May 1, 201X 1. Dave N. Port invested $205,000 cash into his new bookstore business called Bookstore, Inc.

May 2, 201X 2. Bookstore, Inc. took out a $500,000 loan from Bank USA, Inc. The terms of the loan state a 5.5% interest rate with the first monthly payment due July 1, 201X. The life of the loan is four years.

May3, 201X 3. Bookstore, Inc. purchased 2 sales registers costing $1,100 each. The machines were purchased on account from Business Machines, Inc. The purchase had terms of 2/10, net 30.

May 4, 201X 4. Bookstore purchased used and new books, with the intent of reselling them, for $100,000 cash, from Book Wholesalers, Inc.

May 5, 201X 5. Dave N. Port, gave $75,000 worth of books from his personal collection to Bookstore, Inc. The intent is for these bookstore be resold through the new store.

May 6, 201X 6. Bookstore, Inc. sells $5,000 of books to a local elementary school for cash. The books had a cost value of $3,000.

May 7, 201X 7. Bookstore, Inc. sells $15,000 of books on account to a local college. The terms of the sale are 2/10; n/30. The books had a cost value of $10,000.

May 8, 201X 8. Bookstore, Inc. receives an electric bill in the amount of $175 and pays it immediately.

May 9, 201X 9. The local elementary school that bought books from Bookstore, Inc. on May 6th returned $200 worth of books. Those books had a cost value of $150.

May 10, 201X 10. Bookstore, Inc. paid the balance owing to Business Machines, Inc. from the May 3rd purchase.