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 oppropriate entries to the ledger accounts. The following transactions occuried throughout the first week of June: Week 1 Date Transaction description 1 Obtained a loan of $53,000 from BitiBank 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 Paid the full amount owing to Sport Borders, Check No, 843. Payment fell outside discount period. Purchased 24 boxes of radio-chipped Golf Balls with cash for $160 each, Check No. 844. Purchased 15 pairs of Football Boots from Extreme Sports ino for $260 each, terms net 30 . Purchased 13 MJO Basketball Sets from Addax Sports for $320 each, terms 2/10, n30 Paid sales staff wages of $2,198 for the week up to and including yesterday, Check No. 845. Note that $1,000 of this payment relates to the wages expense incurred during the last week of May. 6 Paid the full amount owing to Hike, Check No. 846. Payment foll outside discount period. Sold 10 pairs of Football Boots to Jump Around for $360 each, plus 5% sales tax, Invoice No. 304. 7 Made cash sale of 23 boxes of radio-chipped Golf Balls for $320 esch 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 transactians in the following sections of this practice set. Remember, ane 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 recordiod. However, somve parts of a journal entry are still reguired to be posted on a daily basis. Viev the company's accounting policles and ococedureser for details of what is to be posted deily or monthly: Instructions for week 1 1) Record all week 1 transactions in the relevant journals. Note that special foumals must bo 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 accountino policies and niocedurestr. Note that the relevant totals of the special joumals will be posted to the general ledger accounts at the end of the month. You will enter this before you prepare the Bank Reconcillation Staternent. 3) Update inventory cards on a daily basts. Reniember to enter at anowern to the nearest whole dollar. When calculating a discount, if o discount is not, a whole number, round the digcount to the nearest whole follsr. Then, to calculate the cash at bank armount. subtract the discount from the originaliamount Additional instructions Displaying selected accounting recerds: However, on each page you cian acceies ail accountioul recordin necressirv to amperer the questions on that page. appropgiate tab. Can see that accolintire recorric tecorder befare precinco Journaint SALES JOURNAL PURCHASES JOURNAL CASH RECEIPTS JOURNAL. CASH PAYMENTS JOURNAL 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 oppropriate entries to the ledger accounts. The following transactions occuried throughout the first week of June: Week 1 Date Transaction description 1 Obtained a loan of $53,000 from BitiBank 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 Paid the full amount owing to Sport Borders, Check No, 843. Payment fell outside discount period. Purchased 24 boxes of radio-chipped Golf Balls with cash for $160 each, Check No. 844. Purchased 15 pairs of Football Boots from Extreme Sports ino for $260 each, terms net 30 . Purchased 13 MJO Basketball Sets from Addax Sports for $320 each, terms 2/10, n30 Paid sales staff wages of $2,198 for the week up to and including yesterday, Check No. 845. Note that $1,000 of this payment relates to the wages expense incurred during the last week of May. 6 Paid the full amount owing to Hike, Check No. 846. Payment foll outside discount period. Sold 10 pairs of Football Boots to Jump Around for $360 each, plus 5% sales tax, Invoice No. 304. 7 Made cash sale of 23 boxes of radio-chipped Golf Balls for $320 esch 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 transactians in the following sections of this practice set. Remember, ane 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 recordiod. However, somve parts of a journal entry are still reguired to be posted on a daily basis. Viev the company's accounting policles and ococedureser for details of what is to be posted deily or monthly: Instructions for week 1 1) Record all week 1 transactions in the relevant journals. Note that special foumals must bo 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 accountino policies and niocedurestr. Note that the relevant totals of the special joumals will be posted to the general ledger accounts at the end of the month. You will enter this before you prepare the Bank Reconcillation Staternent. 3) Update inventory cards on a daily basts. Reniember to enter at anowern to the nearest whole dollar. When calculating a discount, if o discount is not, a whole number, round the digcount to the nearest whole follsr. Then, to calculate the cash at bank armount. subtract the discount from the originaliamount Additional instructions Displaying selected accounting recerds: However, on each page you cian acceies ail accountioul recordin necressirv to amperer the questions on that page. appropgiate tab. Can see that accolintire recorric tecorder befare precinco Journaint SALES JOURNAL PURCHASES JOURNAL CASH RECEIPTS JOURNAL. CASH PAYMENTS JOURNAL