Week 1 Date Transaction description Paid the full amount owing to Quickdraw Peak Check No. 003. Payment foll within discount period 1 Obtained a loan of $55,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2021 and the principal of the loan is to be repaid on June 1 2024 2 Purchased 25 copies of Popular Moon Guide to the Sea of Tranquility from Stompson for 16 each terms 2/10, 1/30 2 Paid the full amount owing to Noir Novels, Check No. 904. Payment fell within discount period 3 Purchased 50 copies of To Steal a Hummingbird from Peachson for $22 each, torms net 30 3 Purchased 195 copies of Barry Potter and the Hall paid Debt with cash for $25 each. Check No. 905 Made cash sales of 56,102 during the first 4 days of the month. 0 Sold 95 copies of NYE 1983 to Bamse & Nobel for $39 each, Invoice No. 207. 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 ice and procedures for details of 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 a 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 policies and procedures Note that the relevant totals of the special Journals will be posted to the general ledger accounts at the end of the month. You will do this before you prepare the Bank Reconciliation Statement Remember to enter all answers to the nearest whole dollar. When calculating a discount, ita discount is not a whole number, round the discount to the nearest whole dollar. Then, to calculate the cash amount, subtract the discount from the original amount. . Additional Instructions Displaying selected accounting records: To save space, not all accounting records (9. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. There are several tabs representing different views of the accounting records. The active tab by default Is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab If you all in any accounting records and change the view on the page by selecting a different tab, the Information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record, Before submitting your answers, we recommend that you dick the Show All tab and check that all relevant accounting records have been completed. You are required to complete wil relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers. Journals: Each transaction recorded in a special oumal must be entered in one line. In order to receive full points, you must not split up the relevant transaction into more than one line in the special journal For certain transactions in special journals, some accounting textbooks do not always require an account to be chosen under the column labeled Account. In this practice set you are required to select an account for each transaction in the special journals. Specifically, in all special journals, under the column labeled Account, you must select the correct account name for each transaction in order to receive full points. Note that for some transactions, this will mean that the account name selected will correspond to the heading of one of the columns in that special Journal For each journal, in the Post Ref. column you will need to correctly type the account number of the account you are posting to. In particular, in special Journals, some accounting textbooks do not always require a reference to be recorded in the Post Ref. column. In this practice set, in order to receive full points, every transact entered in a special Journal requires an entry in the Ref. column that in the special Journals, if the account name selected for a transaction corresponds to the heading of Transactions - week 1 v that you have reviewed Information about Cover 2 Cover, you are ready to begin the first step in the ounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions t occurred during the first week of June Into the company's journals and post the appropriate entries to the ger accounts. The following transactions occurred throughout the first week of June: Dok 1 ate Transaction description Paid the full amount owing to Quickdraw Peak, Check No. 903. Payment fell within discount period. Obtained a loan of $55,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2021 and the principal of the loan is to be repaid on June 1, 2024. Purchased 25 copies of Popular Moon Guide to the Sea of Tranquillity from Stompson for $16 each, terms 2/10, n/30 Paid the full amount owing to Noir Novels, Check No. 904. Payment fell within discount period. Purchased 50 copies of To Steal a Hummingbird from Peachson for $22 each terms net 30. Purchased 195 copies of Barry Potter and the Half-paid Debt with cash for $25 each, Check No. 905. Made cash sales of $6,102 during the first 4 days of the month. Sold 95 copies of NYE 1983 to Bamse & Nobel for $39 each, Invoice No. 201. ter completing this practice set page, you should know how to record basic transactions in the journals ovided below and understand the posting process in the manual accounting system. Note that you will record e remaining June transactions in the following sections of this practice set. emember, one purpose of using special journals is to make the posting process more efficient by posting the tal 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 ccounting policies and procedures for details of 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 a 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 policies and procedures Note that the relevant totals of the special journals will be posted to the general ledger accounts at the end of the month. You will do this before you prepare the Bank Reconciliation Statement. Remember to enter all answers to the nearest whole dollar. When calculating a discount, if a discount is not whole number, round the discount to the nearest whole dollar. Then, to calculate the cash amount, subtract the discount from the original amount. Additional Instructions Diena Week 1 Date Transaction description Paid the full amount owing to Quickdraw Peak Check No. 003. Payment foll within discount period 1 Obtained a loan of $55,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2021 and the principal of the loan is to be repaid on June 1 2024 2 Purchased 25 copies of Popular Moon Guide to the Sea of Tranquility from Stompson for 16 each terms 2/10, 1/30 2 Paid the full amount owing to Noir Novels, Check No. 904. Payment fell within discount period 3 Purchased 50 copies of To Steal a Hummingbird from Peachson for $22 each, torms net 30 3 Purchased 195 copies of Barry Potter and the Hall paid Debt with cash for $25 each. Check No. 905 Made cash sales of 56,102 during the first 4 days of the month. 