tt^iEess LIBRARY OF THE University of California. GIFT OF Ibe Bby ner, Mr^. James L-deFreherv Class as to give no onense lo any person, nor xo pieBeni an nnpui>mesB-iiKo uppearance. 4, To proceed quietly and promptly to his seat, place his hat in its itroper place, and pursue his ^vork. P. To be polite, neat, orderly, quiet, prompt, energetic and Bystematic in all things and at all times. G. To give his undivided attention to BollB. Paid rent of store in Ciisb, 50 Expense, Dr. To Cash, Cr. 50 50 Why is Expense Dr.? Because rent is an item of cost in carrying on the business (see 54, page 7). Cash is Cr. because it is paid out (40, page 6). EXAMPLE No, 8, DAY BOOK RECORD. .TOURNAL ENTRY FOR SAME. Paid E. N. French, cash to apply on account, 450 E. N. French, Dr. To Cash, Cr. 450 450 Why is E. N. French Dr. ? Because we get out of his debt, to the extent of $450 (see 23, page 6). Since we gave him Cr. Jan. 5 (see Ex. No. 5) for $1450, we must now make him Di-. $450, the amount we pay him, in order that his account may show the exact amount we still owe him. Cash is Cr. because it is paid out (40, page 6). EXAMPLE No. 9. DAY BOOK RECORD. JOURNAL ENTRY FOR SAME. Eeceived cash of Eeed & Mills, to apply on account, 200 Cash, Dr. To Reed & Mills, Cr. 200 200 Cash is Dr. because it is received (39, page 0). Reed & Mills are Cr. because they get out of our debt to the extent of $300 (24, page 6). Since we made them Dr. (see Ex. No. 6) for $1150, we must now give them Cr. $300, in order that their account may show the exact amount they still owe us. EXAMPLE No. 10. DAY BOOK RECORD. JOURNAL ENTRY FOR SAME. Bought of E. D. Harris, J00bbls.Pork,atl3.00, Gave my note at 10 days in payment. 1200 Mdse., Dr. To Bills Pay., Cr. 1200 1200 Mdse. is Dr. because it is bought (47, page 6). Bills Payable is Cr. because our written promise to pay has been issued (see 68, page 7). EXAMPLE No. 11. DAY BOOK RECORD. JOURNAL ENTRY FOR SAME. Received of Reed & Mills, their note at ten days, to apply on account, 600 Bills Eec'v, Dr. To Reed & Mills, Cr. GOO 600 Bills Receivable is Dr. because the written promise of another party has been received (59, page 7'. Reed & Mills are Cr. because they get out of our debt to the extent of $600, our claim for that sum now being in the form of Bills Receivable (24, page 6). EXAMPLE No. 12. DAY BOOK RECORD. JOURNAL ENTRY FOR SAME. Gave E. N. French my note at ten days, with interest, to apply on account. 500 E. N. French, Dr. To Bills Pay., Cr. 500 500 E. N. French is Dr. because we get out of his debt to the extent of $500 (23, page 6), our liability now being in the foriii of Bills Payable for that amount. Bills Payable is Cr. because our written promise to pay has been issued (68, page 7). 10 THEORETICAL ANT) PRACTICAL BOOK-KEEPING. EXAMPLE No. 13. DAY BOOK RECORD. ITEMS. TOTAL. .lOURNAL EKTKY EOK SAME. • DR. Sold Chas. Hamlin, 50 bbls. Flour, at 7.00, 50 " Pork, 14.00, Rec'd payment by his note at ten days, with interest, 350 700 1050! Bills Eec'v, Dr. To Mdse., Cr. 1050 1050 Bills Receivable is Dr. because the written promise of another party is received (59, page 7). Mdse. is Cr. because it is sold (48, page 6). EXAMPLE No. 14. DAY BOOK RECORD. JOURNAL ENTRY FOR SAME. Sold F. E. Clark, 25 bbls. Beef, at 16.00, Rec'd in payment. Cash, Balance on account. 400 1^ 150 250 Cash, Dr. F. E. Clark, Dr To Mdse., Cr. 150 250 ' 400 Cash is Dr. because received (39, page 6). F. E. Clark is Dr. because he gets into our debt (23, page 6). Mdse. is Cr. because sold (48, page 6). The above form is equivalent to making Clark Dr. 400 and Mdse. Cr. 400 in one entry, and then making a second entry, Cash Dr. 150, Clark Cr. 150. The above form saves one entry. EXAMPLE No. 15 DAY BOOK RECORD. JOURNAL ENTRY FOR SAME. Bought of Milo Sage, SOObbls. Flour, at 6.50, Paid him Cash, Balance on account, 950 1000 1950 OS C o Mdse., Dr. To Cash, Cr. " M. Sage, Cr. 1950 950 1000 Mdse. is Dr. because bought (47, page 6). Cash is Cr. because paid out (40, page 6). Sage is Cr. be- cause we get into his debt (24, page 6). This form saves one entry, as explained in the preceding example. EXAMPLE No. 16. DAY BOOK RECORD. JOURNAL ENTRY FOR SAME. Bought of 0. F. Wilson, House and Lot, for Cash, 1500 Real Estate, Dr. To Cash, Cr. 1500 i 1500 Real Estate is Dr. because bought (see 53, page 7). Cash is Cr. because paid out (40, page 6). EXAMPLE No, 17. DAY BOOK RECORD. JOURNAL ENTRY FOR SAME. Bought of W. E. Holt, 200 bbls. Beef, at 16.00, Paid him Cash, My note at 15 days for balance. 600 2000 2600 Mdse., Dr. To Cash, Cr. " Bills Pay., Cr. 2600 600 2000 Mdse. is Dr. because bought (47, page 6). Cash is Cr. because paid out (40, page 6). Bills Payable is Cr. because we issue our written promise to pay (68, page 7). EXAMPLE No. 18, DAY BOOK RECORD. JOURNAL ENTRY FOR SAME. Bought Safe for Office, and paid for same in Cash, 200 1 Expense, Dr. To Cash, Or. 200 200 Expense is Dr. because the Safe is an item of cost in carrying on the business (54, page 7). Cash is Cr. because paid out (40, page 6). Note. — In cases like the above, where part payment is made at the time of purchase, the transactions may, if desired, be journalized as follows: debit or credit the person, as the case may be, with Ihe/uU amount in one entry, and in another entry credit or debit him with the payment. THEORETICAL AND PRACTICAL BOOK KEEPING. n EXAMPLE No. 19. DAT BOOK RECORD. Sold A. D. Larkin, 50 bbls. Flour, at 7.50, 25 " Beef, 16.00, Rec'd in payment. Cash, His note at two months for balance, ITEMS. TOTAL. 375 400 275 775 500 JOURNAL ENTRY FOR SAME. DB. Cash, Dr. Bills Rec'v, Dr. To Mdse., Cr. 275 500 775 Cash is Dr. because received (30, page 6). Bills Receivable is Dr. because received (59, page 7). Mdse. is Cr. because sold (48, page 6). EXAMPLE No. 20. DAT BOOK RECORD. JOURNAL ENTRT FOR SAME. J. T. Smith drew cash from the business for private use. 350 J. T. Smith, Dr. To Cash, Cr. 350 350 Smith is Dr. because he is the proprietor and draws this money for private use (36, page 6). Cash is Cr. because paid out (40, page 6). EXAMPLE No. 21. DAY BOOK RF.CORD. JOURNAL ENTRY FOB SAME. Rec'd of F. E. Clark, to balance account. Cash, His note at 45 days for 100 150 250 Cash, Dr. Bills Rec'v, Dr. To F. E. Clark, Cr. 100 150 250 Cash is Dr. because received (39, page 6). Bills Receivable is Dr. because received (59, page 7). Clark is Cr. because he gets out af our debt (24, page 6). EXAMPLE No. 22. DAT BOOK RECORD. JOURNAL ENTRT FOR SAME. Paid M. Sage, to apply on account. Cash, My note at 30 days, with interest. 250 500 750 M. Sage, Dr. To Cash, Cr. " Bills Pay., Cr. 750 250 500 Sage is Dr. because we get out of his debt, in part (^3, page 6). Cash is Cr. because paid out (40, page 6). Bills Payable is Cr. because we issue our written promise to pay (68, page 7). EXAMPLE No. 23. DAT BOOK RECORD. JOURNAL ENTRT FOR SAME. Paid my note of the 10th inst., in favor of E. D. Harris, in Cash', 1200 Bills Pay., Dr. To Cash, Cr. 1200 1200 Bills Payable is Dr. because our written promise to pay is redeemed (07, page 7). Cash is Cr. because paid out (40, page 6). EXAMPLE No. 24. DAT BOOK RECORD. JOURNAL ENTRT FOR SAME. Rec'd Cash of Reed & Mills, for their note of 11th inst., due to-day. 600 Cash, Dr. To Bills Rec'v, Cr. 600 600 Cash is Dr. because re^ceived (39, page 6). Biils Receivable is Cr. because the written promise to pay of another is disposed of (60, page 7). THEORETICAL AND PRACTICAL »OOK KEEWNG. EXAMPLE No. 25. DAY BOOK RECORD. ITEM.'!. TOTAL. 