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    Nickiblue's Avatar
    Nickiblue Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 6, 2012, 07:44 PM
    How to prepare a general journal for a periodic inventory.
    March 1st- sold merchandise to Jump Clothing for $7000.00; 2/5, n/15, FOB destination (cost of sales $6,250)

    March 2 - purchased $3,500 of merchandise from Noble supplier, terms 1/10, n/20 FOB shipping point.

    March 4 - Purchased merchandise inventory from Beat Sales for $14,500; terms 1/15, n/45, fob Beats sales.

    March 5 - Sold merchandise to Fastpaste for $11,000; terms 2/5, n/15, FOB destination (cost of sales $9,000)

    March 6 - Collected the amount owing from Jump Clothing regarding March 1 sale.

    March 12 - Paid Noble supplier for the March 2 purchase.

    March 20 - Collected the amount owing from Fastpaste regarding March 5 sale.

    March 30 - Paid Beat Sales for March 4 purchase.

    I have come to halt, please help me, I just can't thing or wrap my brain how to put it on an excel or work sheet.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #2

    Nov 7, 2012, 04:25 PM
    So some column headings; date, Account, debit amount, credit amount
    First transaction debit accounts receivable credit sales, debit cost of sales credit inventory

    See how easy it can be
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