Transactions $-$ week $1$

Now that you have reviewed information about Riggler's, 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

$1$ Issued Check No$.314$ for $$8,700$ to pay ZNG Property Group for two month's worth of rent in advance.

$1$ Obtained a loan of $$52,000$ from EastPac Bank at a simple interest rate of $6\%$ per year. The first

interest payment is due at the end of August $2024$ and the principal of the loan is to be repaid on June

$1,2029.$

$4$ Paid the full amount owing to East Tangiers Cooperative, Check No$.315.$

$4$ Made payment of $$813$ to PowerGen for $3$ months of electricity up to and including May $31,$ Check No$.$

$4$ Paid sales staff wages of $$1,606$ for the week up to and including yesterday, Check No$.317.$ Note that

$$1,116$ of this payment relates to the wages expense incurred during the last week of May.

$6$ Issued Check No$.318$ to Office Supplies Warehouse for the purchase of $$375$ worth of office supplies.

$7$ Sweet Tooth paid the full amount owing on their account.

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. View the company's

accounting policies and procedures for details of what is to be posted daily or monthly.