Bookmark Previous pages Being completed by: Nischal7 Transactions - week 1 Now that you have reviewed information about Disc-O-Tech, 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 transaction that occurred during the first week of June into the company's journals and post the appropriate entries to ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction description 1 2 3 12 4 66 Issued Cheque No. 849 for $8,300 to pay Amy Wong Real Estate for two month's worth of rent in advance. Issued Cheque No. 850 to Office Supplies Warehouse for the purchase of $543 worth of office supplies Paid the full amount owing to Pony OMC records, Cheque No. 851 Paid sales staff wages of $2,349 for the week up to and including yesterday, Cheque No. 852 Note that $1,429 of this payment relates to the wages expense incurred during the last week of May Mel O'Dius paid the full amount owing on their account Made payment of $913 to Enroff for 3 months of electricity up to and including 31 May, Cheque No. 853 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 recor 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