Now that you have reviewed information about Intermaweb Computer, 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 $52,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2024 and the principal of the loan is to be repaid on June 1, 2027. 2 2 3 4 5 Purchased 19 Swish Phones from Big Telco for $500 each, terms net 30. Paid the full amount owing to Mega Tech, Check No. 889. Payment fell outside discount period. Purchased 30 Tony ZIO MLP Projectors with cash for $400 each, Check No. 890. Paid sales staff wages of $13,235 for the week up to and including yesterday, Check No. 891. Note that $6,500 of this payment relates to the wages expense incurred during the last week of May. Purchased 11 MX620 Notebook Computers from Pear Technology for $1,720 each, terms 2/10, n/30 5 Made cash sale of 8 Tony ZIO MLP Projectors for $700 each plus 5% sales tax. Your progress INTRODUCTION TRANSACTIONS WEEK S END OF MONTH POSTING FINANCIAL STATEMENTS CLOSING ENTRIES Completed: TRANSACTIONS WEEK 1 TRANSACTIONS WEEK 2 TRANSACTIONS WEEK 4 TRANSACTIONS WEEK 3 BANK RECONCILIATION WORKSHEET SCHEDULES OF ACCOUNTS ADJUSTING ENTRIES POST-CLOSING TRIAL BALANCE This page will take: YOU HAVE NOW FINISHED 2% (approximately) up to 2.5 hours Remaining pages will take: up to 18 hours The time frames we provide are a guide only. It may take you more or less time to complete each page. Your grading Your grading outcome (still in progress) Awarded Total Points (prior to this page) Points (on this page) 0 0 246 Points (after this page) Total - 831 0 1,077 6 Paid the full amount owing to JCN Electrical, Check No. 892. Payment fell outside discount period. 7 Sold 16 Swish Phones to Pikea for $820 each, plus 5% sales tax, Invoice No. 301. 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. Information from previous pages General instructions Policies and procedures All transactions Adjusting entries information Trial balance - May Schedules of accounts May Inventory cards - May Bank reconciliation - May Bank statement - June Special printing information 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.