$1-$Jul Five investors provide $$20,000$ each to form ACE Advertising Agency.

They are Investors A$,$ B$,$ C$,$ D and E$.$ They each receive $10,000$ shares, no par value, of ACE's common stock.

$1-$Jul ACE purchases Konica office equipment costing $$70,000$ by paying $$10,000$ and signing a Note Payable:

$$60,000,5\%$ simple interest, six months. Interest is paid monthly and Principal to be paid at maturity.

Office equipment is to be depreciated straight$-$line: estimated useful life is $5$ years; salvage value $$10,000.$ annual Thanksgiving Day Parade.

$3-$Jul ACE pays office rent of $$10,000$ to Century $21$ Property Management for October.

$4-$Jul ACE pays $$6,000$ for a one$-$year Allstate liability insurance policy that will expire next year on June $30.$

$5-$Jul ACE purchases on account $$25,000$ advertising materials from Office Max.

$9-$Jul ACE signs a contract with The Daily News newspaper for advertising inserts $-$ flyers $-$ to be distributed starting the last Sunday in August. Payment from The Daily News of $$7,000$ is due on Sep $1$

$31-$Jul ACE paid salaries and wages of $$40,000$ for the period July $1$ thru July $26.$ Please journalize