501 OS 500 1 08 JOURNAL ENTRY FOR SAME. DR. Paid my note of 12th inst. in favor of French, due to-day, with interest, in Casli, Face of note, Interest to date, 13 days, Bills Pay., Dr. Interest, Dr. To Cash, Cr. 500 1 08 501 08 Bills Payable is Dr. because our written promise is redeemed (G7, page 7). Interest is Dr. because it is allowed to others (75, page 7). Cash is Cr. because paid out (40, page 6). EXAMPLE No. 26. DAY BOOK RECORD. JOURNAL ENTRY FOR SAME. Kec'd cash of Chas. Ham- lin, for his note of 13th inst., due to-day, with interest. Face of note. Interest to date, 13 days. 1052 28 1050 2 28 Cash, Dr. To Bills Rec'v, Cr. " Interest, Cr. 1052 1050 2 28 Cash is Dr. because received (39, page 6). Bill Receivable is Cr. because disposed of (60, page 7). Interest is Cr. because it is allowed to us (76, page 7). EXAMPLE No. 27. DAY BOOK RECORD. JOURNAL ilNTRY FOR SAME. Prepaid my note of 17th inst., in favor of W. E. Holt, Discount off. 8 days. Paid balance in Cash, 2 67 199733 2000 Bills Pay., Dr. To Discount, Cr. " Cash, Cr. 2000 2 1997 67 33 Bills Payable is Dr. because our written promise has been redeemed (07, page 7). Discount is Cr. because it is allowed to us (76, page 7). Cash is Cr. because paid out (40, page 6). EXAMPLE No. 28. DAY BOOK RECORD. JOURNAL ENTRY FOR SAME. A. D. Larkin prepaid his note of 19th inst.. Discount off, 1 mo. 22 days, Rec'd balance in Cash, 4 495 500 Discount. Dr. Cash. Dr. To Bills Rec'v, Cr. i 4 33 495 67 500 Discount is Dr. because it is allowed to others (75, page 7). Cash is Dr. because received (39, page 6). Bills Receivable is Cr. because the written promise to pay of another party is disposed of (60, page 7). EXAMPLE No. 29. DAY BOOK RECORD. JOURNAL ENTRY FOR SAME. Paid Clerks' Salaries to date, in Cash, 100 Expense, Dr. To Cash, Cr. 100 100 Expense is Dr. because Salaries is an item of cost in carrying on the business (54, page 7). Cash is Cr. because paid out (40, page 6). Note to Stvdent. — Having carefully read the preceding pages, you miiy now begin the work upon your book.s. First copy into your Day Book tlie busincs.s tran.sa(tion.s for January, a.s given on the following pages. A.s you are sup- posed to be the proprietor of the business, you will write your name in the blank lines in the first two transactions on the next page. In copying you may omit from your Day Book the ligures ut the left of the tran.sactions, as they are simply reference figures, to assist in journalizing. The explanations for their use will be given hereafter. You should make your pages as nearly as possible like the following, in substance, penmanship and arrangement. Read foot notes carefully, as all are important to an understanding of the work. Should the tran.sactions given on a page in the text book not fill a page in your Day Book, add a sufficient numl)er from the following page to do so, but do not in any ca.se divide a transaction. THEORETICAL AND PRACTICAL l«)OK-KEEPING. 13 L. No. I p. 8. Ex. No. 2, p.! v/ / Ex. No. 3 p.». Ex. No. p. 8. Ex. No.l p. 8. Bx.No.e p. 8. s/ V •^^g^^^^ ^^g-^^ ^/ / yj^j^ ^l^U^£.d^ ^-zrf'-z^ li^'-i^-iS^l. El.No.7 P.9. Ex. No. 8 p.9. Ex. No. 9, p.9. i.No.4, p. 8. Ex.No.8, p.9. /^^ V^/ o>: ■r i^^ y-Gk-^^f- .^^ ^^^f-t^i-d-^ ^{^ /.S'' 'C^^i-'^tS^^-z^ i^^ifz.^l^'grf^ ^z^^t^-^y ^tftPfi J a o d^j'^^ y-cTC' /^/ ,^-2, -S", ^^1P / r.j JT^ o?^ -.Jil? /^^ u THEORETICAL AND PRACTICAL BOOK-KEEPING. El. No. 5, page 8. Ex. No. 3, pages. Bz. No. 9, paged. Ex. No. 6, page 8. Ex. No 20, page II. Ex. No. 4, pages. Ex. No. 8, pages. Ex. No 3, pages. "^g^^^^^^^-g^^^ y^yj^f'- ^'^^^^^2'"^^^^^^'%^.-^^^.^^^^ c:/-^vCzz^ ^^?^.«-^s-^?^ cr^> ^y^/ '^^77, era era ■^-^ (y^ y -^J ^^^,^^- /?^ i:^M'M^^^^r(S^M^.^ ^-sr^^ ifz^s-if^ (^ /<. C^^2-*:S-^::2^^-,^^Zi^^C>^^0:^W^^^>^ (^^..-gry-Z^ ^-t^ .-^^^Jy' J-^. ^ff JJ-'O ^y a 'cTiP ,il) f^J/J^ Jj-a /^^c THEORETICAL AND PRACTICAL BOOK-KEEPING. 15 ^^J/J'/'- Ex. No. 6, pages. Ex. No. 18, page 10. Et. No. 3, page 9. Ex. No. 8. paged. See Prin. 39, page 6. See Prin. 47, page 6. 2i,j>age6. Prl]i.», page?. 40,page6. See Prill. 39, page 6. Prin. i7, pages. 10, pages. ' ^T^Zy' ,fZ-i;-i?^i z^^>^^z^ T -^.. K «^J^»Z<^ ti-i:^^ yS^ //^. j^^ /6.'' ^,^^ Z^-" ^& ^jZ,cra -2-/ (Zy^tH^ V ■r .''g'y^d-^ ,«^rf-t5^ ^f yc^-p'T^i'tzyzy^gy^ (^^^..^^y^jz^t^iy^ y^^ -t;?'*^,^^ V_2 -/a ..2.4^^ c/^/-^ sro /^ js':? Jt^ y^~'J<:^y5LA^ ^00 ^00 f -2/ 6 ^0 ^d'O / / O^^^y /J~0 /d'O / &ul/ y / r/ ^^ / ^/^ (^y^// /r/ yj-ff THEOUETICAL AND PRACTICAL BOOKKEEPING. 17 DIRECTIONS FOR POSTING. After you have journalized all of the transactions for January, and your Journal has been approved by the teacher, your next work will be to post. Posting, as explained in 14 to 20, on page 5, IS transferring the debits and credits from the Journal to the Ledger, placing those of the same name under one heading, for the purpose of exhibiting the final results of the business. The simple process of posting is not difficult; it is purely mechanical, but it requires constant watchfulness and care to perform the work without making errors. A few Ledger accounts are shown on page 19, to give you an idea of the form for opening accounts in your Ledger; and you will find explicit instructions for posting given below, under " Guide for posting the Journal entries for January." You are to follow those instructions to the very letter, performing the work step by step as directed. To illustrate: In the instructions for posting the first Journal entry (Jan. 1), you are told to "write your own name at the top of page 1 in your Ledger." Before reading the instructions further, you should turn to your Ledger and perform the work exactly as directed; then turn again to the instructions and see what the next step is, and take that, and so on until you have posted the entire entry. Then take the instructions for the second entry in your Journal, and proceed in the same manner as with the first entry, performing the work precisely as indicated. After you have posted a few of the journal entries by the aid of the instructions, lay aside your text book and jirocced without it if possible. You may now place your Journal and Ledger before you, and commence posting in accordance with the following GUIDE FOR POSTING THE JOURNAL ENTRIES FOR JANUARY. . • JANUARY 1. (See this Entry In your Journal.) First, write youc name at the top of page 1 in your Ledger, on the upper line, in a bold, plain hand. (See form of Ledger on page 19.) Next, on the riffhi hand side of the heavy line in the center — Cr. side — enter, in the date column, the date, "'Jan. 1." (The explanation column will be left blank for the present.) Next, in the journal page column, enter the page of your Journal, "1." Next, in the amount column, enter the amount, "4000." Next turn to your Journal, and place a check mark, thus "\/," opposite the student's name, to indicate that the item has been posted. (See Journal form on page 10.) Before reading any further, perform the above work precisely as instructed. Next write " Cash," in a bold, plain hand, at the top of page 2 in your Ledger. Next, on the left hand side of the heavy line in the center — that is, on the Dr. side — enter in the date column, the date, "Jan. 1." Next, in the Journal page column, enter the page of your Journal, "1." Next, in the amount column, enter the amount, "4000." Next turn to your Journal, and place a check mark, thus "v/," opposite Cash, to indicate that this item has been posted. JANUARY 1, SECOND ENTRY. (See this Entry in your Journal.) Turn to Student's account, on page 1 in your Ledger, and on the left hand side — that is the Dr. side of his account — enter, in the date column, the date, "Jan. 1." Next, in the journal page column, enter the page of your Journal, "1." Next, in the amount column, enter the amount, "300." Next turn to your Journal and check the item thus 'W" N^ext write "J. S. Baker's" name at the top of pcge S in your Ledger. Next, on the right hand side — that is the Cr. side of his account — enter, in the date column, the date, "Jan. 1." Next enter in the journal page column the page of your Jour- nal, "1." Next, in the amount column, enter the amount, "'300." Next turn to your Journal and check the item thus "s/." JANUARY 2. (See this Entry in your Journal.; Open an account with "Merchandise" at the top of page 4 in your Ledger; then, on the left hand side— that is the Dr. side— enter, in the date column, the date, "Jan. 2"; next enter the page of your Journal, "1"; next enter the amount, "650"; next turn to your Journal and check Mdse. thus "\/." Next go to Cash account, on page 2 in your Ledger, and enter, on the Cr. side— that is the right hand side— the date, " Jan. 3 "; next enter the journal page, " 1 "; next enter the amo-int, " 650 "; next turn to your Journal and check thus " \/," 18 THEOKEI'ICAL AND PRACTICAL BOOK-KEEPING. JANUARY 3. (See this Entry in your Journal.) Turn to Merchandise account, on page 4 in your Ledger, and enter, on the Dr. side — le^f hand side— in the date column, the date, "3," the ditto marks — thus " — being placed under Jan. to save repetition; next enter the journal page, " 1 "; next enter the amount, " 750 "; next check the item i!i the Journal thus, "y/-"' Next open an account with H. W. Stevens, at the top of page 5 in you;- Ledger, and enter, on the Or. side of his account, the date, "Jan. 3"; the journal page, "1"; the amount, " 750"; then turn to the Journal and check as before instructed. JANUARY 4. (See the Journal Entry.) Turn to Cash account, on page 3 in your Ledger, and enter, on the Dr. side— left hand side — of the account, the date, "4," placing ditto marks under the month; next enter the journal page, "1"; next enter the amount, "187.50"; next turn to