10-28-2010, 08:33 AM
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)
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)