0 Sold 95 copies of NYE 1983 to Bamse & Nobel for $39 each, Invoice No. 207. 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 ice and procedures for details of 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 a 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 policies and procedures Note that the relevant totals of the special Journals will be posted to the general ledger accounts at the end of the month. You will do this before you prepare the Bank Reconciliation Statement Remember to enter all answers to the nearest whole dollar. When calculating a discount, ita discount is not a whole number, round the discount to the nearest whole dollar. Then, to calculate the cash amount, subtract the discount from the original amount. . Additional Instructions Displaying selected accounting records: To save space, not all accounting records (9. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. There are several tabs representing different views of the accounting records. The active tab by default Is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab If you all in any accounting records and change the view on the page by selecting a different tab, the Information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record, Before submitting your answers, we recommend that you dick the Show All tab and check that all relevant accounting records have been completed. You are required to complete wil relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers. Journals: Each transaction recorded in a special oumal must be entered in one line. In order to receive full points, you must not split up the relevant transaction into more than one line in the special journal For certain transactions in special journals, some accounting textbooks do not always require an account to be chosen under the column labeled Account. In this practice set you are required to select an account for each transaction in the special journals. Specifically, in all special journals, under the column labeled Account, you must select the correct account name for each transaction in order to receive full points. Note that for some transactions, this will mean that the account name selected will correspond to the heading of one of the columns in that special Journal For each journal, in the Post Ref. column you will need to correctly type the account number of the account you are posting to. In particular, in special Journals, some accounting textbooks do not always require a reference to be recorded in the Post Ref. column. In this practice set, in order to receive full points, every transact entered in a special Journal requires an entry in the Ref. column that in the special Journals, if the account name selected for a transaction corresponds to the heading of Transactions - week 1 v that you have reviewed Information about Cover 2 Cover, you are ready to begin the first step in the ounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions t occurred during the first week of June Into the company's journals and post the appropriate entries to the ger accounts. The following transactions occurred throughout the first week of June: Dok 1 ate Transaction description Paid the full amount owing to Quickdraw Peak, Check No. 903. Payment fell within discount period. Obtained a loan of $55,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2021 and the principal of the loan is to be repaid on June 1, 2024. Purchased 25 copies of Popular Moon Guide to the Sea of Tranquillity from Stompson for $16 each, terms 2/10, n/30 Paid the full amount owing to Noir Novels, Check No. 904. Payment fell within discount period. Purchased 50 copies of To Steal a Hummingbird from Peachson for $22 each terms net 30. Purchased 195 copies of Barry Potter and the Half-paid Debt with cash for $25 each, Check No. 905. Made cash sales of $6,102 during the first 4 days of the month. Sold 95 copies of NYE 1983 to Bamse & Nobel for $39 each, Invoice No. 201. ter completing this practice set page, you should know how to record basic transactions in the journals ovided below and understand the posting process in the manual accounting system. Note that you will record e remaining June transactions in the following sections of this practice set. emember, one purpose of using special journals is to make the posting process more efficient by posting the tal 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 ccounting policies and procedures for details of 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 a 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 policies and procedures Note that the relevant totals of the special journals will be posted to the general ledger accounts at the end of the month. You will do this before you prepare the Bank Reconciliation Statement. Remember to enter all answers to the nearest whole dollar. When calculating a discount, if a discount is not whole number, round the discount to the nearest whole dollar. Then, to calculate the cash amount, subtract the discount from the original amount. Additional Instructions Diena