Week 1

DateTransaction description

1 Purchased 18 boxes of Cray-Z albums from UML records for $380 each, terms net 30.

1 Obtained a loan of $54,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal of the loan is to be repaid on June 1, 2023.3Purchased 14 boxes of My Chemical Imbalance Albums from Shack records for $240 each, terms 2/10, n/304Paid sales staff wages of $2,098 for the week up to and including yesterday, Check No. 644. Note that $1,250 of this payment relates to the wages expense incurred during the last week of May.4Purchased 23 boxes of Fate's Offspring CDs with cash for $200 each, Check No. 645.5Paid the full amount owing to Black label, Check No. 646. Payment fell outside discount period.5Sold 17 boxes of Cray-Z albums to The Wikie Wah Hut for $500 each, plus 5% sales tax, Invoice No. 257.6Paid the full amount owing to Pony OMC records, Check No. 647. Payment fell outside discount period.7Made cash sale of 39 boxes of Fate's Offspring CDs for $300 each plus 5% sales tax.