1.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 2018 and the principal of the loan is to be repaid on 1 June 2021.

3. Purchased 20 boxes of Tennis Balls from Sport Borders for $24 each, terms 2/10, n/30.

3. Sold 23 Rugby Balls to Great Sports for $52 each, Invoice No. 501.

3. Purchased 18 Football Jerseys with cash for $29 each, Cheque No. 903.

4. Made cash sales of $6,635 during the first 4 days of the month.

6. Purchased 4 sets of Sting Ray Golf Clubs from Good Sports for $260 each, terms net 30.

7. Paid the full amount owing to Extreme Sports Supplies, Cheque No. 904. Payment fell within discount period.

7. Paid the full amount owing to J. J. Spud, Cheque No. 905. Payment fell within discount period.

Instructions for week 1

1) Record all week 1 transactions in the relevant journals.

6/1/2018 Transactions - week 1

Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting

policies and procedures.