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)

GENERAL LEDGER Account: Cash Account No. 100 Ref. Debit Credit Date May Jun Description 31 Balance Balance 90.049 DR Jun Jun Q-320-110 Actrecontrolweek) Account: ARC - Accounts Receivable Control Account No. 110 Date Rel. Deble Credit Balance Description 31 Balance May 71,693 DR Jun Jun Jun 19-320-120.Inventory_week) Account: Merchandise Inventory Account No. 120 Rul Debit Credit Date May Jun Description 31 Balance Balance 152840 DR Jun OOO Jun (Q=320-210. Apy Cowok) Account: APC - Accounts Payable Control Account No. 210 Account: APC - Accounts Payable Control Account No. 210 Rel. Deble Credir Date May Jun Description 31 Balance Balance 71,025 OR Jun Jun (Q-320-220 Wagese weckt) Account: Wages Payable Account No. 220 Date Description 31 Balance Jun Ret: Debit Credit Balance 6,500 OR MW oll Jun Jun (-320-240. TxCollected_wkl) Account: Sales Tax Payable Account No. 240 Date Description May 31 Balance Jun Ret. Debit Credit Balance 12.389 CR DO Jun Jun (0-320-20.Lawak IQ-320-250.Lorible week) Account: Bank Loan Payable Account No. 250 Date Ref. Dobil Credit Balance Description 31 Balance May Jun Jun Jun Q-320-400. Salve week) Q-320-400. Sales Revenue_week) Account: Sales Revenue Account No. 400 Ref. Debil Credit Balance Date May Jun Description 31 Balance Jun Jun 10320-500.Co week) Account: Cast of Goods Sold Account No. 500 Date Ref. Dubull Credit Balance Description 31 Balance Jun Jun Jun Q=320-516 gestresst week) Account: Wages Experise Account No. 516 Date Ref. Debit Credit Balance Description 31 Balance May Jun Jun OOO Jun (Q=130. Inventory_week) GENERAL LEDGER Account: Cash Account No. 100 Ref. Debit Credit Date May Jun Description 31 Balance Balance 90.049 DR Jun Jun Q-320-110 Actrecontrolweek) Account: ARC - Accounts Receivable Control Account No. 110 Date Rel. Deble Credit Balance Description 31 Balance May 71,693 DR Jun Jun Jun 19-320-120.Inventory_week) Account: Merchandise Inventory Account No. 120 Rul Debit Credit Date May Jun Description 31 Balance Balance 152840 DR Jun OOO Jun (Q=320-210. Apy Cowok) Account: APC - Accounts Payable Control Account No. 210 Account: APC - Accounts Payable Control Account No. 210 Rel. Deble Credir Date May Jun Description 31 Balance Balance 71,025 OR Jun Jun (Q-320-220 Wagese weckt) Account: Wages Payable Account No. 220 Date Description 31 Balance Jun Ret: Debit Credit Balance 6,500 OR MW oll Jun Jun (-320-240. TxCollected_wkl) Account: Sales Tax Payable Account No. 240 Date Description May 31 Balance Jun Ret. Debit Credit Balance 12.389 CR DO Jun Jun (0-320-20.Lawak IQ-320-250.Lorible week) Account: Bank Loan Payable Account No. 250 Date Ref. Dobil Credit Balance Description 31 Balance May Jun Jun Jun Q-320-400. Salve week) Q-320-400. Sales Revenue_week) Account: Sales Revenue Account No. 400 Ref. Debil Credit Balance Date May Jun Description 31 Balance Jun Jun 10320-500.Co week) Account: Cast of Goods Sold Account No. 500 Date Ref. Dubull Credit Balance Description 31 Balance Jun Jun Jun Q=320-516 gestresst week) Account: Wages Experise Account No. 516 Date Ref. Debit Credit Balance Description 31 Balance May Jun Jun OOO Jun (Q=130. Inventory_week)