your Journal and check. Next turn to Mer- chandise account, on page 4, and enter, on the Cr. side, the date, "Jan. 4"; next the journal page, "1"; next the amount, "187.50 "; next turn to your Journal and check. JANUARY 5. (See the Journal Entry.) Open an account -with "Ford ■!': Co." in the middle of page 5 in your Ledger, and enter, on the Dr. side of the account, the date, '•Jan. 5"; next enter the journal page, "1"; next enter the amount, "635.00"; next turn to your Journal and check. Next turn to Mdse. account, on page 4. and enter, on the Cr. side, the date, "5"; next the journal page, "1"; next the amount, "625.00." JANUARY 6. (See the Journal Entry.) Open an Expense account at the top of page 6. Enter, on the Dr. side, the date, "Jan. 6 "; next the journal page, "1"; next the amount, "25"; next check in the Journal. Next turn to Cash account, on page 2, and enter, on the Cr. side, the date, "6"; the journal page, " 1"; the amount, ~ "25"; then check in the journal. JANUARY 8. (See the Journal Entry.) Turn to H. W. Stevens' account, on page 5, and enter, on Dr. side, the date, ".Jan. 8"; journal page, "1"; amount, "250"; then check in the Journal. Next turn to Cash account, on page 2, and enter, on the Cr. side, the date, the journal page, the amount; then check in the Journal. JANUARY 9. On Dr. side of Cash account enter the date, the journal page, the amount; then check in the Journal. Next, on the Cr. side of Ford & Co.'s account, enter the date, journal page, amount. JANUARY 10. Post on the Dr. side of Cash account, as instructed heretofore, and check in the Journal; then post on the Cr. side of Mdse. account. JANUARY 11. Post on the Dr. side of Stevens account, and on the Cr. side of Cash account, remembering to check in the Journal after each potting. JANUARY 12. Post on Dr. side of Mdse. account. Next open an account with James T. lloag, at the top of page 7, and credit him. Note. — You will observe that, in every journal entry, an equal amoiTnt is posted to both sides of the Ledger, thus keeping it constantly in balance. This is the principle upon which Double Entry bookkeeping is based and from which it takes its name. You should now be able to proceed with the posting without further assi-stance. In case you should be unable to do so, however, for additional practice apply to tlie teacher for a neparate xheet of leilgcr paper, and post the same entries again. In opening new occouuts iu your Ledger hereafter, leave cnehalf of a page spaic for each, until otherwise instructed. THEOKETICAL AND PKACTICAL BOOK-KEEPING. 19 c/2^. ^^ Dat«. Bxpl»nattoQ^ Journal Page. Amoniit. ^' Explanation. Joomal Page. Amcnnt. /irj-- 'Oi-P^ ij 1^ a ii-i^' / /Aa a o Open thifl account at top of page 2. /ff- ^^?-Z-^ j-i^y yj'cT- 'tiio^ _2. / Open tllfs account at top of page 3. LSa a Open this account at top of page 4. J.. 6^J X /cy^*?--/-:?^^^.:^ 'AFTER DATE^2:^t^^t;^C^f:^i^^ >~^yc^^^t-<^-J/^ /^'A/- ^ac Ul^^a^-^y^ (ZJ^u/- y- C^,^^z<^^'^5':?2^^^««-A^ / ^ ^ j:^ f 'JS.J~a _2^ -f'^-^-zy-- y/ fi:?^ All amoants blank nre to befille / ^^6 ^s' 'S era ^^J' . / j. jtage lU. For the tiiinpler tiunsac- tions no refer- ences will hereafter be given. Ex. No. 19, page IL Ex. No. 2!. paffeli. Ex. No. 20, pacrelL Ex. No. 28 l>age 12. Ex. No. 17, page 10. /^/rJ^ c>y^ 'ifg-'z^^iiy c /^ yxi%e-^^-'i'i>^>iZ^i^ /f^ //v^ Ex. No. 21, page 11. No. 28, Er. No. 7, P6«e9. Ex. Ko. 10, IMSet. Ex. No.JS, page 12. Ex. No. U, page 10. 'l^'^r^::'--t■^^ y- (S,.^.^ ^^TT'Z-^ i^Z^^i^a-f J-0 JZ d ^:S^#^^^&w^^.e^, •^'^if-^'Z^ ^i^-tsz.^^^^^-tr?^^ ifg^Y^-t^^ -3/ JS, / ^■g^y(:^a--lJ^^!^^t'^ y- ..A^PT^^^ Ji^ a -^^^ c^^^Z^-t^.-^ (_^4.^.^^/L£^ ^.^ ^-g' C^iW-z^K (y^';;^t--l.^^^/i^z!Z'^^..<^'7^^^ 0'0^.£::«:^^*2?'Z;^S^^-^^c jt a o j'yV^ 'j^ ^^--:^^^-7^g^ ^ ^ ^^^^zv 0^1^-r^^-?^-2i^<;'^..,^-d^^.-^^>5»-2^..-i!?^fZ<^i^^ 4^.Jd _?^ ^ J ^4^J .y^ ^J3 7-^- ^ a a ^/yc AJ' ^(:^^-i:^^?^-!i,i^-i2^5«l2/^i£^ j^/ j-'ja 6J J^a 6 J?^^J!y 7 6 V^ a ^ f(J, EXAMPLE No. 30. DAT BOOK KECORD. ITEMS. TOTAL. JOURNAL ENTRY FOR SAME. DR. Opened an account at City Bank, and deposited, Cash, 1500 City Bank, Dr. To Cash, Cr. 1500 1500 DAT BOOK RECORD. EXAMPLE No. 31. JOURNAL ENTRY FOR SAME. Bo't of W. E. Brown, 25 bbls. Plour, @ 8.00, Paid for same by check on City Bank, 200 Mdse., Dr. To City Bank, Cr. 200 200 DAY BOOK RECORD. EXAMPLE No. 32. JOURNAL ENTRY FOR SAME. Eeceived of H. A. Strong, his check on First Na- tional Bank, in settle- ment of his account, 1 200 Cash, Dr. To H. A. Strong, Cr. 200 200 DAY BOOK RECORD. EXAMPLE No. 33. JOURNAL ENTRY FOR SAME. Paid J. A. Richmond, on account, H. A. Strong's check on First National Bank, 200 J. A. Eichmond, Dr. To Cash, Cr. 200 200 Note. — The Bank account is sometimes kept in the Check Book instead of in the Ledger, the balance in bank being considered as cash on hand. When this method is adopted, no entry is miide in tlie Cash account at the time of depositing. Cash account being credited when a check is drawn upon the bank. This metliod of keeping the Bank account will be illustrated in a more advanced part of the work. You may now proceed to copy the transactions for the month of March into your Day Book. One page only is written up, the remaining transactions being simply in the form of a connecled statement or liistory, from which j'ou are to copy, arranging the work as heretofore. In a few cases references are made to similar transactions, to assist you in the proper arrangement of the work in your Day Book. N O.^O^-^ Cincinnati, O., ^:^^^^^^^^2^^j^:^^^ or order. DOLIvARS, //^f. TUEORKTIOAL AND PRACTICAL BUOK-KEEPINO. 29 /^/^ 39, i>a,re 6, 18, pa^ 6. S!>, page fi a?, pnge fi, Ki. paT>- 7. M), page 6. ;i4, iJaije 6, 17. iMiffe (i. 10, page (>. 6X, page? 21, page 6. ^Z.^- :5* ^ -^ / (^ ^ /^%^. yA^'" ijro / a (> I? .2^i? ^fi ^Sli' c / d-f jr A .-P^T'-Z^ ,;Z.-ii^-r^--g'-2>^ ^^2-/- ,--^^ Cyty^^y-'^yiy:?^ The debit footing of their account is 200, and, there being no credit, extend the 200 to the Eesource column, it being the amount they owe you. (See 32, page 6. ) THEOKETKJAL AND PRACTICAL BOOKKEEPING. 33 EXPENSE. '" First enter, in the Eesource column, the Expense Inventory, 300, given on page 31. (See 33, page 6.) Enter the item in red ink, as explained for Mdse. Inventory. Next enter, in the Loss column, 320.05, the loss on Expense account (sec 30, page 6). "* This you will find by deducting the Expense Inventory, BOO, from the Dr. footing of Expense account, 6^0.05, because the Safe and Books, when bought, were charged to Expense account, and are therefore included in the Dr. footing, 6^0.05. JAS. T. HOAG. The Dr. footing of his account is 133.75, and the Cr. footing 25. You are to extend to the Resource column the difference, 98.75, because it is the balance he owes you (32, page G). WELLS, JOHNSON &. CO. The Cr. footing of their account is 908.75, and the Dr. footing 200. You are to extend to the Liability column the difference, 768.75, it being the balance you owe them (33, page G). BILLS PAYABLE. '"The difference between the Cr. footing, 2383.75 (the notes issued), and the Dr. footing, 2083.75 (notes redeemed), is 300, which you are to extend to the Liability column, it being the Bills Payable outstanding (33, page 6). BILLS RECEIVABLE. '"The difference between the Dr. footing, 285480 (the notes received), and the Cr. footing, 2724.50 (notes disposed of), is 130.30, which you are to extend to the Resource column, it being the Bills Receivable on hand (33, page 6). DAVID BAILEY and W. A. BANCROFT. Same instructions and explanations for these accounts as given above for H. W. Stevens' account. INTEREST. "' The difference between the Cr. footing, 2.17 (the interest allowed to us), and the Dr. footing, 1.93 (the interest allowed by us), is 25c, which you are to extend to the Gain column (31, page 6). DISCOUNT. '"The difference between the Dr. footing, 16.64 (the discount allowed by us), and the Cr. footing, 3.16 (the discount allowed to us), is 13.48, which you are to extend to the Loss column (30, page 6). SICKLES, STOVER &. JACKSON. Same instructions and explanations as given above for Jas. T. Hoag's account. REAL ESTATE. "* The difference between the Cr. footing, 2300 (the returns from sales), and the Dr. footing, 2000 (the cost), is 300, which you are to extend to the Gain column (31, page 0). CLARK, SONS & BRADLEY. Same instructions and explanations as given above for Jas. T. Hoag's account. COLLEGE BANK. '"The difference between the Dr. footing, 5200 (the amount deposited), and the Cr. footing, 1341.07 (the amount withdrawn), is 3958.93, which you are to extend to the Resource column, it being the balance on deposit in the bank (32, page 6). You may now foot the remaining columns of your Balance Sheet, viz: the Resource, Liability, Loss and Gain columns, after which make a summary of the results, as shown in the form of Balance Sheet on page 34. '"When the losses exceed the gains, the difference is called the "Net Loss." "'In such case the Net Loss is to be deducted from the Net Investment, to find tlie Present Worth. '" When the Liabilities exceed the Resources, the Proprietor is said to be "Insolvent." 