Transactions for June You willise the following five weecic of transactions as you complete the books for lune. Note thot the thansogatons are divided inta five fieparate weeks. This is because you will that enter this whole bat of transactions on any one poge you will be ofyen five separate pages in ghilh to enter the trinsuctions for each of the five weeks. Date Description Weck 1 1 Obtained a toan of 544,000 trom Earth Bank at a simple interest rate of 6% per year. The first interest paymont is due-at the ond of August 2023 and the principal of the lone is to ba repoid on Jurie 1,2027 2 Purthased 10 5wah Phonos from Pony for 5420 0ach, terms net 30 2. Purchased 25 Tony ZIO ML.P Projectors with cash for 5320 each, Check No. 861. 4 Purchaned 12 MePod Multimodia Players from Pear Technology for $640 each, lerms 2/10, n/30 5. Paid sales stati wages of 312,93 i for the woek up to and including yosterday, Check No. B62. Note that $6,500 of thit payment relates to the wages oxpense incutred during the last woek of May Paid the tull amount cwing to Mega Tech, Check Wo. Bes. Payment Lell outside discount period. Bold 14 Swich Phanes to Radio Hut for $720 each, plus SN, sales tax, involce No, 431 Mate cabh nale of 10 fomy ZiO MLP Projectors for 5640 each plus 5% halos tax Paid the fut amount oming to JCN Electrical Check No BbA Payment fell outside discount patiod. Week? 0. Paid the full amount cwing to Big Toico, Check No, B665 10 Mande payment of 51,386 to State Pownr for 3 montns of eleclricily up to and including May 31, Chock No, B86. 11 Jorry Technobgy paid the full amount owing on their aocount. 12 Sold 20 NP759 3D.FD Rocordork to Pikea for \$2,360 abch, plis 5% saleo tak, trvaice No. A32. 12. Paid sales stall wapes of \$13,200 for the woek up to and incheding yosterday, Chock No. 8a7. 13. Made caali sale of q Mx6200 Nolobook Computors for 52,140 each plos 5% sales tax. 15 Paid 53.600 for one manthis rent of the show toom (from 16 June to 15 July inclusivo), Chock No 868 . Pikea paid $20,000 in partial payment of their account Sold 45 MePod Multimedia Players to Handys Electronics for 5060 each, plus 5% sales tax, Invoico No, 433. Redio Hut paid the full amount waing on their acoount. Paid sales staff wagos of $12.862 for the week up to and including yosterday, Chock. No. 869 Made cash saie of 35 Tony 210 MLP Projoctors for a list peice of 3640 each plus 5% salos tax, A trade discount of 25% applies. Raceived a purthase order trom Pikea Ceated a corresponding sales order to deliver 6 NR759 3D.HD Recorders to this custamat for $2,360 each plus 5 *h salest tith invoice No.434 Weck 4 24 Order ou 14 Muprod Multimedia Piayors from Mogo Tech for S640 each, ogreed lemms with Mega Tech aro 2/10, n/30: 25 Paid the furl amount owing to Pony Cneck No-870. 26 Paid talns stalf waiges of \$13,327 for the wook up to and inciuding yesterday, Check No. B71. 27. Paid the full amcunt owing to Pear Technology Clock No. B72. Payment foll outside discount poriod: 27 Made cash kale of S4 5 wash Phones for $720 each phis 57 stalis tax. Week 5 29 Received 14 MePod Multimedia Players for $640 each, which were ordered on the 24th, agreed terms with Mega Tech are 2/10, n/30. 29 Made cash sale of 11 MX620 Notebook Computers for $2,140 each plus 5% sales tax. 30 Hypertronics paid the full amount owing on their account 30 Purchased 21 NR759 3D-HD Recorders with cash for a list price of $1,200 each. A trade discount of 25% applies, Check No. 873. 30 Paid monthly salary of $6,000 to Jimmy Bothe, Check No. 874. Adjusting entries information King the tollowing intormation, you wili recoed end of month adgustments: - Oflice Fumiture awned by the bushiess: original purchase price was- $10,000, estimated useful life was 4 yoars, and ejtimathd residual value was $1,000 at the end of the useful ilfe. Depreciation is calculated on a monthly basts asing the stralght line method, The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of manths in a veat - OHice Equipment owned by the businems: original purchase price was $40,000, estimated useful nfe was 9 vears, aod estimated reshlsal walue was $5,000 at the end of the useful lifo. Degrecintion is calculated on a monthly basts using the stralght line reethod. The monthly depreciation charge is calculated as the yoarly depreciation expense divided ty the numbel of months in a year. - The waiter usage for the month of Jane is intimated to be 5113. - The eitinsated electicity payable as at the end of the month is $471. - Sales statf work every single diny during the woek including weekends and are paid on a woekly basks. Woges were last paid up to and including 25 June. Wages incurrent after that doy (from June 26 to June 30 indlunive) are estimated to have been $1,900 per day. - Internst ewesense incurred daing the month of June but not yet pald to Earth Bank for the bank loan is $220. - Interest eamed from short-tem investments in AMPMC barik for the month of Jane is $110. - Oftice supplies totaling 51,934 are stil on hard at June 0. - 15 dayti of rent remained pre-paid at the start af June. - 3 monthis of advertieing remained pre-paid ot the start of June. - 5 macths of insurance remained pre-paid at the start of lune. Whan calcututing the portion of prepaymenth that exples diuing the month of June, you are asked to assume that an equal amount of expense is incurred per month. Antar tahing o phyical count of inventory ot the end of the month, the balance of inventory on hand as at June 30 is found to be equal to the closing bakance-of the Merchandoe toventory account. This mecans there is no adjlusting entry required for inventory shrinkage. Date Transaction description 1 Obtained a loan of $44,000 from Earth Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2023 and the principal of the loan is to be repaid on June 1, 2027. Purchased 10 Swish Phones from Pony for $420 each, terms net 30 . Purchased 25 Tony ZIO MLP Projectors with cash for $320 each, Check No. 861. Purchased 12 MePod Multimedia Players from Pear Technology for $640 each, terms 2/10,n/30 Paid sales staff wages of $12,939 for the week up to and including yesterday, Check No. 862. Note that $6,500 of this payment relates to the wages expense incurred during the last week of May. Paid the full amount owing to Mega Tech, Check No. 863. Payment fell outside discount period. Sold 14 Swish Phones to Radio Hut for $720 each, plus 5% sales tax, Invoice No. 431. Made cash sale of 10 Tony ZIO MLP Projectors for $640 each plus 5% sales tax. Paid the full amount owing to JCN Electrical, Check No. 864. Payment fell outside 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