Now ,that you have reviewed information about hi _fi way ,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 company s journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of june:

Week1

Date transaction description

June 1 purchased 2 dk800desktop computers with cash for $510 each,cheque no.603.

June1 obtained a loan of $ 57000 from ZNZ bank at a sample interest rate of 6%per year .the first interest payment is due at end of august 2020 and the principal of the loan is to be repaid on 1 june 2023.

2 paid the full amount owing to mega tech ,cheque no.604 .payment fell within discount period .

3 purchased 10 zii game consoles from JCN electrical for $110 each ,terms net 30 .

4 paid the full amount owing to big Telco,cheque no.605.payment fell within discount period.

4 sold 8 Tony ZIO MLP projectors to radio hut for $ 170 each ,invoice no.201.

5 purchased 10 swish phones from pony for $80 each ,terms 2/10,n/30.

5 made cash sales of $ 7816 during the first 5 days of the month .