34 TIIEOKETICAL AND PRACTICAL UOOK-KKEPINiJ Jdfiz-t^ / m-.^js/^y& A-J^ j2^^ C-g;-^i,d.i^ 7^ J e 7/ f/ /J-t7/ f/ -a^/ /rr- //■ / f 7 7 f re {9/up /J- 7 7 i f-r ?^'/c'4y r 7 ^JXO Q2'^?^ -^W" /^/f^ /Jh ' G^^fr /JL'- C^!^t4/ / /v^jr /Jl./ / i/ yC)a'7a'^^z-d-£^ f r /JZ,/ o V^J- 'I'HfiORETICAL AND PRACTICAL BOOKKEEPING. Sd ^ ya^^miJyU^ ^ ^^ Jio ^ Ja^/o'T'z^i^ =2- jj-o J7a^ /JL y jya^jiz^i-d.i(^ / ^J-C O^U4^ 7 J ¥ 6 6 r V^Ul^ 7 ■J / 7 r^ /^^ 7 J" 1 7-^ /J2.J 7^ ^A^i^y / f /^' //"/■- (M^^ f T^^^^A/ dU^-i-z^Z^'f-i^iH^ 7 -y — 7^ /At- ■J/ f 7^ J / f Jl.J' i s. ^ &J.O o^ J a CIy>t^yjrz,f1,^^-l^ ^^>,^^}^a^i!^ • /i i,ji^ oj- t?s (Zk^^. J.O f / Jl-J \3' ^^^/^^Jd^S^-^y^-:^ '/i / 9 -»• jir j^ iU J2. //• -2- c=J^dy%^^. W-ifi^^ //•/■- (Mz^ J/ 3/ 6 /J / JJIO J J J // i>j OS- <1^ r I. 0^^ J"/ J/ / J- /"CJ J o o r / 9 J V / 1? J J.J' r 7 40 THEORETICAL AND PRACTICAL BOOK-KEEPING. '" In closing the accounts, the equilibrium of the Ledger has not been disturbed, "° as, in every instance where an amount was entered in an account, either upon the debit or credit side of the Ledger, the same amount was immediately transferred to the opposite side of the Ledger, either in some other account or below the rulings of the same account, thus keeping the Ledger constantly in balance. A trial balance, to prove that your Ledger is now in balance, should be taken, and if correct will correspond with the following: TRIAL BALANCE OF LEDGER BALANCES, APRIL 1, 188-. "'RESOURCES (Dr. Balances). Cash, 341.42 Mdse. Inv 1,430.50 Expense Inv. 300.00 Bills Eeceivable, 130.30 College Bank, 3,958.93 Personal Accounts, 660.94 Total Resources, 6,813;09 "'LIABILITIES (Or. Balances). Bills Payable, _ 300.00 Personal Accounts, 1,341. 75 Total Liabilities, 1,641.75 Student's Present Worth, 5,170.34 6,812.09 Note.— After you have proved your Ledger to be in balance, as above indicated, you will be ready to proceed with the month of April. Before doing so, however, write out upon foolscap paper answers to the following questions, and present them, with your books, to the teacher for approval. QUESTIONS FOR REVIEW. Page 5.— '-'What is Book-keeping? *-* Describe the use of the Day Book. »-"The Journal. '*-*' The Ledger. *" Give the three kinds of accounts used in Double Entry. Page 6.—*^" Give the rule for journalizing Personal accounts. "-'« Property. "''Allowances. " Into how many general classes are the three kinds of accounts divided? ^^ When does an account show a Loss? " When a Gain? " What is a Resource? ^ Liability? ''"' Give the rule for journalizing the Proprietor's account. """ Cash. ■""^* Mdse. Page 7.—"-" Expense. "«« Bills Receivable. "'^ Bills Payable. """ Interest, Discount, etc. Page 20.—*' What is a Trial Balance? *'-** Why does it not prove the Ledger absolutely correct? " When may an account be omitted from the Trial Balance? Page 21. — " What is the first thing to be done to locate an error in the Trial Balance? »*-" The second? ''What eilect would the omission of an amount in posting have upon the Trial Balance? "" What if posted to the wrong side of the Ledger? '"' What is the peculiarity of an error caused by figures having been transposed? '"When all of the short tests for finding the error fail, Avhat is it necessary to do as a final resort? """"" Why is it necessary to indicate by a check mark in the Ledger that each item has been examined? Page 27. — "°""' Give the rule for journalizing Bank account. '" How are the checks of other parties in your hands treated? Page 31.—'"-'" What is an Inventory? '"-'" How found usually, and at what price are the goods estimated? Page 32. — "° What are exhibited in the Balance Sheet? "'In what column are the Inventories entered? "'-'" How is the gain on Mdse. found? Page 33. — "* How is the loss on Expense found? Page 34. — What does the difference between the footings of the columns of Resources and Liabili- ties show? (See Summary, also 137, page 33.) What does tlie difference in the footings of the columns of Losses and Gains show? (See Summary, also 135, page 33.) How is the Present Worth of the proprietor ascertained? (See Summary, also 136, page 33.) Page 35. — '^'^ How often and in what manner is the proprietor's account in the Ledger caused to exhibit its true relation to the business ? '*° Wliy is it not necessary, for this purpose, to close the accounts showing resources and liabilities? '*' State some of the circumstances under which an account may be closed at any time. '"Why is it not customary in business to close the personal accounts, even at a general closing of the Ledger ? '" In closing the Ledger, what new account is it, sometimes, necessary to open ? '""'** How are accounts showing losses and gains having inventories, closed ? '*'How are accounts showing losses and gains having no inventories, closed? '"How are accounts, showing resources and liabilities, closed ? Page 36. — ^^ How is the Loss and Gain account closed ? "*' How is the Proprietor's account closed ? How are partners' accounts closed ? THEORETtCAL AND PRACTICAL BOOKKEEPmO. 41 Note.— Before proceeding with tlie month of April, study carefully the following explanations and examples on pages 41, 42, 43 and 44. DRAFTS. '" A Draft is the written order of one party upon a second, requesting the payment of a sum of 'money to a third. '"The party drawing the draft is the "Drawer." '"The party upon whom the draft is drawn is the " Drawee." "° The party to whom the draft is made payable is the " Payee." "' The draft is employed, usually, as a medium of exchange between distant places, obviating the expense and risk of sending money. "* Drafts may be drawn with reference to time in three different ways, viz: "* At sight, "" a speci- fied number of days after sight, or '" a specified number of days after date. '"Drafts drawn "at sight " are presented to the Drawee for payment. '" Time drafts are presented for "acceptance." '" Acceptance, when applied to drafts, signifies the written acknowledgement of the Drawee, that he agrees to the conditions named in the draft. '" This he does by writing across the face of the draft, usually in red ink, to distinguish the acceptance from the other writing, the word Accepted, the date, where payable, and his signature. '" It is not necessary to date the acceptance when the draft is drawn a given number of days after date. Baltimore, Md., ^^^jj \q.b,^ C^^C^ ^Zi^'^^^y i::?Ct;^-2^^^cd--C'i:i^^ PAY TO OR ORDER, C^=^i.^^^^Si<^^/ ■^;^^IDOLL ARS. .AND CHARGE TO ACCOUNT OK CA.4A^ y- y^^ In the above draft, the firm of Perry & Jackson is Drawer, J. V. Wentworth is Drawee, and the firm of Willitson, Burgess & Hait, is Payee. The parties sustain the following relations to each other: Perry & Jackson owe Willitson, Burgess and Hait, and Wentworth owes Perry & Jackson. Perry & Jackson, who reside in Baltimore, draw the draft and remit it to Willitson, Burgess & Hait, who reside in Albany. Immediately upon its receipt, they present it to Wentworth, who also resides in Albany, for acceptance. If accepted, Willitson, Burgess & Hait will hold Wentworth's written promise to pay, which, when paid, will cancel the indebtedness of both Perry & Jackson and Wentworth. '" The Payee has no legal claim against the Drawee until after the draft has been accepted. '" There need necessarily be but two parties to a draft. "' The Drawer may make tlie draft pay- able to himself, in which case he either sends it to the Drawee to be accepted and returned, or, if his (the Drawer's) credit be unquestioned, he may dispose of it before acceptance. ""What are termed "Bank Drafts" constitute a large proportion of the business transacted through this medium of exchange. '" All banks keep money deposited with one or more of the banks located at some one of the commercial centers of the country, as New York, Boston, Chicago, San Francisco, New Orleans, etc., against which they draw drafts to sell to their customers for remit- tance to creditors, these drafts passing everywhere current as cash. SPECIAL INSTRUCTIONS FOR JOURNALIZING DRAFTS. DRAWER'S ENTRIES. '" When he draws a draft and remits