Transactions - week 1 Now that you have reviewed information about Choco Holly, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the pratice 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 eek of June: Week 1 Date Transaction description 1 Issued Check No. 863 for $9,200 to pay ZNG Property Group for two month's worth of rent in advance I Obtained a loan of$42,000 from EastPac Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2018 and the principal of the loan is to be repaid on June 1, 2022 2 Paid the full amount owing to Brennan Imports Group, Check No. 864 2 Candy Rush paid the full amount owing on their account. 3 Made payment of $912 to Enroff for 3 months of electricity up to and including May 31, Check No. 865 3 Issued Check No. 866 to Office Supplies Warehouse for the purchase of $536 worth of office supplies 4 Paid sales staff wages of $2,082 for the week up to and including yesterday, Check No. 867. Note that $1,180 of this payment relates to the wages expense incurred during the last week of May 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 Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of most columns in the special journals after all of the transactions for the period have been recorded. However, some parts of a journal entry are still required to be posted on a daily basis. iew the company's accounting policies and procedures monthl for details of what is to be posted daily or