Transactions week 1 Now that you have reviewed information about Choco Holly, you are ready to begin the first step in the accounting cydle, 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 Issued Check No. 341 for $8,500 to pay Amy Wong Real Estate for two month's worth of rent in advance 1 Obtained a loan of $44,000 from ZNZ Bank at a slaple 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 Candy Rush paid the full amount owing on their account. Issued Check No. 342 to Office Supplies Warehouse for the purchase of $556 worth of office supplies Paid sales staff wages of $1,667 for the week up to and including yesterday, Check No. 343. Note that $1,121 of this payment relates to the wages expense incurred during the last week of May Paid the full amount owing to Hershes, Check No. 344 Made payment of 5807 to Integer Energy for 3 months of electricity up to and including May 31, Check No. 345 I 2 2 4 6 6 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 w what is to be posted daily or monthly Instructions for week 1 1) Record all week 1 transactions in the relevant journals Note that special journals must be used where applicable. Any transaction that cannot be recorded in special journal should be recorded in the general journal 2) Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting SD