A Transactions - week 1 1 Now that you have reviewed information about Outsport, you are ready to begin the first step in the accounting cyde, 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 Issued Cheque No. 891 for $9,300 to pay Barry White Real Estate for two month's worth of rent in advance 3 Paid the full amount owing to Sport Borders, Cheque No. 892. 4 Paid sales staff wages of $1,873 for the week up to and including yesterday, Cheque No. 893. Note that $1,143 of this payment relates to the wages expense incurred during the last week of May. 4 Issued Cheque No. 894 to Office Supplies Warehouse for the purchase of $556 worth of office supplies. 5 Great Sports paid the full amount owing on their account. 7 Made payment of $869 to Integer Energy for 3 months of electricity up to and including 31 May. Cheque No. 895 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 SALES JOURNAL Invoice No. Account Post Ref. Accounts Receivable Cost of Sales Date Kselect) Jun (select) Jun (select) Jun select) Jun PURCHASES JOURNAL Date Account Terms Post Ref. Accounts Payable Jun select) > Jun (select