Please help with journal entries!!

Week $1$Week $1$

Date Transaction description

$1$ Purchased $39$ packages of Customized Paper Cups from Abejundio Coffee for $$32$ each, terms net $30.$

$1$ Paid the full amount owing to Croup Coffee, Check No$.603.$ Payment fell within discount period.

$1$ Obtained a loan of $$46,000$ from BitiBank at a simple interest rate of $6\%$ per year. The first interest

payment is due at the end of August $2024$ and the principal of the loan is to be repaid on June $1,2029.$

$2$ Purchased $10$ bags of Light Roast Robusta Coffee Beans from Brazil Imports Group for $$299$ each,

terms $\frac{2}{10},\frac{n}{30}.$

$5$ Paid the full amount owing to Klam Wholesalers, Check No$.604.$ Payment fell within discount period.

$5$ Sold Chocolate Sprinkles to Quick Bolt Coffee for $$391,$ Invoice No$.501.$

$5$ Made cash sales of $$6,871$ during the first $5$ days of the month.

$6$ Purchased $9$ bags of medium Roast Arabica Coffee Beans with cash for $$155$ each, Check No$.605.$

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 policies and procedures for details of what is to be posted daily or monthly.

Instructions for week $1$

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.

Post entries recorded in the journals to the appropriate ledger accounts according to the company's

accounting policies and procedures ${?}^3.$

Note that the relevant tota

Date Transaction description

$1$ Purchased $39$ packages of Customized Paper Cups from Abejundio Coffee for $$32$ each, terms net $30.$

$1$ Paid the full amount owing to Croup Coffee, Check No$.603.$ Payment fell within discount period.

$1$ Obtained a loan of $$46,000$ from BitiBank at a simple interest rate of $6\%$ per year. The first interest

payment is due at the end of August $2024$ and the principal of the loan is to be repaid on June $1,2029.$

$2$ Purchased $10$ bags of Light Roast Robusta Coffee Beans from Brazil Imports Group for $$299$ each,

terms $\frac{2}{10},\frac{n}{30}.$

$5$ Paid the full amount owing to Klam Wholesalers, Check No$.604.$ Payment fell within discount period.

$5$ Sold Chocolate Sprinkles to Quick Bolt Coffee for $$391,$ Invoice No$.501.$

$5$ Made cash sales of $$6,871$ during the first $5$ days of the month.

$6$ Purchased $9$ bags of medium Roast Arabica Coffee Beans with cash for $$155$ each, Check No$.605.$

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 policies and procedures for details of what is to be posted daily or monthly.

Instructions for week $1$

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.

Post entries recorded in the journals to the appropriate ledger accounts according to the company's

accounting policies and procedures ${?}^3.$

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.