2 2 3 4 5 6 6 Obtained a loan of $50,000 from Earth Bank at...

 

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2 2 3 4 5 6 6 Obtained a loan of $50,000 from Earth Bank at a simple interest rate of 7% 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, 2026. Paid the full amount owing to Croup Coffee, Check No. 903. Payment fell within discount period. Made cash sales of $4,540 during the first 3 days of the month. Sold 4 boxes of Plastic Plates to KavaJava for $302 each, Invoice No. 201. Purchased Gourmet Cubed Sugar from Brazil Imports Group for $313, terms net 30. Paid the full amount owing to Klam Wholesalers, Check No. 904. Payment fell within discount period. Purchased 5 packages of Plastic Coffee Mugs from Jordo Gourmet Coffee for $126 each, terms 2/10, n/30. Purchased 9 bags of medium Roast Arabica Coffee Beans with cash for $285 each, Check No. 905. 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 a whole number, round the discount to the nearest whole dollar. Then, to calculate the cash amount, subtract the discount from the original amount. 2 2 3 4 5 6 6 Obtained a loan of $50,000 from Earth Bank at a simple interest rate of 7% 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, 2026. Paid the full amount owing to Croup Coffee, Check No. 903. Payment fell within discount period. Made cash sales of $4,540 during the first 3 days of the month. Sold 4 boxes of Plastic Plates to KavaJava for $302 each, Invoice No. 201. Purchased Gourmet Cubed Sugar from Brazil Imports Group for $313, terms net 30. Paid the full amount owing to Klam Wholesalers, Check No. 904. Payment fell within discount period. Purchased 5 packages of Plastic Coffee Mugs from Jordo Gourmet Coffee for $126 each, terms 2/10, n/30. Purchased 9 bags of medium Roast Arabica Coffee Beans with cash for $285 each, Check No. 905. 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 a whole number, round the discount to the nearest whole dollar. Then, to calculate the cash amount, subtract the discount from the original amount.

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