QUESTION 1 (12 Marks) The transactions for June 2013, for Dizzy's Flying School follow: June 1 2 The owner, Dizzy, invested $150,000 cash into Dizzy's Flying School. Purchased an airplane for instruction purposes; paid $75,000 cash down and signed a five-year, 17% note payable for $200,000 for the balance. Prepared a $300 cheque, cashed it and put the proceeds in the petty cash box Purchased office equipment on account for $5,000. Paid $8,400 for a one-year insurance premium. Withdrew $3,500 for personal use. Recorded instruction fees revenue for the first half of the month for $7,000, $4,300 was received in cash, and the rest will be due within 15 days. Paid the June utility bills, $145. Received in the mail a $265 bill for fuel used in June that is due on July 15. Paid $1,000 towards the office equipment purchased on June 6. Received $2,700 from customers charged on June 15. 28 30 REQUIRED: Prepare general journal entries to record the transactions. Show all calculations. Date Account Titles Debit Credit