Record all week 1 transactions in the relevant journals.

1. sales journal

2. purchases journal

3. cash receipts journal

4. cash payments journal

5. general journal

Week 1 Date Transaction description Obtained a loan of $55,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal of the loan is to be repaid on June 1, 2024 4 Purchased 290 Cray-Z Albums from Phin records for $20 each terms net 30. Paid the full amount owing to Pony OMC records, Check No. 603. Payment fell within discount period Made cash sales of $6,703 during the first 4 days of the month. 5 Purchased 180 Sounds of Meerkats CDs from Promiscuous records for $10 each, terms 2/10, n/30. Paid the full amount owing to UML records, Check No. 604. Payment fell within discount period. Purchased 65 AC/BC T-shirts with cash for $27 each, Check No. 605. 6 Sold 80 Evan Handed and the Handymen CDs to Obsenity Records for $23 each, Invoice No. 501. 5 Week 1 Date Transaction description Obtained a loan of $55,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal of the loan is to be repaid on June 1, 2024 4 Purchased 290 Cray-Z Albums from Phin records for $20 each terms net 30. Paid the full amount owing to Pony OMC records, Check No. 603. Payment fell within discount period Made cash sales of $6,703 during the first 4 days of the month. 5 Purchased 180 Sounds of Meerkats CDs from Promiscuous records for $10 each, terms 2/10, n/30. Paid the full amount owing to UML records, Check No. 604. Payment fell within discount period. Purchased 65 AC/BC T-shirts with cash for $27 each, Check No. 605. 6 Sold 80 Evan Handed and the Handymen CDs to Obsenity Records for $23 each, Invoice No. 501. 5