St. Thomas Yacht Services, Inc. had the following transactions during its first month of operations: Dec 2 Borrowed $60,000 from First Bank after signing a 10 year, 4% promissory note. Payments are due on the last day of the month. Journalized the issuance of $50,000 of $1 par value common stock at par. Dec 4 Dec 7 Signed lease and paid the landlord $1,300 rent for the first month. Dec 8 Dec 9 Dec 12 Dec 15 Dec 17 Dec 18 Dec 22 Dec 23 Dec 25 Dec 26 Dec 29 Dec 30 Dec 31 Purchased $15,000 of office furniture on account. Created marketing materials, including a logo. Purchased a one year insurance policy for $2,100. Purchased $1,800 of cleaning supplies on account. Hired 5 employees, who will be paid $12 per hour. Paid $335 to have marketing materials printed. Three employees were sent to distribute marketing materials along Pier 8. Detailed 8 sailboats competing in the Maxi Yacht Rolex Cup this March. The bookkeeper sent an invoice for $14,000. Received $3,500 in deposits to clean two 63 foot yachts. Sent two employees to clean Serendipity, a 56 foot sloop. They spent 3 hours on the job. Paid $72 to employees who cleaned Serendipity and $108 to employees who distributed marketing materials. (Ignore payroll taxes for this problem). Sent a $2,000 invoice to Serendipity's Captain Samantha, less the $900 deposit. Paid First Bank $607 representing $200 in interest plus $407 toward the principal. On December 31, the following adjustments must be made: The furniture, which has no salvage value and a 5 year useful life, needs to be depreciated using straight-line depreciation. A physical count shows only $1,200 of supplies remains in the storage closet. One month of the 1-year insurance policy has been used. The Board of Directors did not declare dividends in January. Complete Step 11 of the Accounting Cycle: Prepare a Post-closing Trial Balance. On December 31, the following adjustments must be made: The furniture, which has no salvage value and a 5 year useful life, needs to be depreciated using straight-line depreciation. A physical count shows only $1,200 of supplies remains in the storage closet. One month of the 1-year insurance policy has been used. The Board of Directors did not declare dividends in January. Complete Step 11 of the Accounting Cycle: Prepare a Post-closing Trial Balance. St. Thomas Yacht Services Post-closing Trial Balance December 31, 2012 Accounts Total Debits Credits