Date Transaction description 1 Obtained a loan of 541,000 from Earth Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2021 and the principal of the loan is to be repaid on June 1, 2024 2 Paid the full amount owing to Sport Borders, Check No. 603. Payment fell within discount period. 2 Paid the full amount owing to J. J. Spud, Check No. 604. Payment fell within discount period 3 Made cash sales of $4,184 during the first 3 days of the month. 4 Purchased 6 Downhill Snowboards from Good Sports for $180 each terms 2/10, 1/30 4. Sold 6 Tony Eagle Mark 3 Freestyle Skateboards to Balls in All for $204 each, Invoice No. 501 5 Purchased 5 Freestyle Snowboards with cash for $170 each, Check No. 605. 7 Purchased 5 Pipe Dream surfboards from Sports 'R Us for $150 each, terms net 30. 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 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. Show All Special Journals General Journal Subsidiary Ledgers General Ledger SALES JOURNAL Date Account Invoice No. Post Ref. Amount seled Jun (select Jun select) Jun Jun selech PURCHASES JOURNAL Terms Amount Date Account Post Ref. select Jun select Jun Jun selech 100 Select Jun