ALL transactions instead of just week 1 please. See bank reconciliation for check amounts. If you have trouble with reading any of these please open in another tab. Thank you!

Week 1 1 Obtained a loan of $42,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal of the loan is to be repaid on June 1, 2023 2 Paid the full amount owing to Phin records, Check No. 603. Payment fell within discount period. 3 Paid the full amount owing to Black label, Check No. 604. Payment fell within discount period. 5 Purchased 100 Boony & the Noobs CDs from Pony OMC records for $18 each, terms net 30. 5 Purchased 200 Mandy Amp and the Thought Police CDs from UML records for $14 each terms 2/10, 1/30. 5 Purchased 55 My Chemical Imbalance T-shirts with cash for $20 each, Check No 605 6 Sold 100 The Vibes CDs to The Wikie Wah Hut for $38 each, Invoice No. 201. 6 Made cash sales of $8,351 during the first 6 days of the month. Week 2 10 Dan Serr paid the full amount owing on their account. Since Dan Serr has been a loyal customer from the day the business commenced, a 10% discount was given for this early repayment. 11 Paid the full amount owing to Shack records, Check No. 606. 13 Made cash sales of $11,619 during the week. 13 The Wikie Wah Hut returned $3,324 worth of product. Issued a Credit Memorandum for $3,324. 14 Sold 35 My Chemical Imbalance T-shirts to Council Records for $56 each Invoice No 202 Week 3 15 Council Records paid $1,300 in partial payment of their account. 15 The Wikie Wah Hut paid the full amount owing on their account. 15 Paid sales staff wages of $5,525 for the two weeks up to and including yesterday, Check No. 607 17 Sold 170 Best of the 1870s, 80s & 90s Albums to Brashs world records for $16 each, Invoice No. 203 18 Returned $2,415 worth of faulty product to Pony OMC records. Received a Credit Memorandum for $2,415. 20 Made cash sales of $10,417 during the week. 20 Received a purchase order from Council Records. Created a corresponding sales order to deliver 50 Fate's Offspring CDs to this customer for $37 each, Invoice No. 204. Week 4 25 Paid the full amount owing to UML records, Check No. 608. 25 Ordered 220 Cray-Z Albums from Black label for $15 each, agreed terms with Black label are 2/10, 1/30. 27 Delivered 50 Fate's Offspring CDs to Council Records for $37 each, Invoice No. 204, which was ordered on the 20th 27 Made cash sales of $11,710 during the week. 28 Paid the full amount owing to Pony OMC records, Check No. 609 Week 5 29 Received 220 Cray-Z Albums for $15 each, which were ordered on the 25th, agreed terms with Black label are 2/10, 1/30. 29 D-Funkt Records paid the full amount owing on their account. 29 Paid sales staff wages of $5,250 for the two weeks up to and including yesterday, Check No. 610. 30 Made cash sales of $4,550 during the last 3 days of the month. 30 Paid monthly salary of $5,100 to Katharine Chadwick, Check No 611 Print Close Debit Credit $720 $6,900 $1,500 $42,000 $3,346 $1,266 $8,351 $1,100 $1,351 $2,811 Date Particulars JUN 1 BALANCE BROUGHT FORWARD JUN 1 DEPOSIT - Dan Serr JUN 1 601 JUN 2 602 JUN 5 LOAN JUN 5 DEPOSIT - D-Funkt Records JUN 8 604 JUN 8 DEPOSIT - Cash sales JUN 8 605 JUN 9 603 JUN 13 606 JUN 14 DEPOSIT - Dan Serr JUN 14 DEPOSIT - Cash sales JUN 17 DEPOSIT - Council Records JUN 18 607 JUN 19 NSF CHECK- Council Records JUN 23 DEPOSIT - Cash sales JUN 29 609 JUN 29 DEPOSIT - Cash sales JUN 30 610 JUN 30 611 JUN 30 INTEREST JUN 30 SERVICE CHARGE Balance $25,488 CR $26,208 CR $19,308 CR $17,808 CR $59,808 CR $63,154 CR $61,888 CR $70,239 CR $69,139 CR $67,788 CR 564,977 CR $68,574 CR $80,193 CR $81,493 CR $75,968 CR $74,668 CR 585,085 CR $80,881 CR $92,591 CR $87,341 CR $82,241 CR $82,421 CR $82,414 CR $3,597 $11,619 $1,300 $5,525 $1,300 $10,417 $4,204 $11,710 $5,250 $5,100 $180 $7 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 procedurese. Note that the relevant totals of the special journals will be posted to the general ledger accounts at the end of the month. You will do this before you prepare the Bank Reconciliation Statement. Remember to enter all answers to the nearest whole dollar. When calculating a discount, if a discount is not a whole number, round the discount to the nearest whole dollar. Then, to calculate the cash amount, subtract the discount from the original amount. Additional instructions Displaying selected accounting records: To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. There are several tabs representing different views of the accounting records. The active tab by default is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab. If you fill in any accounting records and change the view on the page by selecting a different tab, the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record. Before submitting your answers, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. You are required to complete all relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers. Journals: