Date Transaction description 1 Sold 6 boxes of Disposable Napkins to Jandesh's Hot Spot for \$291 each, Invoice No. 201. 1 Obtained a loan of $47,000 from Earth Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2023 and the principal of the loan is to be repaid on June 1, 2028. 2 Purchased 7 boxes of Plastic Condiment Containers from Buena Vista Coffee for $279 each, terms net 30. 2 Paid the full amount owing to Jordo Gourmet Coffee, Check No. 903. Payment fell within discount period. 4 Made cash sales of $5,706 during the first 4 days of the month. Purchased 6 packages of Plastic Coffee Mugs with cash for $191 each, Check No. 904. Paid the full amount owing to Abejundio Coffee, Check No. 905. Payment fell within discount period. Purchased Gourmet Cream from Dominga Wholesalers for $203, terms 2/10,n/30. After completing this practice set page, you should know how to record basic transactions in the journals provide 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 3. 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. PURCHASES JOURNAL CASH RECEIPTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled above. Since all transactions in this journal affect the Cash account, you are asked to enter the name of the ap Account column so that the type of transaction can be determined by the name of the account entered into this Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Accou above. Since all transactions in this journal affect the Cash account, you are asked to enter the name of the appropria Account column so that the type of transaction can be determined by the name of the account entered into this colum GENERAL JOURNAL SUBSIDIARY LEDGERS Account: ARC - Jandesh's Hot Spot Account No. 110-3 Account: APC - Dominga Wholesalers Account No. 2101 Account: APC - Jordo Gourmet Coffee Account No. 210-2 Account: APC - Buena Vista Coffee Account No. 2103 Account: APC - Abejundio Coffee Account No. 2104 GENERAL LEDGER Account: Cash Account No. 100 Account: ARC - Accounts Receivable Control Account No. 110 Account: Merchandise Inventory Account No. 120 Account: APC-Accounts Payable Control Account No. 210 Account: Bank Loan Payable Account No. 250 Account: Sales Revenue Account No. 400 Account: Sales Discounts Account No. 402 Account: Purchases Account No. 500 Account: Purchase Discounts Account No. 502
