Problem 4.1 The Chart of Accounts and transactions for June 20XX for Ace's Flying School follow: Transactions Jane I Ace deposited $150,000 into a business account entitled Ace's Flying School. June 2 purchased an airplane for instruction purposes; paid $75,000 cash down and signed a 5 year, 8 8 percent note for $200,000 for the balance. June 4 bought office supplies on account for $350. June 5 bought office equipment for $5,000, paid $2,500 cash down and agreed to pay the balance in 30 days. Jane 5 paid $3,500 cash for fuel for the plane. June 6 paid office rent, $500 June 9 Paid monthly insarance premitum, \$1,100 June 10 Ace withdrew $2,500 for personal use June 12 Flying revenue for the first half of the month is $8,400;$5,500 was received in cash and the Balance is due in 15 days June 14 received a bill in the mail for $125 for advertising. record now, to be paid later June 18 paid $450 on accounts payable June 19 paid $625 for a tune up of the plane (repairs) June 21 paid $775 for radio advertising June 23 paid $1,200 on account for the office equipment purchased on June 5 June 30 paid $5,000 on the note to purchase the plane, $1,000 of that amount is interest June 30 Flying revenue for the second half of the month is $7,400;56,000 was received in cash and the Balance is due in 15 days June 30 received $2,900 in the mail from charge custoncrs. Instructions 1. Joumalize the transactions in a general joumal. Number the first journal page 28 . 2. Post the transactions to the general ledger. 3. Prepare a trial balance as of June 30,20XX 4. Prepare an income statement for the month of June 20XX 5. Prepare a balance sheet on June 30, 20XX detailing the changes in Owner's Equity. Problem 4.1 The Chart of Accounts and transactions for June 20XX for Ace's Flying School follow: Transactions Jane I Ace deposited $150,000 into a business account entitled Ace's Flying School. June 2 purchased an airplane for instruction purposes; paid $75,000 cash down and signed a 5 year, 8 8 percent note for $200,000 for the balance. June 4 bought office supplies on account for $350. June 5 bought office equipment for $5,000, paid $2,500 cash down and agreed to pay the balance in 30 days. Jane 5 paid $3,500 cash for fuel for the plane. June 6 paid office rent, $500 June 9 Paid monthly insarance premitum, \$1,100 June 10 Ace withdrew $2,500 for personal use June 12 Flying revenue for the first half of the month is $8,400;$5,500 was received in cash and the Balance is due in 15 days June 14 received a bill in the mail for $125 for advertising. record now, to be paid later June 18 paid $450 on accounts payable June 19 paid $625 for a tune up of the plane (repairs) June 21 paid $775 for radio advertising June 23 paid $1,200 on account for the office equipment purchased on June 5 June 30 paid $5,000 on the note to purchase the plane, $1,000 of that amount is interest June 30 Flying revenue for the second half of the month is $7,400;56,000 was received in cash and the Balance is due in 15 days June 30 received $2,900 in the mail from charge custoncrs. Instructions 1. Joumalize the transactions in a general joumal. Number the first journal page 28 . 2. Post the transactions to the general ledger. 3. Prepare a trial balance as of June 30,20XX 4. Prepare an income statement for the month of June 20XX 5. Prepare a balance sheet on June 30, 20XX detailing the changes in Owner's Equity