it to the Payee, to apply on account, he makes '" When he draws a draft and disposes of it, less discount, receiving cash for proceeds. Payee, Dr. Cash, Discount, To Drawee, To Drawee, 4S tHEORETICAL AND PRACTICAL BOOK-KEEPINOf. DRAWEE'S ENTRIES. '** When lie accepts a draft drawn on him on account. '" When he pays a sight draft drawn on him in cash. '*' When he prepays a time draft, in cash, less discount, instead of accepting it. '" When he pays his acceptance at maturity, in cash. PAYEE'S ENTRIES. '" When he receives a time draft from Drawer, to apply on I Bills Receivable, account, and has had it accepted. | To Drawer Drawer, Drawer, To Bills Payable, To Cash, Drawer, To Discount, " Cash, Bills Payable, To Cash, '*' When the Drawee prepays the draft in cash, less discount, instead of accepting it. "° When he buys the draft of the Drawer, instead of receiving it on account, the Drawer allowing him the discount. Cash, Discount, To Drawer, Bills Receivable, To Cash, " Discount, GENERAL RULE FOR JOURNALIZING DRAFTS WHEN DRAWN ON ACCOUNT. "' Debit the person whcr draws the draft on you. ™ Credit the person on whom you draw a draft. Note. — The following examples and explanations are given to illustrate the application of the principles embodied in the foregoing special and general rules regarding drafts, and to assist you in the work of journalizing the transactions in which drafts are involved in the following sets. EXAMPLES ILLUSTRATING JOURNAL ENTRIES OF ALL PARTIES TO DRAFTS. UNDER DIFFERENT CONDITIONS. EXAMPLE No. 34. 1 1 1 1500.00. Detroit, Mich., Apr. 1, 188-. fT"' 3 -^ =« Thirty days after date, for value received, pay to Smith & Ogden, or order. [For form of ac see page Accepted, paya chants' Bai Frost Five Hundred Dollars, and charge the same to my account. To Frost & Selben, R. H. DINGMAN. Philadelphia, Pa. Due May 4, 188-. Dingman's entry, if he sends above draft to Smith & Ogden to apply on account. Smith & Ogden, To Frost & Selden, 500 500 Frost & Selden's entry when they accept the draft. R. H. Dingman, To Bills Pay., 500 500 Smith & Ogden's entry at time of receiving the draft from Dingman on account. Bills Rec'v, To R. n. Dingman, 500 500 I'lIEOKETiCAL AND iPKACtlCAL BOOK KEKPlNU. EXAMPLE No. 35. 43 $200.00. ElCHMOND, Va., Apr. 6, 188-. At siglitj pay to the order of E. T. Crouch, Two Hundred Dollars, for yalue received, and charge same to the account of To Eaton, Clark & Co., New York. GOSS & FARNSWORTH. Goss & Farnsworth's entry at time of drawing the draft and remitting it to Crouch, on account. E. T. Crouch, To Eaton, Clark & Co. 200 00 200 00 E. T. Crouch's entry at time of receiving draft of Goss & Farnsworth, on account. Cash, To Goss & Farnsworth, 200 00 200 00 Eaton, Clark & Co.'s entry at time of paying the draft, in cash. Goss & Farnsworth, To Cash, 200 00 200 00 EXAMPLE No. 36. $600.00. Burlington , Iowa, Apr. 10, 188-. At ninety days' sight, pay to the order of A. M. Gordon, Six Hundred Dollars, value received. and charge to ac count of BIGELOW & CO. To Hatch, Mills & Pardee, Chicago, 111. Bigelow & Co.'s entry at time of drawing the draft and sending it to A. M. Gordon, on account. : A. M. Gordon, To Hatch, Mills & Pardee, 600 00 600 00 A. M. Gordon's entry if, when he presents the draft. Hatch, Mills & Pardee prepay it in cash, less discount 93 days, instead of accepting it. Cash, Discount, To Bigelow & Co., 590 9 83 17 600 00 Hatch, Mills & Pardee's entry at time of pre- paying the draft as above stated. Bigelow & Co., To Cash, " Discount, 600 00 590 9 83 17 EXAMPLE No. 37. DAT BOOK RECORD. ITEMS. TOTAL. JOURNAL ENTRY FOR SAME. DR. Accepted J. T. Brown's draft on us, at 10 days' sight,favor of D. Woods, to apply on account. 400 J. T. Brown, To Bills Payable, 400 400 We owe Brown the above amount. He therefore has the right to order us to pay it, either to himself or to another. In accepting the draft— that is, in agreeing to its conditions in writing — we issue our written promise to pay, and must therefore credit Bills Payable. We debit Brown because we get out of his debt by agreeing in writing to pay this amount to another party. 44 tHEORETiCAt AND PRACTICAL BOOK-KEEPtNO. EXAMPLE No. 38. DAY BOOK RECORD. JOURNAL ENTRY FOR SAME. Drew a draft at 60 days after date, on Marsh Bro's, Kansas City, and discounted it at City Bank, Discount for 63 days, Eec'd cash for proceeds. 1 98 04 96 100 Discount, Cash, To Marsh Bro's, 1 04 98 96 100 Marsh Bro's owe us the above amount, due in 60 days. Having immediate use for the money, we draw a draft upon them and get it discounted at City Bank. By paying the above draft. Marsh Bro's will get out of our debt. We therefore give them credit. Cash and Discount being debited. Should Marsh Bro's fail to honor the draft, however, we should be obliged to refund the money to the bank, in which case Marsh Bro's would be debited back, thus placing their accouut as it was before the draft was drawn. EXAMPLE No. 39. DAY BOOK RECORD. JOURNAL ENTRY FOR SAME. Prepaid our acceptance in favor of Wm. Heath, Discount off, 40 days. Paid balance in cash. 250 1 1 1 64 1 248 36 1 Bills Payable, To Discount, " Cash, 250 1 248 64 36 At the time of accepting the al)ove draft, we issued our written promise to pay, and therefore Bills Payable must have been credited. We now debit Bills Payable, because our written promise to pay has been redeemed. EXAMPLE No. 40. DAY BOOK RECORD. JOURNAL ENTRY FOR SAME. Paid Geo. D. Baker's draft on us, at 60 days' sigiit, less discount. Face of draft. Discount off, 63 days, Paid balance by check on City Bank, Geo. D. Baker, 300 3 11 300 To Discount, " City Bank, 311 296 89 296 89 We pay the above draft drawn upon us by Baker when it is presented, instead of accepting it, and therefore credit Discount and City Bank instead of crediting Bills Payable, as in Example No. 37 above. EXAMPLE No. 41. DAY BOOK RECORD. JOURNAL ENTRY FOR SAME. Had C. T. Meldrum's ac- ceptance discounted at City Bank, Discount off, 48 days. Proceeds placed to our credit. 175 1 38 173 62 City Bank, Discount, To Bills Receivable, 173 1 175 When- the above draft was received by us and accepted by Meldrum, we must have debited Bills Receivable, because the written promise to pay of another person had come into our possession. We therefore credit Bills Receivable now, because such written promise to pay is disposed of. NoTB. — After you have carefully read the foregoing rules and explanations, you may proceed with the month of April. You are to admit Mr. D. W. Leonard as an equal partner in the business, he to invest an amount of cash equal to your present worth, as shown by your Balance Sheet of March 31st. In a business conducted by a partnership, an account is usually opened in the Ledger with each partner, in which he is credited with his share of the investment and also his share of the gains, or is debited with his share of the losses. A " Stock" account is sometimes opened in a partnership business, instead of an account with each partner, which is credited with the combined investment of the partners, and at stated periods is credited with the entire net gain of the business, or debited with the net loss. In such case a " Stock Ledger" is kept by the partners, upon wiiich each has an account showing his interest in the business. In the month of April tlie first plan will )«? adopted. The memo- randa of transaction.^ for the month of April l)egin ^ ' ii-a-if^t.^'yiy^ (_^2c«i- ^o-z^ircZ- .^xr^ ef^.O- v/7/^ ///-3 / ^i7 J.d~00 ^OO / O ff c^v/ uT?' 4// ^jTZ/'i ///-2 jrj. / ^i" J'-^J' J2/S00 Ai^a o / a ^ /O O J'/ Note. — The Day Book and Journal will hereafter be combined ; the history of the transactions being written in connection -with the journal entry. In the form shown above^ both debits and credits are entered at the left side of the page, the right side being reserved for the explanations. The debits are to be entered first. Tlie credits are distin- guished by having the sign " To " placed before them. The explanations are to be written about one-third smaller than the journal entries. If, however, the teacher prefer, the Day Book and Journal may be continued as separate books to the montli of July, 'page 58. 46 THEORETICAL AND PRACTICAL BOOK-KEEPING. 80, pa. 7. 75, pa. 7. 110, p. 27. Ex. 37, p. 13. Ex. 38, p. 44. Ex. 37, p. 43. 185, p. 43. Ul, p. 27. Ex. 37, p. 43. 67, pa. 7. 76, pa, 7. lU, p. 27. 182, p. 41. 187, p. 42. APRIL 1, 188- D. W. Leouard has this day been admitted as an equal jjartner, the firm name to be Student & Leonard. D. W. Leonard invests Cash equal to Student's jiresent worth. a Bo't of David Bailey, New York, on "fc, 40 bbls. Sugar, 10000 lbs., @ llic. 2 Received of Ford & Co. their note at 25 days on ofe, 100.00. 