Week 1 1 Obtained a loan of $50,000 from EastPac Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2016 and the principal of the loan is to be repaid on 1 June 2020. 4 Purchased 24 boxes of Tennis Balls from Sport Borders for $28 each, terms 2/10, n/30. 4 Paid the full amount owing to J. J. Spud, Cheque No. 903. Payment fell within discount period. 4 Sold 19 sets of Minor-league Base Balls to Croquet and Cricket for $51 each, Invoice No. 501. 5 Purchased 19 Footballs from Good Sports for $35 each, terms net 30. 5 Made cash sales of $7,040 during the first 5 days of the month. 6 Paid the full amount owing to Hike, Cheque No. 904. Payment fell within discount period. 7 Purchased 21 Bowling Balls with cash for $20 each, Cheque No. 905