Week 1 Date Transaction description 1 Purchased 13 Tony Eagle Freestyle Skateboards from Hike for $260 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 2016 and the principal of the loan is to be repaid on June 1, 2020. 2 Purchased 25 Downhill Snowboards with cash for $240 each, Check No. 768. 4 Sold 16 Tony Eagle Freestyle Skateboards to Mick's Sporting Goods for $380 each, plus 5% sales tax, Invoice No. 409. 4 Made cash sale of 26 Downhill Snowboards for $400 each plus 5% sales tax. 5 Purchased 10 Bungee Kits from Extreme Sports Inc for $420 each, terms 2/10, n/30 5 Paid the full amount owing to Sports 'R Us, Check No. 769. Payment fell outside discount period. 5 Paid the full amount owing to J. J. Spud, Check No. 770. Payment fell outside discount period. 5 Paid sales staff wages of $2,111 for the week up to and including yesterday, Check No. 771. Note that $1,000 of this payment relates to the wages expense incurred during the last week of May.

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.