3. ^ Sold F. W. Warren, Avon, N. Y., 10 bbls. Sugar, 2500, @ 13c. Received in payment Cash, 50.00. His note at 15 days, with interest, 200.00. Balance on "/c. it Deposited Cash in College Bank, 2500.00. 4. Gave Wells, Johnson & Co. our note of 20 days, with interest, on °/c, 400.00. 5. Paid H. W. Stevens, cash on account, 100.00. (< Had Ford & Co.'s note of 2d inst. discounted at College Bank. Face of note 100.00; discount, 25 days, 41c.; proceeds credited to our account, 99.59. 6. Sold Moore & Collins, Buffalo, 50 bbls. Flour, @ 8.25. Rec'd in payment, their note at 30 days for 150.00; balance on cfe. 7. Accepted David Bailey's draft on us, at 10 days' sight, favor E. R. Andrews, payable at College Bank, to apply on % 500.00. 8. Drew a draft at 30 days from date, on Ford & Co., Baltimore, and had it discounted at CJollege Bank. Face of draft, 100.00; discount, 33 days, 54c.; rec'd cash, 99.46. it Accepted W. A. Bancroft's (Boston) draft on us, favor of himself, at 3 days' sight, to balance a/e, 38.00. 9. Bo't of W. A. Bancroft, Boston, 20 chests Y. H. Tea, 1200 lbs., @ 65c. Gave him in pfiyment, check on College Bank, 500.00. Balance on "5fc. 10. Paid Wells, Johnson & Co.'s sight draft on us, favor A. S. Briggs, by check on College Bank, 100.00. Deposited cash in College Bank, 1500.00. 11. Accepted H. W. Stevens' (Detroit) draft on us, at 30 days from Apr. 8th, favor Howe & Orton, for 200.00. 12. Sold Clark, Sons & Bradley, New York, on o/c, 10 chests Y. H. Tea, 600 lbs., @ 75c.; 6 mats Java Coffee, 400 lbs., @ 32c. 13. Prepaid note given Wells, J. & Co., Mar. 6. Face of note, 300.00; discount off to maturity, 25 days, 1.23. Paid balance by check on College Bank. 14. Drew a draft on Clark, Sons & Bradley, New York, at sight, and remitted it to David Bailey, on a/c, 300.00. it Paid our acceptance of 8th inst., favor. of W. A. Bancroft, due to-day, in cash, 38.00. 15. Rec'd cash of Sickles, Stover & Jackson, on "Jfc, 50.00. THKOKETK'AL AND PRACTICAL BOOK-KEEPING. 47 188, p. 42. Ex. 39, p. 14. 187, p. 42. Ill, p. 37. 38, pa. H. 60, pa. 7. 76, pa. 7. 182, p. 41. 75, p. 27. 89, pa 6. 60, pa. 7. 47, pa. 6. 68, pa. 7. 24, pu. U. 69, pa. 7. 24, pa. 6. 39, pa. 6. 75, pa. 7. 60, pa. 7. 16. Kee'd from Moure & Collins, Bullalo, to apply on "/c, their draft, at 3 days' sight, on L. M. Horton, which Horton accepted, 300.00. 17. Rec'd cash of Moore & Oollins for tiieir note of Mar. 25th, duo to-day, 130.30. 18. Prepaid our acceptance of 11th inst., favor Howe & Orton. Face of acceptance, 300.00; dis- count to maturity, 23 days. Paid balance in casli. (See Note No. 1, below.) 19. Sold K. li. Barnard, CJity, on a/c, 50 l)bls. Salt, @ 2.55. 20. Our acceptance of 7th inst., favor Andrews, due to-day, at College Bank, has been charged by tlie Bank to our "jc. (See Note No. 2, below. ) ' 21. F. W. Warren paid his note of 3d inst., and interest, due to-day, in cash. Face of note, 200.00; interest to date, 18 days. Drew a draft at 60 days from date, on Sickles, Stover & Jackson, Detroit, and remitted it to H. W. Stevens, on "{c, less discount. Face of draft, 100.00; discount off, 63 days. Charged the balance to his '^c. 22. Eec'd cash of L. M. Horton, for his acceptance of IGth inst., due to-day. << Paid Rent of Store in cash, 25.00. 23. Rec'd of R. H. Barnard, his dote at 20 days, with interest, to apply on "jc, 50.00. 24 Student drew cash from the business, for his private use, 50.00. 25. Drew a draft on F. W. Warren, Avon, at 30 days' sight, favor of ourselves, to balance 'Yc, and sent draft to him to be accepted and returned. Amount of draft, 75.00. (This is simply a memorandum; no journal entry is required until draft is returned.) 26. Bo't of Beekman & Ordway, Phil'a, 20 hhds. N. O. Molasses, 1260 gals., @ 50c. Accepted their draft on us, favor themselves, at 60 days' sight, 315.00. Balance on "je. Deposited in College Bank, 1000.00. 27. F. W. Warren returned draft accepted. Acceptance dated Apr. 26. (See Apr. 25, above. ) Paid our note of 4th inst., favor Wells, Johnson & Co., and interest, due to-day, by check on College Bank. Face of note, 400.00; interest to date, 23 days. 28. Paid W. A. Bancroft, on "jc, by check on College Bank, 175.00. 29. Paid Bookkeeper's Salary in cash, 75.00. 30 A fire in our store last night damaged our entire stock of Tea. No insurance. Sold the entire lot to-day at auction for cash; 1300 lbs., @ 25c. Discounted F. W. Warren's acceptance, received 37th inst., at College Bank. Face of accept- ance, 75.00; discount off, 29 days. Rec'd cash for the proceeds. Note No. 1. — Comijute Interest and Discount at 6 per cent., on a basis of 36.5 day.s for a year. Note No. 2. — Since in the acceptance of this draft we made it payable at College Bank, the bunk charges it to our account the same as a check. 48 THEOKKTICAL AND PRACTICAL BOOKKEEPING. INVENTORIES, APRIL 30, 188_ Note. — Copy the Inventory in the form shown on page 31. MDSE. EXPENSE. ( 50 bbls. Flour, @ 7.00; 30 bbLs. Sugar, 7500 lbs., @ llic; \ 400 lbs. J. Coffee, @ 28c. ; 1260 gals. Molasses, @ 50c. Office Safe, valued 10 ^ below cost. 250.00— 25.00=2;;5.00. " Books, " 20 k '• " 50.00—10.00= 40.00. - = Total, 1926 38 i = Total, 365 00 XoTE. — Before proceeding to post, draw up, on cup paper, and present to tlie teacher tor approval, the drafts referred to in transiictions of April 11th, 14th, 16th and 27th. See forms of drafts, on pages 41, 42 and 4S. In posting, if an account gets crowded for space, transfer it to a new page. See instructions (154, page 36) for transferring an account. Open Leonard's account in tlie middle of page 1 in your Ledger. Give personal accounts hereafter one-fourtli of a page space; other accoimts one-half of a page. On May 1st Alex. Mitchell is to be admitted as a partner; yon may therefore make out Balance Sheet similar to that for March. In the form of Balance' Sheet given below, only a few of tlie amounts are extended, the student being required to complete the extensions, foot the columns and prove his results, as indicated in the Summary below. (Refer to " Guide for making Balance Sheet for March,"' on jiage 32, and also to "Trial Balance and Balance Sheet for March," on page 34.) Remember that you are to foot the accounts in your Ledger in pencil, and carry the footings to the first two columns of your Balance Sheet, and foot those columns, to ascertain whether your Ledger is in balance, before you proceed to extend the Resources, Liabilities, Losses and Gains to the other columns. Should the first two columns not foot equally — in other words, should your trial balance not prove — see note No. 2, 2iage 26. BALANCE SHEET, APRIL 30, 188-. Student, D. W. Leonard, Mdse. H. AV. Stevens, Expense, Jas. T. Hoag, Moore & Collins, Wells, J. & Co. Bills Payable, Bills Receivable, David Bailey, W. A. Bancroft, Interest, Discount, Sickles, S. & J. Clark, Sons & B. College Bank, Cash, R. H. Barnard, Beekman & 0. DB. rOOTING. CK. FOOTING. RESOURCES. LIABILITIES. 50 3943 398 400 905 96 30 51 5170 5170 1743 435 705 30 59 200 36 04 92 SUMMARY. Total Losses, - - - - '• Gains, - - - - 409 90 Student's Net Credit, " ^ Net Loss, - Present Worth, - D. W. Leonard's Net Credit, '■■ 1 Net Loss, " Present Worth, Present Wortli of Firm, - 5120 204 34 95 4915 4965 Net Loss, Total Resources, - - - '• Liabilities, - . - 409 11333 1452 90 07 29 5170 204 34 95 39 39 Present Worth of Firm, 9880 78 9880 78 1 ;XoTE — Only the accounts showing losses and gains and th for the charges and the net proceeds (see 202, page 55). The net proceeds of the above consignment are found by deducting all charges from the sales, as follows: (Ex. No. 46) Freight, 200; (Ex. No. 48) Storage, 25; Commission, 42; Total charges, 267. Total sales (Ex. No. 47), 2100; leaves the Net Proceeds, 1833 (see 199, page 55). The above consignment will balance, because in Ex. No. 46 it is debited 200, in E.x. No. 48 1900, and m Ex. No. 47 it is credited 2100 (see 207, page 55). THEORfiTlCAL AND PliACTtCAL BOOK-KEEPING. EXAMPLE No. 49. DAT BOOK RECORD. ITEMS. TOTAL. JOURKAL ENTRY FOR SAME. DR. fe7 Eec'd from H. G. Lyman, Ovid, to be sold on his account and risk, 1000 bu. S. Wheat,. Paid freight in cash, 50 II. G. Lyman's Consign- ment No. 1, To Cash, 50 50 DAT BOOK RECORD. EXAMPLE No. 50 JOURNAL ENTRT FOR SAME. Sold Boyd & Son, on % at 30 days, from Lyman's Consignment No. 1, 500 bu. S. Wheat, @ 1.40, 700 Boyd & Son, To Lyman's Consignment No. 1, 700 700 DAT BOOK RECORD. EXAMPLE No. 51. JOURNAL ENTRT FOR SAME. Paid cartage, in cash, on 500 bu.Wheat, sold Boyd & Son, from Lyman's Con. No. 1, 10 Lyman's Consignment No. 1, To Cash, 10 10 DAT BOOK RECORD. EXAMPLE No. 52. JOURNAL ENTRT FOR SAME. Sold G. E. Seney, on his note at 30 days, from Lyman's Con, No. 1, 300 bu. S. Wheat, @ 1.45, 435 Bills Eec'v, To Lyman's Consignment No. 1, 435 435 DAT BOOK RECORD. EXAMPLE No. 53. JOURNAL ENTRT FOR SAME. Ee-shipped the 200 bu. Wheat unsold of Ly- man's Con. No. 1, per his instructions, to E. B. Phelps, Fairport. Paid cartage on same in cash. 3 50 Lyman's Consignment No. 1, To Cash, 50 50 EXAMPLE No. 54. DAT BOOK RECORD. JOURNAL ENTRT FOR SAME. Closed Lyman's Consign- ment No. 1, and ren- dered an account sales. Storage, at Ic. per bu.. Commission, 2 ^ on sales, H. G. Lyman's net pro- ceeds placed to his credit. 