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-   -   Periodic Method (https://www.askmehelpdesk.com/showthread.php?t=408111)

  • Oct 20, 2009, 06:02 PM
    tybeau86
    Periodic Method
    I can't get this. I'm so confused how to journalize in the periodic method.

    THe following transactions occurred during April of the current year:
    April 03 purchased $12,000 of merchandise (2/10, N/30)
    April 07 Merchandise of April 03 Returned, $800
    April 10 Sold goods costing $4000 for $7600
    April 12 Paid for April 03 purchase
    April 23 Sold goods costing $1050 for $1800

    1) redord the journal Entry of the above using periodic method.
  • Oct 20, 2009, 09:02 PM
    morgaine300

    We don't just do people's work for them, and your transactions are involved quite a bit of a merchandising chapter. So I will give you a link you may want to read over and see if you can get a better idea of how this all works and make an attempt from there to do these. You can post your attempts if you like and someone can check them.
    http://www.principlesofaccounting.com/chapter%205.htm

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