Now that you have reviewed information about Mercedes Blends, 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 ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2021 and the principal of the loan is to be repaid on 1 June 2025. 2 Purchased 7 bags of Dark Roast Arabica Coffee Beans from Croup Coffee for $164 each, terms net 30. 3 Purchased 7 bags of Light Roast Arabica Coffee Beans from Klam Wholesalers for $253 each, terms 2/10, n/30. 3 Paid the full amount owing to Dominga Wholesalers, Cheque No. 603. Payment fell within discount period. 4 Paid the full amount owing to East Tangiers Co-op., Cheque No. 604. Payment fell within discount period. 4 Sold 3 boxes of Plastic Plates to SloZone for $303 each, Invoice No. 501. 4 Purchased 6 boxes of Plastic Condiment Containers with cash for $199 each, Cheque No. 605. 5 Made cash sales of $7,767 during the first 5 days of the month.

Instructions for week 1

1)Record all week 1 transactions in the relevant journals.

Note that special journals must be 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 companys accounting policies and procedures. Note that the relevant totals of the special journals will be posted to the general ledger accounts at the end of the month. You will enter this after you prepare the Bank Reconciliation Statement.

Remember to enter all answers to the nearest whole dollar. When calculating a discount, if a discount is not a whole number, round the discount to the nearest whole dollar. Then, to calculate the cash at bank amount, subtract the discount from the original amount.

Here are the things you need to provide the following 4 charts: ( DO not keep anything incomplete)

SALES JOURNAL Date Account Anvoice Post Accounts Ne. Ref. Receivable Sales Tax Sales Revenue Cost of Goods Sold Jun Jun Jun Jun (Q-302. purchasesJournal Weeka) PURCHASES JOURNAL Date Account Terms Post Ref. Accounts Payable Jun Jun ODO Jun Jun (9=303.cnheceipts lournalWiki) CASH RECEIPTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the cash account, you are asked to enter the name of the appropriate account credited in these transactions into the Account column so that the type of transaction can be determined by the name of the account entered into this column Date Account Deble Cash Rel. Sales Revue Credit Sales Accounts Other Tax Receivable Accounts Cost of Geeds Sold Jun elect Jun re! Jun Jun Jun select Jun w CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account, as indicated under the additional instructions above. Since all transactions in this journal affect the cash account, you are asked to enter the name of the appropriate account debited in these transactions into the Account column so that the type of transaction can be cetermined by the name of the account entered into this column. Debat Credit Dulo Account Check Post Ral Account Merchandise Wages Other Payable Intory Expanse Account Cash Jun Jun Jun Jun Jun Jun 10.gaalweek) GENERAL JOURNAL