Week 1 Date Transaction description Paid the full amount owing to Books R Us, Check No. 603. Payment fell within discount period. Obtained a loan of $50,000 from EastPac Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2022 and the principal of the loan is to be repaid on June 1, 2025. Purchased 55 copies of Accidental Accountant from Bookheamoth for $23 each, terms 2/10, n/30. Made cash sales of $5,879 during the first 4 days of the month. Purchased 195 copies of Barry Plotter and the Deathly Taxes with cash for $20 each, Check No. 604. Paid the full amount owing to Albatross, Check No. 605. Payment fell within discount period. Sold 35 copies of Popular Moon Guide to the Sea of Tranquillity to Cough-up bookstore for $40 each, Invoice No. 501. Purchased 130 copies of A Shortened History of Space from Booked Inn for $18 each, terms net 30. 1 1 3 4 5 6 6 7 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 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. t Yo