please write special journals: sales journal, PURCHASESJOURNAL,CASH RECEIPTS JOURNAL,CASH PAYMENTS JOURNALWeek 1DateTransaction...please write special...

90.2K

Verified Solution

Question

Accounting

please write special journals: sales journal, PURCHASESJOURNAL,CASH RECEIPTS JOURNAL,CASH PAYMENTS JOURNAL
Week 1
Date Transaction description
1 Obtained a loan of $48,000 fromMRMC Bank at a simple interest rate of 6% per year. The firstinterest payment is due at the end of August 2018 and the principalof the loan is to be repaid on 1 June 2021.
2 Sold 9 boxes of Sprearmint Gum toSweet Tooth for $100 each, Invoice No. 201.
3 Purchased 17 boxes of SprearmintGum from Brennan Imports Group for $60 each, terms net 30.
3 Paid the full amount owing toRestlay, Cheque No. 903. Payment fell within discount period.
4 Paid the full amount owing toGillard Wholesalers, Cheque No. 904. Payment fell within discountperiod.
4 Made cash sales of $5,896 duringthe first 4 days of the month.
4 Purchased 17 boxes of HazelnutToffee with cash for $50 each, Cheque No. 905.
5
Purchased 22 boxes of Party Mix from East Tangiers Cooperativefor $40 each, terms 2/10, n/30.

Answer & Explanation Solved by verified expert

4.0 Ratings (518 Votes)

Date Transaction description Special Journal 1 Obtained a loan of 48000 from MRMC Bank at a simple interest rate of 6 per year The first interest payment is due at the end of August 2018 and the See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

In: Accountingplease write special journals: sales journal, PURCHASESJOURNAL,CASH RECEIPTS JOURNAL,CASH PAYMENTS JOURNALWeek 1DateTransaction...please write special journals: sales journal, PURCHASESJOURNAL,CASH RECEIPTS JOURNAL,CASH PAYMENTS JOURNALWeek 1DateTransaction description1Obtained a loan of $48,000 fromMRMC Bank at a simple interest rate of 6% per year. The firstinterest payment is due at the end of August 2018 and the principalof the loan is to be repaid on 1 June 2021.2Sold 9 boxes of Sprearmint Gum toSweet Tooth for $100 each, Invoice No. 201.3Purchased 17 boxes of SprearmintGum from Brennan Imports Group for $60 each, terms net 30.3Paid the full amount owing toRestlay, Cheque No. 903. Payment fell within discount period.4Paid the full amount owing toGillard Wholesalers, Cheque No. 904. Payment fell within discountperiod.4Made cash sales of $5,896 duringthe first 4 days of the month.4Purchased 17 boxes of HazelnutToffee with cash for $50 each, Cheque No. 905.5Purchased 22 boxes of Party Mix from East Tangiers Cooperativefor $40 each, terms 2/10, n/30.

please write special journals: sales journal, PURCHASESJOURNAL,CASH RECEIPTS JOURNAL,CASH PAYMENTS JOURNAL Week 1
Date	Transaction description
1	Obtained a loan of $48,000 fromMRMC Bank at a simple interest rate of 6% per year. The firstinterest payment is due at the end of August 2018 and the principalof the loan is to be repaid on 1 June 2021.
2	Sold 9 boxes of Sprearmint Gum toSweet Tooth for $100 each, Invoice No. 201.
3	Purchased 17 boxes of SprearmintGum from Brennan Imports Group for $60 each, terms net 30.
3	Paid the full amount owing toRestlay, Cheque No. 903. Payment fell within discount period.
4	Paid the full amount owing toGillard Wholesalers, Cheque No. 904. Payment fell within discountperiod.
4	Made cash sales of $5,896 duringthe first 4 days of the month.
4	Purchased 17 boxes of HazelnutToffee with cash for $50 each, Cheque No. 905.
5	Purchased 22 boxes of Party Mix from East Tangiers Cooperativefor $40 each, terms 2/10, n/30.