Now that you have reviewed information about The Digital Village, 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 2022 and the principal of the loan is to be repaid on 1 June 2026.
3	Purchased 6 BlueBerry Phones from Pear Technology for $140 each, terms 2/10, n/30.
3	Purchased 2 BG90 Plasma Televisions with cash for $450 each, Cheque No. 903.
5	Purchased 3 Mieca Camera Lenses from Big Telco for $300 each, terms net 30.
6	Made cash sales of $10,025 during the first 6 days of the month.
7	Paid the full amount owing to JCN Electrical, Cheque No. 904. Payment fell within discount period.
7	Paid the full amount owing to Moon Megasystems, Cheque No. 905. Payment fell within discount period.
7	Sold 4 BG90 Plasma Televisions to Jerry Technology for $590 each, Invoice No. 501.