Space Travel, Inc. uses the following Chart of Accounts:

REQUIRED

$1$ Prepare the journal entries for transactions $1-16.$

$2$ 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 $$650,000.$

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 $$950,000$ 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 $2022.$ Please use good form including company name and date.

$7$ Space Travel, Inc. started out the month with $$0$ in cash. Compare the increase in cash to the

amount reported as Net Income on the Income Statement. What are the reasons that these

amounts differ? Be specific and explain in terms of accrual accounting principles.

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

Canvas.