now that you have reviewed information about icandy, 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 obtained a loan of $47,000 from eastpac bank at a simple interest rate of 6% per year. the first interest payment is due at the end of august 2020 and the principal of the loan is to be repaid on 1 june 2024. 2 paid the full amount owing to gillard wholesalers, cheque no. 903. payment fell within discount period. 3 made cash sales of $5,089 during the first 3 days of the month. 4 paid the full amount owing to hershel's, cheque no. 904. payment fell within discount period. 4 purchased 18 boxes of hazelnut toffee with cash for $70 each, cheque no. 905. 6 purchased 22 boxes of fruit drops from brennan imports group for $60 each, terms net 30. 6 purchased 23 boxes of peppermint sticks from east tangiers cooperative for $40 each, terms 2/10, n/30. 6 sold 10 boxes of hazelnut toffee to sweet tooth for $100 each, invoice no. 501