Ultimate Frisbee, Inc. had the following post-closing trial balance as of December 31, 2019. Ultimate Frisbee, Inc. Post Closing Trial Balance 12/31/2019 Debit Credit Cash 35,000 Accounts Receivable 1,300 Inventory 4,200 Prepaid Insurance 7,000 Supplies 5,000 Building 240,000 Accumulated Deprec - Bldg 12.000 Office Equipment 9,000 Accumulated Deprec - Office Equip 2,000 Accounts Payable 2,300 LT Note Payable - Bank 100,000 Common Stock 42,000 Retained Earnings 143,200 301,500 301,500 Ultimate Frisbee, Inc had the following transactions during 2020: Jan 15 Issued common stock for $60,000 Feb 10 Purchased supplies on account for $4,750 Feb 25 Paid the invoice for Supplies that were purchased on Feb 10th Apr 5 Purchased merchandise (Inventory) of 16,000 Frisbees at $1.15 per Frisbee on account Apr 10 Paid a Design Company cash to screen print your own logo and design on the frisbee for 20 per Frisbee May 5 Paid the invoice of April 5 May 10 Sold 3,000 of the Frisbees on account to Sports Fanatics, Inc., for $3.50 per Frisbee. May 19 Received cash from the sale on May 10. Jun 1 Issued a 60-day, 12% note (receivable) for $10,000 to Phil Dumphy, one of our managers, who stumbled upon some legal trouble. Jun 1 Issued a 60-day, 12% note (receivable) for $10,000 to Phil Dumphy, one of our managers, who stumbled upon some legal trouble. Jun 15 Sold 5,000 Frisbees on account to Win or Go Home, Inc., for $3.90 per Frisbee. Jun 30 Paid sales salaries of $1,700 and office salaries of $1,200, utilities of $300, insurance expense of $500 and travel expenses of $250 July 5 Purchased a Screen-Printing Machine by paying $3,000 in cash and signing a 90-day, 6% note for $7,000. July 24 Received payment from Win or Go Home, Inc Aug 1 Received amount owed on June 1 note, plus interest at the maturity date. Sept 1 Sold 5,000 Frisbees to Players R Us, Inc, for $3.95 per Frisbee on Account Sep 5 Purchased land by issuing a $40,000, 12% 90-day note to Ace Development Co. Oct 1 Received payment in full from Players R Us, Inc. Oct 15 Paid off the Note for Equipment. Nov 30 Paid sales salaries of $2,200 and office salaries of $1,100, utilities of $500, insurance expense of $300 and travel expenses of $150 Dec 5 Paid in full the September 5 note at maturity. Instructions: 1. Enter in your beginning balances from December 31, 2019 2. Journalize the above transactions and post to the ledger (T-accounts)