Transactions - week 1 Now that you have reviewed information about Intermaweb Computer, 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 2 3 4 10 5 5 7 7 7 Obtained a loan of $59,000 from ZNZ 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. Paid the full amount owing to JCN Electrical, Check No. 864. Payment fell outside discount period. Purchased 26 BlueBerry Phones with cash for $300 each, Check No. 865. Purchased 19 Mieca Camera Lenses from Moon Megasystems for $460 each, terms net 30. Made cash sale of 18 BlueBerry Phones for $700 each plus 5% sales tax. Paid sales staff wages of $13,323 for the week up to and including yesterday, Check No. 866. Note that $6,500 of this payment relates to the wages expense incurred during the last week of May. Purchased 16 BG90 Plasma Televisions from Pear Technology for $1,120 each, terms 2/10, n/30 Paid the full amount owing to Mega Tech, Check No. 867. Payment fell outside discount period. Sold 16 Mieca Camera Lenses to Handys Electronics for $700 each, plus 5% sales tax, Invoice No. 394.