Reference no: EM132640440

Question - Now that you have reviewed information about The Adrenaline Hut, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June

1. Purchased 16 DropZone Parachutes from Addax Sports for $484 each, terms net 30.

1. Purchased 22 Pipe Dream Surfboards with cash for $330 each, Cheque No. 603.

2. Purchased 15 Extreme GPS-enabled Helmets from Extreme Sports Inc for $209 each, terms 2/10, n/30

3. Paid the full amount owing to J. J. Spud, Cheque No. 604. Payment fell within discount period.

4. Paid sales staff wages of $2,161 for the week up to and including yesterday, Cheque No. 605. Note that $1,000 of this payment relates to the wages expense incurred during the last week of May.

6. Sold 17 DropZone Parachutes to The Locker Room for $671 each, Invoice No. 307.

6. Made cash sale of 22 Pipe Dream Surfboards for $605 each.

7. Paid the full amount owing to Sports 'R Us, Cheque No. 606. Payment fell within discount period

Required - Create purchase journal, cash receipt journal, cash payment journal, general journal, and inventory.