Week 1 Date Transaction description Paid the full amount owing to Books R Us, Check No. 603. Payment fell within discount period. Obtained a loan of $50,000 from EastPac Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2022 and the principal of the loan is to be repaid on June 1, 2025. Purchased 55 copies of Accidental Accountant from Bookheamoth for $23 each, terms 2/10, n/30. Made cash sales of $5,879 during the first 4 days of the month. Purchased 195 copies of Barry Plotter and the Deathly Taxes with cash for $20 each, Check No. 604. Paid the full amount owing to Albatross, Check No. 605. Payment fell within discount period. Sold 35 copies of Popular Moon Guide to the Sea of Tranquillity to Cough-up bookstore for $40 each, Invoice No. 501. Purchased 130 copies of A Shortened History of Space from Booked Inn for $18 each, terms net 30. 1 1 3 4 5 6 6 7 After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the manual accounting system. Note that you will record the remaining June transactions in the following sections of this practice set. Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of most columns in the special journals after all of the transactions for the period have been recorded. However, some parts of a journal entry are still required to be posted on a daily basis. View the company's accounting policies and procedures for details of what is to be posted daily or monthly. Instructions for week 1 1) Record all week 1 transactions in the relevant journals. Note that special journals must be used where applicable. Any transaction that cannot be recorded in a special journal should be recorded in the general journal. 2) Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting policies and procedures. t Yo

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Transactions - week 1
Now that you have reviewed information about Cover 2 Cover, you are ready to begin the first step in the
accounting cycle, recording transactions. On this page of the practice set, you are asked to record
transactions that occurred during the first week of June into the company's journals and post the
appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of
June:
Week 1
Date Transaction description
Paid the full amount owing to Books R Us, Check No. 603. Payment fell within discount period.
Obtained a loan of $50,000 from EastPac Bank at a simple interest rate of 6% per year. The first interest
payment is due at the end of August 2022 and the principal of the loan is to be repaid on June 1, 2025.
Purchased 55 copies of Accidental Accountant from Bookheamoth for $23 each, terms 2/10, n/30.
Made cash sales of $5,879 during the first 4 days of the month.
Purchased 195 copies of Barry Plotter and the Deathly Taxes with cash for $20 each, Check No. 604.
Paid the full amount owing to Albatross, Check No. 605. Payment fell within discount period.
Sold 35 copies of Popular Moon Guide to the Sea of Tranquillity to Cough-up bookstore for $40 each,
Invoice No. 501.
Purchased 130 copies of A Shortened History of Space from Booked Inn for $18 each, terms net 30.
1
1
3
4
5
6
6
7
After completing this practice set page, you should know how to record basic transactions in the journals
provided below and understand the posting process in the manual accounting system. Note that you will
record the remaining June transactions in the following sections of this practice set.
Remember, one purpose of using special journals is to make the posting process more efficient by posting
the total of most columns in the special journals after all of the transactions for the period have been
recorded. However, some parts of a journal entry are still required to be posted on a daily basis. View the
company's accounting policies and procedures for details of what is to be posted daily or monthly.
Instructions for week 1
1) Record all week 1 transactions in the relevant journals.
Note that special journals must be used where applicable. Any transaction that cannot be recorded in a
special journal should be recorded in the general journal.
10
2) Post entries recorded in the journals to the appropriate ledger accounts according to the company's
accounting policies and procedures.
HOV
15
The tim
take you
Your g
Your
Points
Transcribed Image Text:Transactions - week 1 Now that you have reviewed information about Cover 2 Cover, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction description Paid the full amount owing to Books R Us, Check No. 603. Payment fell within discount period. Obtained a loan of $50,000 from EastPac Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2022 and the principal of the loan is to be repaid on June 1, 2025. Purchased 55 copies of Accidental Accountant from Bookheamoth for $23 each, terms 2/10, n/30. Made cash sales of $5,879 during the first 4 days of the month. Purchased 195 copies of Barry Plotter and the Deathly Taxes with cash for $20 each, Check No. 604. Paid the full amount owing to Albatross, Check No. 605. Payment fell within discount period. Sold 35 copies of Popular Moon Guide to the Sea of Tranquillity to Cough-up bookstore for $40 each, Invoice No. 501. Purchased 130 copies of A Shortened History of Space from Booked Inn for $18 each, terms net 30. 1 1 3 4 5 6 6 7 After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the manual accounting system. Note that you will record the remaining June transactions in the following sections of this practice set. Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of most columns in the special journals after all of the transactions for the period have been recorded. However, some parts of a journal entry are still required to be posted on a daily basis. View the company's accounting policies and procedures for details of what is to be posted daily or monthly. Instructions for week 1 1) Record all week 1 transactions in the relevant journals. Note that special journals must be used where applicable. Any transaction that cannot be recorded in a special journal should be recorded in the general journal. 10 2) Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting policies and procedures. HOV 15 The tim take you Your g Your Points
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