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Preston Hill Bed & Breakfast Accounting Transactions for the Month of April 1, 2018 Date Description April 1, 2018 Jon Edwards and Dan Fogle each invested $20,000 in a corporation to run Preston Hill Bed & Breakfast. Each were issued 2,000 shares of $10 par value common stock. April 1, 2018 The partners leased a fully furnished, established, five-bedroom room Bed & Breakfast for 3 years at $3,000 per month. The landlord required a payment of $12,000 for 4 months of rent plus a $3,000 security deposit. April 1, 2018 Purchased a minivan valued at $35,000 with a $10,000 down payment and a 3-year $25,000 note payable with an annual interest rate of 5%. The minivan has a 5-year useful life and no salvage value. 

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The monthly payment including principal and interest is $749.27 April 1, 2018 Neither partner can cook but arranged with the restaurant next door (Dora’s Diner) to provide breakfast for the guests at $10 per person per day. Grace’s Diner will bill the B & B at the end of each month for the meals provided. They must pay Dora’s Diner before the 10th of the next month. April 1, 2018 Purchased used deck furniture for $3,000 cash. The furniture has a 6-year useful life and no salvage value. April 3, 2018 Ace Computers, a local company, arranged with the B & B to provide rooms for their out of town weekday visitors at a rate of $100 per night. The B & B will bill Ace at the end of the month for rooms used. April 6, 2018 Purchased $875 of office supplies on account from ABC Office Supply. April 8, 2018 Paid invoice from Insurance company for 4 months of coverage beginning April 1, 2018 for a total of $1,200. April 8, 2018 Received $1,500 in cash and credit card receipts for room rentals for April 1 – 8, 2018. April 8, 2018 Received reservation deposits as follows: Smith Family – $250 for April 25 – 26, 2018 Harris Family – $500 for April 29 – 30, 2018 Mester Family – $375 for May 3 – 5, 2018 April 15, 2018 Paid $1,500 in wage expense for the period April 1 – April 15, 2018. April 15, 2018 Received $1,200 in cash and credit card receipts for room rentals for April 9 – 15, 2018. April 20, 2018 Received reservation deposits as follows: Plourde Family – $250 for April 25 – 26, 2018 Friedman Family – $200 for April 29 – 30, 2018 Brooks Family – $255 for June 3 – 5, 2018 April 21, 2018 Received $2,050 in cash and credit card receipts for room rentals for April 16 – 21, 2018. April 27, 2018 Refunded Harris Family deposit paid on April 8, 2018 less $50 Administrative Fee. April 29, 2018 Paid ABC Office Supply invoice for purchases on April 6, 2018. April 30, 2018 Van Payment # 1 – Total $749.27 (Principal = $645.10; Interest = $104.17) April 30, 2018 Paid $1,500 in wage expense for the period April 16 – April 30, 2018. April 30, 2018 Paid credit card in full with the following charges incurred in April 2018: Licenses and Fees – $100; Printing – $275; Dues – $100; Uniforms – $325; Advertising $560; Postage $125 April 30, 2018 Sent $975 invoice to ACE for rooms rented April 1, 2018 – April 30, 2018 April 30, 2018 Received invoice from Grace’s Diner for $380. April 30, 2018 Paid dividends to shareholders in the amount of $1,500.


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