Accountancy Forum

I'm currently doing a project for accounting and I need a bit of help in order to get it done.

I have a basic idea of how a chart of accounts work and how to write up a journal for accounts. But my real issue is understanding which parts should be credit, and what should be debit. Simple enough indeed, but these aren't straightforward debit credit problems. Lets just say they come with a twist.


-----EDIT-----
Heres what I have so far that I need help on.
Transactions in 2008. PI is purchase invoice and SI is sales invoice
1) January 5th PI1 $50,000 worth shirts on 2/30 n/60 days FOB destination. paid Trucker $800. Smith Shirt (company name) uses periodic system.

2) January 15- Paid Salary owed on 12/31/2007 (I wish it would tell me how much salary was owed! What do I do???)

3) Sold shirts SI on account $30,000 1/20 n/60 FOB destination. Paid Trucker $800.

I have no idea how to set up these journal entry for this for the periodic system. I can do the chart of accounts. (I hope so)

Hello dear

You must have to elaborate something more for being us able to help you.

I think its not dificult to prepare chart of account.

once I've composed all the issues I have with it, I will post it up "which should be by 10/28/10".

Its going to be more about Journal entries. its not really difficult but there are other constraints that make it more difficult than simply crediting one account and debiting another. "its a little more than just plug and play"

I will edit the topic once I've complied everything I need At the moment im in the process of trying to solve it myself. But i WILL be posting here as some things are quite difficult.

Okay, I have one. My text book doesn't cover the Periodic system (which is what I need to do) so I'll start off with this one.

Transactions in 2008. PI is purchase invoice and SI is sales invoice
1) January 5th PI1 $50,000 worth shirts on 2/30 n/60 days FOB destination. paid Trucker $800. Smith Shirt (company name) uses periodic system.

2) January 15- Paid Salary owed on 12/31/2007 (I wish it would tell me how much salary was owed! What do I do???)

3) Sold shirts SI on account $30,000 1/20 n/60 FOB destination. Paid Trucker $800.

I have no idea how to set up these journal entry for this for the periodic system. I can do the chart of accounts. (I hope so)