Question

Week 1 Date Transaction description

1 Purchased 5 Tony ZIO MLP Projectors from Big Telco for $110each, terms net 30.

1 Obtained a loan of $48,000 from Earth Bank at a simpleinterest rate of 6% per year. The first interest payment is due atthe end of August 2016 and the principal of the loan is to berepaid on June 1, 2020.

2 Paid the full amount owing to Mega Tech, Check No. 603.Payment fell within discount period.

3 Made cash sales of $4,707 during the first 3 days of themonth.

5 Paid the full amount owing to JCN Electrical, Check No. 604.Payment fell within discount period.

6 Purchased 6 Zii Game Consoles from Moon Megasystems for $90each, terms 2/10, n/30.

6 Sold 2 DK800 Desktop Computers to Jerry Technology for $610each, Invoice No. 201.

6 Purchased 4 NR759 Video Recorders with cash for $190 each,Check No. 605.

Record transactions that occurred during the first week of Juneinto the company’s journals and post the appropriate entries to theledger accounts (special journals, general journal, subsidiaryledger, general ledger)



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