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 JOURNAL Date Account and Explanation Post Ref. Doble Credit lun hun Jun Q-310-110-J.Ac3 week) SUBSIDIARY LEDGERS Account: ARC-Handys Dlectronics Account No. 110-3 Date Description May 31 Balance Jun Ref. Debit Cruchy Balance 49.300 DR Jun llo Jun (Q-310-210-11 week Account: APC JCN Electrical Account No. 210-1 Rul. Debit Crudy Date May Jun Description 31 Balance Balance 6.420 CR Jun bolo Jun (Q-310-210-2.A2) Account: APC - Moon Megasystems Account No. 210-2 (Q-310-210-22 W) Account: APC - Moon Megasystems Account No. 210-2 Date Ref. Debit Credly Description 31 Balance Balance 6.500 CR May Jun Jun GO BOB Jon (Q=320-210-3. ACCEPS Week) Account: APC - Par Technology Account No. 210-3 Ref. Deble Credly Date May Jun Description 31 Balance Bate 40.305 CR Jun GO Account: APC - Mega Tech Account No. 210-4 Ref. Debill Credit Date May Jun Description 31 Balance Balance 9.800 CR Jun Jun Q320-100 Cawki) GENERAL LEDGER