Now that you have reviewed information about Moondollars, 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 $46,000 from BitiBank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2017 and the principal of the loan is to be repaid on 1 June 2022. 2 Purchased Chocolate Sprinkles from Buena Vista Coffee for $406, terms net 30. 2 Paid the full amount owing to Abejundio Coffee, Cheque No. 603. Payment fell within discount period. 2 Purchased Coffee Cup Lids with cash for $155, Cheque No. 604. A Purchased Gourmet Cubed Sugar from Croup Coffee for $367, terms 2/10, n/30. A UI A Sold 3 bags of Chocolate Coated Coffee Beans to Central Coffee for $1, 170 each, Invoice No. 201. Made cash sales of $6,558 during the first 4 days of the month. Paid the full amount owing to Brazil Imports Group, Cheque No. 605. Payment fell within discount period. 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