amount of $11,500,000 To record sales revenue 12-Dec To record payment of accounts payable balance 7 12/12 Paid $1,200,000 of the amount owed for the transaction on Dec 4. (purchased $2,800,000 of supplies on account) 13-Dec 8 12/13 To record payment received on Accounts receivable 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 15-Dec 9 12/15 Paid wages of $395,000 10 12/15 11 12/15 Paid $1,900,750 for fuel costs used in traveling to the International Space Station Collected $3,450,000 as deposits from individuals who contracted for future rides in the spaceship To record payment of wages 15-Dec To record payment of fuel costs 15-Dec To record cash received for future services 12 12/19 Paid $2,500,000 of the Note Payable established when Sean purchased the spaceship 19-Dec To record payment on Notes payable 13 12/19 14 12/20 Billed NASA for delivery services provided in the amount of $4,000,000 for a trip to the International Space Station Collected $1,950,000 on accounts receivable 19-Dec To record services rendered 15 12/20 Purchased $750,000 of additional supplies on account 20-Dec To record cash received from Accounts receivable 16 12/31 Paid a $2,850,000 cash dividend to shareholders. 20-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec To record purchase of supplies on account To record payment of dividend to shareholders Adjusting Journal Entries To recod one month of depreciation expense on spaceship To record supplies expense for supplies used during the period To record accrual of wages owed in Jan. To record one month insurance expense To record revenue on services rendered