St. Thomas Yacht Services, Inc. had the following transactions during its first month of operations:

Dec 2	Borrowed $55,000 from First Bank after signing a 10 year, 4% promissory note.  Payments are due on the last day of the month.
Dec 7	Signed lease and paid the landlord $1,100 rent for the current month.
Dec 12	Purchased a one year insurance policy for $2,100.
Dec 15	Purchased $1,400 of supplies on account.
Dec 18	Paid $330 to have advertising materials to be used during the current month.
Dec 23	Detailed 8 sailboats competing in the Maxi Yacht Rolex Cup this March. The bookkeeper sent an invoice for $14,000.
Dec 25	Received $5,000 in advance from a customer to clean two 63 foot yachts next month.
Dec 29	Paid $72 in wages to employees who cleaned Serendipity and $108 in wages to employees who distributed advertising materials. (Ignore payroll taxes for this problem).
Dec 30	Sent a $2,200 invoice to Serendipity's Captain Samantha for services provided on account.
Dec 31	Paid First Bank $557 for the first payment on the loan signed on December 2nd.

 

Complete Step 2 of the Accounting Cycle: Prepare journal entries of the transactions.  

Journal

Date	Description	Debit	Credit
Dec 2
Dec 2
Dec 7
Dec 7
Dec 12
Dec 12
Dec 15
Dec 15
Dec 18
Dec 18
Dec 23
Dec 23
Dec 25
Dec 25
Dec 29
Dec 29
Dec 30
Dec 30
Dec 31
Dec 31