St. Thomas Yacht Services, Inc. had the following transactions during its first month of operations:/22]Dec 2Borrowed $50,000 from First Bank after signing a 10 year, 6% promissory note. Payments are due on thelast day of the month.40)20)/28]/15]Dec 7Signed lease and paid the landlord $1,200 rent for the current month.Dec 12Purchased a one year insurance policy for $2,100.Purchased $1,800 of supplies on account.Paid $340 to have advertising materials to be used during the current month.Detailed 8 sailboats competing in the Maxi Yacht Rolex Cup this March. The bookkeeper sent an invoicefor $10,000.Received $5,000 in advance from a customer to clean two 63 foot yachts next month.Paid $54 in wages to employees who cleaned Serendipity and $81 in wages to employees who distributedadvertising materials. (Ignore payroll taxes for this problem).Sent a $2,200 invoice to Serendipity's Captain Samantha for services provided on account.Paid First Bank $555 for the first payment on the loan signed on December 2nd.Dec 155)Dec 1830Dec 23Dec 25Dec 29Dec 30Dec 31Complete Step 2 of the Accounting Cycle: Prepare journal entries of the transactions.DateDescriptionDebitCreditDec 2Dec 7Dec 12 Dec 15Dec 18Dec 23Dec 25Dec 29Dec 30Dec 31

Journal Entries - Every transaction entered into by the business are recorded in the form of journal…

St Thomas Yacht Services, Inc. had the following transactions during its first month of operations: Borrowed $50,000 from First Bank after signing a 10 year, 6% promissory note. Payments are due on the last day of the month. Dec 2 Dec 7 Signed lease and paid the landlord $1,200 rent for the current month. Purchased a one year insurance policy for $2,100. Purchased $1,800 of supplies on account. Dec 12 Dec 15 Dec 18 Paid $340 to have advertising materials to be used during the current month. Detailed 8 sailboats competing in the Maxi Yacht Rolex Cup this March. The bookkeeper sent an invoice for $10,000. Dec 23 Dec 25 Received $5,000 in advance from a customer to clean two 63 foot yachts next month. Paid $54 in wages to employees who cleaned Serendipity and $81 in wages to employees who distributed advertising materials. (Ignore payroll taxes for this problem). Sent a $2,200 invoice to Serendipity's Captain Samantha for services provided on account. Paid First Bank $555 for the first payment on the loan signed on December 2nd. Dec 29 Dec 30 Dec 31 Complete Step 2 of the Accounting Cycle: Prepare journal entries of the transactions.

St Thomas Yacht Services, Inc. had the following transactions during its first month of operations: Borrowed $50,000 from First Bank after signing a 10 year, 6% promissory note. Payments are due on the last day of the month. Dec 2 Dec 7 Signed lease and paid the landlord $1,200 rent for the current month. Purchased a one year insurance policy for $2,100. Purchased $1,800 of supplies on account. Dec 12 Dec 15 Dec 18 Paid $340 to have advertising materials to be used during the current month. Detailed 8 sailboats competing in the Maxi Yacht Rolex Cup this March. The bookkeeper sent an invoice for $10,000. Dec 23 Dec 25 Received $5,000 in advance from a customer to clean two 63 foot yachts next month. Paid $54 in wages to employees who cleaned Serendipity and $81 in wages to employees who distributed advertising materials. (Ignore payroll taxes for this problem). Sent a $2,200 invoice to Serendipity's Captain Samantha for services provided on account. Paid First Bank $555 for the first payment on the loan signed on December 2nd. Dec 29 Dec 30 Dec 31 Complete Step 2 of the Accounting Cycle: Prepare journal entries of the transactions.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11EB: Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...

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