Each transaction recorded in a special journal must be entered in one line. In order to receive full points, you must not split up the relevant transaction into more than one line in the special journal. For certain transactions in special journals, some accounting textbooks do not always require an account to be chosen under the column labeled Account. In this practice set you are required to select an account for each transaction in the special journals. Specifically, in all special journals, under the column labeled Account, you must select the correct account name for each transaction in order to receive full points. Note that for some transactions, this will mean that the account name selected will correspond to the heading of one of the columns in that special journal. For each journal, in the Post Ref. column you will need to correctly type the account number of the account you are posting to. In particular, in special journals, some accounting textbooks do not always require a reference to be recorded in the Post Ref. column. In this practice set, in order to receive full points, every transaction entered in a special journal requires an entry in the Post Ref. column. Note that in the special journals, if the account name selected for a transaction corresponds to the heading of one of the columns in that special journal, the post ref is to be recorded as an X. This is because these transactions are not posted on a daily basis. order to receive full points, you must record only the letter X in the Post Ref. column for these transactions. There may be entries in the general journal that require posting to both a control account and a subsidiary ledger. In these cases, after you have posted to both ledgers, you should enter the reference for both the general ledger account and the subsidiary ledger account in the Post Ref. column to indicate that you have posted to both accounts. For example, if the reference number for the control account is 110 and the reference number for the subsidiary ledger account is 110-1, you should type '110/110-1' into the Post Ref. column. General journal entries do NOT require a description the journal entries. Ledgers: When posting a transaction to a ledger account, under the Description column, please type the description of the transaction directly into the field. The exact wording does not matter for grading purposes. For example, it does not matter in an electricity transaction if you type 'Paid for electricity' or 'Paid electricity bill'. Week 1 1 Obtained a loan of $42,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal of the loan is to be repaid on June 1, 2023 2 Paid the full amount owing to Phin records, Check No. 603. Payment fell within discount period. 3 Paid the full amount owing to Black label, Check No. 604. Payment fell within discount period. 5 Purchased 100 Boony & the Noobs CDs from Pony OMC records for $18 each, terms net 30. 5 Purchased 200 Mandy Amp and the Thought Police CDs from UML records for $14 each terms 2/10, 1/30. 5 Purchased 55 My Chemical Imbalance T-shirts with cash for $20 each, Check No 605 6 Sold 100 The Vibes CDs to The Wikie Wah Hut for $38 each, Invoice No. 201. 6 Made cash sales of $8,351 during the first 6 days of the month. Week 2 10 Dan Serr paid the full amount owing on their account. Since Dan Serr has been a loyal customer from the day the business commenced, a 10% discount was given for this early repayment. 11 Paid the full amount owing to Shack records, Check No. 606. 13 Made cash sales of $11,619 during the week. 13 The Wikie Wah Hut returned $3,324 worth of product. Issued a Credit Memorandum for $3,324. 14 Sold 35 My Chemical Imbalance T-shirts to Council Records for $56 each Invoice No 202 Week 3 15 Council Records paid $1,300 in partial payment of their account. 15 The Wikie Wah Hut paid the full amount owing on their account. 15 Paid sales staff wages of $5,525 for the two weeks up to and including yesterday, Check No. 607 17 Sold 170 Best of the 1870s, 80s & 90s Albums to Brashs world records for $16 each, Invoice No. 203 18 Returned $2,415 worth of faulty product to Pony OMC records. Received a Credit Memorandum for $2,415. 20 Made cash sales of $10,417 during the week. 20 Received a purchase order from Council Records. Created a corresponding sales order to deliver 50 Fate's Offspring CDs to this customer for $37 each, Invoice No. 204. Week 4 25 Paid the full amount owing to UML records, Check No. 608. 25 Ordered 220 Cray-Z Albums from Black label for $15 each, agreed terms with Black label are 2/10, 1/30. 27 Delivered 50 Fate's Offspring CDs to Council Records for $37 each, Invoice No. 204, which was ordered on the 20th 27 Made cash sales of $11,710 during the week. 28 Paid the full amount owing to Pony OMC records, Check No. 609 Week 5 29 Received 220 Cray-Z Albums for $15 each, which were ordered on the 25th, agreed terms with Black label are 2/10, 1/30. 