10 22 70 1038 80 1071 50 Lyman's Consignment No. To Storage, Commission, H. G. Lyman, 1071 50 10 22 1038 70 80 The net proceeds of the above consignment are found bv deducting all of the charges from the sales, as follows: (Ex. No. 49) Freight, 50; (Ex. No. 51) Cartage, 10; (Ex. No. 53) Cartage, 3.50; (Ex. No. 54) Storage, 10; Commission, 22.70; total charges, 96.20. Sales, (Ex. No. 50) 700; (Ex. No. 52) 435; total sales, 1135. Leaves the Net Proceeds, 1038.80. Note. — In tlie Commission business, a book called the Sales book is usually kept, in which all entries relating to Consignments are made and posted directly to the Ledger. The Sales Book is not to be used in the business o£ the two following months, but will be explained and illustrated hereafter. 58 THEORETICAL AND PKAOTlCAL BOOK-KEEPING. u^.^^ /yj^f' / ^/ c^^G^tiU^ C^ff^i'^z^zrzui-^^n.i^f'^-^--^^^ ^' r '/ -i*£?i / &000 '1^0 a/SJ' da ^rj" f ^i? (pOOO ^ O i A^jTO do ^rd" /•S'o ^c) 6 *rilEORETlCAT. AND PRACTICAL SOOR-KfeEMNG. 59 Ex. <», P 56. Ex. 44, p. 56. Ex. 49, p. 57. Ex. 52, p. 57. Ex. 45, p. 56. JULY 10, 188—. Closed Clark's Con. No. 1 and rendered an <^ Sales. Storage, lcp?r1)H., .5.00. Com- mission, 2^ on sales, 15.00. Net proceeds remitted to hiai in cash, 700.00. Paid Dodge & Hardy's Bill for Office Books and Stationery in cash, 31.25. 11. Shipped Dow & Todd, Lodi, to be sold on my account and risk, 250 bu. W. Oats, @ 45o. Paid cartage in cash, 2.00. 12 202, p. 55. 205, p. 55. 303, p. 55. Ex. 54, p. 57. 193, p. 55. 196, p. 55. 203, p. 55. 23, pa. 6. 60, pa. 7. 202, p. 55. 193, p. 55. Bo't of Wm. B. Hoyt, on my note at 10 days, with interest, 3500 bu. Barley, @ 90c. 13. Rec'd from W. J. Corning, Waterloo, to be sold on his account and risk, 1000 bu. White Wheat. Paid freight in cash, 65.00. 15. Sold N". C. Hubbard, on his note at 5 days, from Coming's Con. No. 1, 400 bu. W. Wheat, @ 1.40. 16. Paid J. C. King cash on ? Dow & Todd, Lodi, i)er my instructions, have re-shipped to Wells Bro's, Carlisle, to be sold on my account and risk, 1000 bu. Barley, shipped them 1st inst. 22. Sold for cash, from Coming's Con. No. 3, 150 bu. White Wheat, @ 1.45. Rec'd cash of R. G. Laidlaw, for his note of July 30th and interest. 23. Sold for cash, from Beebe's Con. No. 1, 700 bu. Com, @ 68c. Closed Beebe's Con. No. 1, and rendered an Account Sales. Storage, at Ic. per bu. ; Commis- sion, at 2 ^ on sales. Benj. Beebe's net proceeds remitted in cash. 24. Rec'd cash of R. G. Laidlaw, in full of <^c, 325.00, and remitted same to J. B. Clark, on afc. Rec'd from E. B. Worden, New London, an Account Sales of shipment made him 12th inst. My net proceeds remitted in cash, 485.80. 25. Shipped to Frank Odell, Lisbon, to be sold on my account and risk, 1500 bu. Barley, @ 90c. Paid cartage and insurance in cash, 18.38. Rec'd cash of Jno. D. Mason, on <^, 1035.00. 26. Rec'd from Morey & Co., Richmond (3d consignment), to be sold on their account and risk, 1000 bu. Com. Paid Freight in cash, 75.00. Paid W. J. Corning, cash to balance "fe. 27. Shipped to M. & D. Fisher, Easton (2d shipment), to be sold on my account and risk, 1000 bu. M. Oats, @ 48c. Paid cartage in cash, 5.00. Sold J. T). Mason, 1000 bu. White Oats, @ 55c.; 500 bu. Barley, @ 1.00. Rec'd cash, 250.00, and his note at 20 days for balance. 28. Milton Forbes prepaid his note of 18th inst. Face of note, 835.00; discount fb maturity. Rec'd cash for the ])roceeds. 29. Faid my note of 16th inst, ^nd interest, due to-day, in cash. THEOKEl'lCAL AND PRACTICAL BOOK-KEEPING. S3 194. p. 55. 29. Rec'd advice from M. & T). Eisher, Easton, that the 1000 bu. M. Oats sliippcrt them 37th inst. were destroyed by fire while in transit. No insurance. 23, pa. 6. 40, pa. 6. 194, p. 55. Sold R. G. Laidlaw, on % from Morey & Co.'s Con. No. 2, 600 bu. Corn, @ 70c. 30. Rec'd from Wells Bro's, Carlisle, an Account Sales of the shipment made them on our account by Dow & Todd. Our net proceeds, 894.25, remitted by their sight draft on J. B. Clark, which we have paid to Clark, together with cash to balance his % Rec'd from Grant & Son, Salem, to be sold on their account and risk, 500 bu. R. Wheat. Paid Freight in cash, 30.00. Rec'd cash of Jno. P. Mason, in full of "fc. Sold for cash, from Grant & Son's Con. No. 1, 200 bu. R. Wheat, @ 1.35. Paid Rent of Warehouse for month in cash, 50.00. INVENTORIES, AUGUST 31, 188-. MDSE.— 500 bu. Mixed Oats, @ 48c.; 1000 bu. White Oats, @ 52c.; 500 bu. Barley, (oj 90c. Total, - 1210 00 SHIPMENT to Lisbon No. 1, at cost, -..- 1368 38 Note. — Journalize and post. Give new accounts one-fourth of a page space. After posting the month of August, make out a Balance Slieet and close the Ledger. Bring down the Resources jind Liabilities, and prove your work. If correct, it will agree with the following: TRIAL BALANCE OF LEDGER BALANCES, AUGUST 31, 188- RESOURCES Cash, - _ 5050 12 Mdse. Inv _ 1210 00 Bills Receivable, 800 00 Personal Accounts, 420 00 Coming's Con. No. 2, _ . 62 50 Ship't to Lisbon No. 1, Inv. 1368 38 8911 00 LIABILITIES. Bills Payable, _. 2250 00 Morey & Co.'s Con. No. 2, 345 00 Grant & Son's Con. No. 1, 240 00 Student's Investment, 6250 00 Net Loss, 174 00 Present Worth, 6076 00 8911 00 QUESTIONS FOR REVIEW. Page 55. — "*"'" Give the rule for journalizing Shipments. '" Explain the meaning of shipment. "'How are the the different shipments distinguished? "'What is the party called who ships the property? "* What is meant by Account Sales? '"By Net Proceeds? «» What will the Shipment account show after it has been credited with the net proceeds? '"' What before? ™'"*'' Give tlic rule for journalizing Consignments? *" Explain the meaning of Consignment. ^^ How are the different consignments distinguished? "" What is the party called who receives the property? '"' When should a Consignment balance? *"""* What would a Consignment show if it were unclosed at the time of making a Balance Sheet? 64 THEOKPrriGAL AND PRACTICAL BOOK-KEEPING. -2f / / / -^ — t::::^rfc-g?;^^^»^<^~v €di^t^ ^^'T^/ 'L^^ /Vr' /aa 'JA^^ ->^it r-T'i? ^ O^^t^i^l /.To JtSd S2A f?0-30 ^ V J: &-a e^^.a- /0tp J 00 ^ ^ i ■^ 1 ^ i- m 1 ^ a N ■< 1 1 1 ^ 5 5 1 b] F 1 1 1 IE 1 5 % ^ t > ^ 1 1 i 1 r «t V > 3 5 OS £ 1. *! E 5 i of u ^ X a: w < Of 1 ^ 4; 1 M bs ^ 4 i ^ ^ 1^ . ^ 1 S r^ *5 ^ * g T '■1 <; ^ '^ 1 I ^ T 2j ^ ^ ^ < ^ osit tickets, drafts, receipts, orders, etc., should be written by the pupil, as he comes to them, in the memoranda. Specimens of these forms will be found on the last pages of the text book. 74 TIlKOKKTIOAIi AND I'KACi'lOA'L JJOOKKEEPING. 6. Receive of E. Langwortliy, to apply on "]c, his note at 20 days, payable at Commercial Bank, Marcellus, 100.00. Leave the note at F. 0. Bank, for collection. (J. and B. B.) Note.— In the Remarks column in B. B. make the following memorandum: "Left at F. 0. Bank for collection," and give the date when left. Order by telegram, of Pratt, Conway & Mills, Pittsburg, 200 kegs Cut Nails, 20,000 lbs., to be shipped via AV. B. & P. \l. R. (Memorandum.) Receive Casli of L. B. Mason, in full for invoice 2d inst. (C. B.) Sell C. B. Shafer, Gasport, on «/c, 10 Kegs Cut Nails, 1000 lbs.; 2 U. C. Wringers; 3 doz. C. S. Augers; 7 doz. Carpet Stretchers; 2 doz. W. Wrenches; 10 doz. C. S. Axes. (S.B.) 8- Pay Hemingway & Selden, cash on "jr, 100.00. 9. Accept E. Corning & Co.'s draft at 3 days sight, favor of themselves, payable at F. C. Bank, to ap])]y on % 300.00. (J. & B. B.) 10. Receive cash of C. B. Shafer, on "jc, 200.00. 11. Receive of Barber & Swift tlieir note at 10 days, payable at Farmers' Bank, Georgetown, with interest in full for invoice 5th inst. Leave the note at F. C. Bank for collection. t Sell E. Langworthy, on "fc, 10 (Jrindstones; 3 U. C. Wringers; 5 doz. C. Stretchers. Deposit in F. C. Bank, 300.00. (Ck. B.) 12. Receive the nails ordered of Pratt, Conway & Mills, Gth inst. (J.) 13 Pay cash for 2 tons of Coal for office, 10.80. ?? Geo. D. Whitney draws from the business, for his individual use, by check on F. C. Bank, 200.00. Note. — Charge this to "Geo. D. Whitney, Private Account," and open such an account in the Ledger instead of posting it to his investment account. .