Need help determining what goes where and for what amounts to get a better understanding Thank you Transactions week 1 Now that you have reviewed information about Ball Mart, 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 Purchased 13 sets of Minor league Base Balls from J J Spud for $220 each, terms net 30 1 Obtained a loan of $56,000 from EastPac 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 June 1, 2027 3 Purchased 21 boxes of Super Sprung Tennis Balls with cash for $80 each, Check No 879 4 Paid the full amount owing to Sports 'R Us, Check No 880 Payment fell outside discount period 4 Paid sales staff wages of $1,812 for the week up to and including yesterday, Check No 881 Note that $1,000 of this payment relates to the wages expense incurred during the last week of May 5 Purchased 20 sets of Sting Ray Golf Clubs from Addax Sports for $620 each, terms 2 10, n 30 5 Paid the full amount owing to Extreme Sports Inc, Check No 882 Payment fell outside discount period 5 Sold 19 sets of Minor league Base Balls to Balls 'n All for $360 each, plus 5 sales tax, Invoice No 363 5 Made cash sale of 39 boxes of Super Sprung Tennis Balls for $160 each plus 5 sales tax 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

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Need help determining what goes where and for what amounts to get a better understanding... Thank you! Transactions - week 1 Now that you have

Need help determining what goes where and for what amounts to get a better understanding... Thank you!

Transactions - week 1

Now that you have reviewed information about Ball-Mart, 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	Purchased 13 sets of Minor-league Base Balls from J. J. Spud for $220 each, terms net 30.
1	Obtained a loan of $56,000 from EastPac 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 June 1, 2027.
3	Purchased 21 boxes of Super-Sprung Tennis Balls with cash for $80 each, Check No. 879.
4	Paid the full amount owing to Sports 'R Us, Check No. 880. Payment fell outside discount period.
4	Paid sales staff wages of $1,812 for the week up to and including yesterday, Check No. 881. Note that $1,000 of this payment relates to the wages expense incurred during the last week of May.
5	Purchased 20 sets of Sting Ray Golf Clubs from Addax Sports for $620 each, terms 2/10, n/30
5	Paid the full amount owing to Extreme Sports Inc, Check No. 882. Payment fell outside discount period.
5	Sold 19 sets of Minor-league Base Balls to Balls 'n All for $360 each, plus 5% sales tax, Invoice No. 363.
5	Made cash sale of 39 boxes of Super-Sprung Tennis Balls for $160 each plus 5% sales tax.

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.