Bookmark Previous pages Manual Accounting Practice Set Tech Head, Australasian Edition 3 Being completed by: alina_1002 Saved Transactions - week 1 Now that you have reviewed information about Tech Head, 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 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 2022 and the principal of the loan is to be repaid on 1 June 2026. 4 6 6 6 6 6 7 Made cash sales of $5,624 during the first 4 days of the month. Purchased 3 Mieca Camera Lenses from Moon Megasystems for $270 each, terms net 30. Purchased 7 MePod Multimedia Players from JCN Electrical for $100 each, terms 2/10, n/30. Paid the full amount owing to Big Telco, Cheque No. 903. Payment fell within discount period. Sold 3 BG90 Plasma Televisions to Jerry Technology for $590 each, Invoice No. 501. Purchased 7 Swish Phones with cash for $80 each, Cheque No. 904. Paid the full amount owing to Mega Tech, Cheque No. 905. Payment fell within discount period. Your progress INTADDUCTION TRANSACTION TRANSACTIONS WEEN TRANSACTIONS TRANSACTIONS RECONCILIATION POSTING PORT-CLONING TRIAL BALANCE Completed: ADJUSTING OF ACCOUNTS FINANCIAL This page will take: 3% (approximately) up to 2 hours Remaining pages will take: up to 14.5 hours The time frames we provide are a guide only. It may take you more or less time to complete each page. Your grading Your grading outcome (still in progress) Awarded Total Points (prior to this page) 0 0 184 Points (after this page) Total: 852 0 1,036 Points (on this page) Information from previous pages General instructions Policies and procedures All transactions Adjusting entries information Trial balance May Schedules of accounts-May Bank reconciliation - May Bank statement June 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. 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 enter this after 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 at bank amount, subtract the discount from the original amount.