29 D-Funkt Records paid the full amount owing on their account. 29 Paid sales staff wages of $5,250 for the two weeks up to and including yesterday, Check No. 610. 30 Made cash sales of $4,550 during the last 3 days of the month. 30 Paid monthly salary of $5,100 to Katharine Chadwick, Check No 611 Print Close Debit Credit $720 $6,900 $1,500 $42,000 $3,346 $1,266 $8,351 $1,100 $1,351 $2,811 Date Particulars JUN 1 BALANCE BROUGHT FORWARD JUN 1 DEPOSIT - Dan Serr JUN 1 601 JUN 2 602 JUN 5 LOAN JUN 5 DEPOSIT - D-Funkt Records JUN 8 604 JUN 8 DEPOSIT - Cash sales JUN 8 605 JUN 9 603 JUN 13 606 JUN 14 DEPOSIT - Dan Serr JUN 14 DEPOSIT - Cash sales JUN 17 DEPOSIT - Council Records JUN 18 607 JUN 19 NSF CHECK- Council Records JUN 23 DEPOSIT - Cash sales JUN 29 609 JUN 29 DEPOSIT - Cash sales JUN 30 610 JUN 30 611 JUN 30 INTEREST JUN 30 SERVICE CHARGE Balance $25,488 CR $26,208 CR $19,308 CR $17,808 CR $59,808 CR $63,154 CR $61,888 CR $70,239 CR $69,139 CR $67,788 CR 564,977 CR $68,574 CR $80,193 CR $81,493 CR $75,968 CR $74,668 CR 585,085 CR $80,881 CR $92,591 CR $87,341 CR $82,241 CR $82,421 CR $82,414 CR $3,597 $11,619 $1,300 $5,525 $1,300 $10,417 $4,204 $11,710 $5,250 $5,100 $180 $7 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 procedurese. Note that the relevant totals of the special journals will be posted to the general ledger accounts at the end of the month. You will do this before you prepare the Bank Reconciliation Statement. Remember to enter all answers to the nearest whole dollar. When calculating a discount, if a discount is not a whole number, round the discount to the nearest whole dollar. Then, to calculate the cash amount, subtract the discount from the original amount. Additional instructions Displaying selected accounting records: To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. There are several tabs representing different views of the accounting records. The active tab by default is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab. If you fill in any accounting records and change the view on the page by selecting a different tab, the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record. Before submitting your answers, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. You are required to complete all relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers. Journals: Each transaction recorded in a special journal must be entered in one line. In order to receive full points, you must not split up the relevant transaction into more than one line in the special journal. For certain transactions in special journals, some accounting textbooks do not always require an account to be chosen under the column labeled Account. In this practice set you are required to select an account for each transaction in the special journals. Specifically, in all special journals, under the column labeled Account, you must select the correct account name for each transaction in order to receive full points. Note that for some transactions, this will mean that the account name selected will correspond to the heading of one of the columns in that special journal. For each journal, in the Post Ref. column you will need to correctly type the account number of the account you are posting to. In particular, in special journals, some accounting textbooks do not always require a reference to be recorded in the Post Ref. column. In this practice set, in order to receive full points, every transaction entered in a special journal requires an entry in the Post Ref. column. Note that in the special journals, if the account name selected for a transaction corresponds to the heading of one of the columns in that special journal, the post ref is to be recorded as an X. This is because these transactions are not posted on a daily basis. order to receive full points, you must record only the letter X in the Post Ref. column for these transactions. There may be entries in the general journal that require posting to both a control account and a subsidiary ledger. In these cases, after you have posted to both ledgers, you should enter the reference for both the general ledger account and the subsidiary ledger account in the Post Ref. column to indicate that you have posted to both accounts. For example, if the reference number for the control account is 110 and the reference number for the subsidiary ledger account is 110-1, you should type '110/110-1' into the Post Ref. column. General journal entries do NOT require a description the journal entries. Ledgers: When posting a transaction to a ledger account, under the Description column, please type the description of the transaction directly into the field. The exact wording does not matter for grading purposes. For example, it does not matter in an electricity transaction if you type 'Paid for electricity' or 'Paid electricity bill