*? Sell L. B. Mason, City, 8 doz. C. Stretchers; 10 kegs Cut Nails, 1,000 lbs. ; 4 doz. C. S. Augers, 10 doz. C. S. Axes. Receive cash to apply on above 43.00. Note. — Enter the sale in S. B. in the regular way, for the full amount, and credit Mason in C. B. for the cash received. Order by letter of Hart, Bliven & Mead, New York, to be shipped via. West Shore R. R.,.12 I. C. Freezers; 2,500 lbs. Babbit Metal; 20 doz. Cow Bells; 15 Copying Presses; 100 pairs Barn Door Hangers; 75 doz. R. H. Bread Knives (Memorandum). 15. Receive cash of E. Langworthy on "jc 45.50. Your acceptance due to-day has been paid by F. C. Bank and charged to your "jc. 18. ■ Sell C. B. Shafer on % 30 kegs Cut Nails, 3,000 11)S.; 5 doz. P. G. C. Hods; 5 B. Drills. Receive the goods ordered of Hart ]i. & M., 13 inst. THEORETICAL AND PRACTICAL BOOk-KEEPING. 75 19. Buy at F. C. Bank by check, a New York draft for 200.00 at ^ •;{, Exchange, and remit it by letter to E. Corning & Co. on Geo. D. Whitney appropriates for his individual use, at cost i)rice, 1 pair B. D. Hangers; 1 Copying Press; 1 I. C. Freezer. (S. B.) Note. — Charge this to "Geo. D. Whitney, Private Account." 22. Sell Barber & Swift 4 Copying Presses ; 25 kegs Cut Nails, 2,500 lbs. ; 10 Grindstones ; 5 doz. C. Bells; 3 I. C. Freezers; 1,500 lbs. B. Metal; 20 doz. R. H. Bread Knives. Receive Cash on above 120.50. Remit by letter to Pratt, Conway & Mills on "jc your note at 15 days with interest, payable at F. C. Bank, 300.00. 25. Receive credit at F. C. Bank for a note with interest, due yesterday, less collection ^ ^. Deposit in F. C. Bank 400.00. Pay Daily Tribune Advertising bill in cash 18.50. 26. Pay E. Corning & Co.'s sight draft on you, favor themselves, by check on P. C. Bank, 100.00. n Receive of L. B. Mason his note at 15 days with interest 100.00, and his note at 30 days with interest 100.00, payable at Trader's Bank, to balance "fc. Tl. Receive cash of Barber & Swift on '^c, 100.00. Draw a sight draft on C. B. Shafer, Gasport, 150.00, in favor of F. C Bank and deposit the draft to your credit less collection ^ ^. Note.— Credit Shafer 150.00 debit Collection 75 cts. in C. B. and add 149.35 in Ck. B. 29. Order by letter of E. Corning & Co. to be shipped via. N. Y. C. & H. R. R. R. 20 doz. W. Wrenches; 15 doz. C. S. Augers; 25 doz. C. Stretchers; 30 B. Drills; 25 doz. C. S. Axes. Deposit in F. C. Bank 100.00. 30. Receive credit at F. (3. Bank for a note due yesterday, less collection \ %. Sell L. B. Mason on "jc 2 doz. C!. Bells; 4 Copying Presses; 25 kegs Cut Nails, 2,500 lbs.; 25 i)airs B. D. Hangers; 2 doz. Steelyards; 5 doz. P. G. C. Hods. Give Hemingway & Selden check on F. C. Bank in full of "jr. 109.38. 76 THEORETICAL AND PRACTICAL BOOK-KEEPING. « 30. Accept Pratt, ('onway (S/Mills draft at 1 day sight, favor H. W. Hardy, payable at F. V,. Hank, 200.00. J? Pay li. N. Smith rent of Store one month by check on F. C. Bank. J? Pay Sundry Freight bills for the month in cash, 46.35 (Charge Mdse. a(,.). INSTRUCTIONS. You may now balance the Cash Book, foot the Sales Book, post the month's business, and take a trial balance. To balance the Cash Book it will require the cash in the^safe, 576.10, and the cash in the bank, 3038.9?, added together, this sum constituting the cash on hand, as explained in Note No. 2, page 73. Post from the Cash Book and Journal the same as in Sept. and Oct. In posting from the Sales Book, debit each person with the amount of his invoice and credit Merchandise with the total sales, as shown by the footing of the last column of the Sales Book. This footing should be $2014. 75. As a matter of convenience, and as being less liable to make errors, you may first post all of the entries from the Sales Book; then post all entries from the Journal; and last, post all entries from the Cash Book. The dates will not in all cases appear in proper order in the Lodger, as they would when the books are kept j)osted every day as they are in business. The initials of the book from which the entry is posted are to be used in the Ledger, instead of a complete explanation. Thus, if the entry comes from the Sales Book, enter in the explanation column, S. B. ; if from the Cash Book, C. B. ; and if from the Journal, J. This plan will materially shorten the work of posting and generally meet all requirements. In posting, give Bills Receivable, Bills Payable, Expense and Merchandise each one-half a page space, and give all other accounts one-fourth page each. After completing the posting, take a Trial Balance, using the differences instead of the footings of the accounts. These differences should be .ts follows: DEBITS. Merchandise, 1076.98; Bills Receivable, 200.00; Expense, 354.30; E. Langworthy, 58.75; L. B. Mason, 307.75; Barber & Swift, 250.00; C. B. Shaf or, 156.00; Geo. D. Whitney, Private Account, 214.25; Interest, 1.01; Exchange, 50c; Collection, 2.39; Cash, 3614.07. CREDITS. Geo. B. Whitney, 5000.00; Bills Payable, 500.00; Pratt, C. & M., 125.00; Hart, B. & M., 399.50; E. Corning & Co., 211.. 50. DECEMBER 1, IBS—. Receive of Barber & Swift, Georgetown, to balance account, their draft, in your favor, at 3 days sight, on E. R. Andrews, City, which he has accepted, payable at his office. J) Pay Gas Bill for November, in cash, 3.75. Sell Oliver Bros. & (!o., Williamsburg, on "/c, 50 Kegs Cut Nails, 5000 lbs.; 10 B. Drills. 2. ■ . Receive the goods ordered of Corning & Co., Albany, 29th ult. J? Receive of L. B. Mason, to balance account, his check on Traders' Bank, 107.75, and hi* note at 15 days, with interest, payable at Traders' Bank, 200.00. 3. Receive cash of E. Langworthy, in full of "fc, 58.75. >? Deposit iu F. C. Bank, currency, 100.00; also, L. B. Mason's check rece'ivcd yesterday. THEORETIOAIi AND I'RACmCM, BOOK-KEKPING. 7i Eemit bv letter to Hart, Blivea & Mead, to balance "/c, a draft on New York, 399.50, wliich you purchase at F. C. Bank. Give cheek to cover the draft and exchange at ^ ^. 4. Sell Barber & Swift, Georgetown, on % 10 doz. C. S. Axes; 3 I. G. Freezers; 500 lbs. B. Metal; 20 pairs B. I). Hangers. Your acceptance due to-day has been paid by F. G. Bank and charged to your i^c. 5. Buy of Hemingway & Selden, City, on "fe, 6 I. G. Freezers; 20 doz. P. 6. Goal Hods; 10 Copying Presses; 10 doz. Steelyards. The draft drawn on C. B. Shafer, Gasport, 27th nit, has been returned protested for non-payment. Protest fees, 1.50. Give F. G. Bank a check to cover the face of the draft and fees. Note. — Debit Shafer's account for the draft and fees. 6 Sell L. B. Mason, City, on "/c, 5 Grindstones; 10 doz. G. S Augers; 12 doz. Steelyards, 30 jiairs B. D. Hangers; 5 doz. Cow Bells, 3 I. G. Freezers; 50 doz. R. H. Bread Knives. 7. Receive cash of E. R. Andrews for his acceptance due to-day. 8. Receive a letter from Barber & Swift, Georgetown, stating that tlie Babbit Metal sold them 4th inst. is of an inferior quality. They propose to keep the metal if a reduction of 4o per lb. is made. Write to Hart, Bliven & Mead, of whom you purchased it, reciting the facts, and ask thei r consent t o make the allowance and give you credit, or have the metal returned to them, as they may prefer. (Memorandum.) 9 Receive of Oliver Bros. & Co., their note at 60 days, in your favor, payable at German-American Bank, to apply on «/c. 150.00 )» Receive cash of Barber & Swift, on «/c, 100.00. 10 . . 'Sell E. Langworthy, Marcellus, on "/c, '.> doz. G. S Augers; 10 Grindstones; 15 Kegs Gut Nails, 1500 lbs.; 5 B. Drills; 5 doz. R. H. Bread Knives.. Your note, with mterest, favor of Pratt, Gouway & Mills, due to-day, has been paid by F. G. Bank and charged to your "/c. 11 Accept Pratt, Conway & Mills draft on you, at 3 days sight, favor H. W. Hardy, payable at F. C. Bank, 100.00. 12. Order by letter, of Hart, Bhven & Mead, New Y'ork, to be shipped via W. S. R. R., 15 doz. Gow Bells; 10 B. Drills; 10 doz. G. S. Axes; 20 doz. C. S. Augers. t J? Deposit in F. G. Bank, cash, 250.00. 13. . Give Hemingway & Selden check on F. G. Bank, on <^, 200.00. Hart, Bliven & Mead, in answer to your letter of 8th inst., instruct you to make the allowance asked for by Barber & Swift, and charge the same to their Your acceptance, due to-day, has been paid and charged to your account by F. C. Bank. 23 Receive cash of L. B. Mason, on "jc, 100.01). 24. