Transactions week 1 Now that you have reviewed information about Vinyl Revival, 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 obtained a loan of $49,000 from Earth 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 2021 3Purchased 85 AC/BC T-shirts from Toadstool records for $16 each, terms 2/10, n/30 3Paid the full amount owing to Mapster records, Check No. 603. Payment fell within discount period 3 Paid the full amount owing to UML records, Check No. 604. Payment fell within discount period 3 Made cash sales of $4,572 during the first 3 days of the month 3 Purchased 45 My Chemical Imbalance T-shirts with cash for $13 each, Check No. 605 4Sold 50 The Pixie Chicks CDs to KB Lo-Fi for $24 each, Invoice No. 501 5Purchased 40 Fate's Offspring CDs from Phin records for $14 each, terms net 30 After completing this practice set page, you should know how to record basic transactions in the journal:s 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 proceduresfor details of what is to be posted daily or monthly. Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q=301.salesJournalWeek1) SALES JOURNAL Invoice Date Accoumt Amount 0. Ref. 4 select un un un un select) select) (Q=302.purchasesJournalweek1) PURCHASES JOURNAL Post Amount Ref Date Account Terms Jun 3APC - Phin records Jun3 un un 2/10 n/30 1360 select) select select) 605 585 (Q#303.cashReceiptsJournalweek1) CASH RECEIPTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled Account, as indicated under the dditional instructions abova. Sinco all transactions in this journal affact the Cash account, you ara askad to antar the name of the appropriate account craditad in these transactions into tha Account column so that the type of transaction can be determined by the name of the account entered into this column. name of the Date Ref Sales Accounts Oher Jun Jun Jun CASH PAYMENTS JOURNAL Note: In ordar to racalve full points, for each transaction you must selact an account under the column labalad 'Account, as indicated under the additional instructions above. Since all transactions in this journal affect the Cash &ccount, you are asked to enter the name of the appropriate account transactions into the Account column so that th type of transaction can be determind by the name of the account ntered into this column. name of th debited in these th Date Ref Accounts Payable Purchace Other Accounts C Purchace Jun un un Jun un Jun Show All Special nals General Journal Subsidiary Ledgers Genera Subsidiary Ledgers General Ledger (Q-305.generalJournalWeek1) GENERAL JOURNAL Post Ref Date Account and Explanation Debit Credit luri elect elect Jun elect lui Submit answers Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q 310-110-3.AcctsRec3-week! ) SUBSIDIARY LEDGERS Account: ARC - KB Lo-Fi Account No. 110-3 Date Ref Debit Credit Balance May Jun Jun Jun 31 Balance 2,223 DR (Q#310-210-1.AcctsPay1-week1) Account: APC - Toadstool records Account No. 210-1 Date Ref Debit Credit Balance May Jun Jun Jun 31 Balance 3,424 CR (Q-310-210-2.AcctsPay2_weeki) Account: APC - Mapster records Account No. 210-2 Date Ref Debit Credit Balance May Jun Jun 31 Balance 2,417 CR Ref. May 31 Balance Jun Jun Jun 2,417 CR (Q-310-210-3.AcctsPay3 weak1) Account: APC - Phin records Account No. 210-3 Ref. 31 ce 3,604 CR Jun Jun Jun (Q-310-210-4.AcctsPay4_week1) Account: APC - UML records Account No. 210-4 2,211 CR Jun Jun Jun Show All Special Journals General Journal Subsidiary Ledgers General Ledger Q 320-100.Cash_week1) GENERAL LEDGER Account: Cash Account No. 100 Date Ref Debit Credit May Jun Jun Jun 31 Balance 22,294 DR (Q#320-110 AcctsRecControl-week1) Account: ARC - Accounts Receivable Control Account No. 110 Date Ref Debit Credit Balance May Jun Jun Jun 31 Balance 8,100 DR (Q-320-120.Inventory_week1) Account: Merchandise Inventory Account No. 120 Date Ref Debit Credit May Jun Jun Jun 31 Balance 77,477 DR Date May Jun Jun Jun Ref Debit Credit 31 Balance (Q-320-500.Purchases_week1) Account: Purchases Account No. 500 Date May Jun Jun Jun Ref Debit Credit 31 Balance (Q=320-502.PurchaseDisc-week! ) Account: Purchase Discounts Account No. 502 Date May Jun Jun Jun Ref Debit Credit Balance 31 Balance