Transactions June T 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; pard $2,500200,60 cash down and agreed to pay the balance in 30 days. June 5 paid $3,500 cash for fuel for the plane. June 6 paid office rent, $500 June 9 Paid monthly insurance premium, \$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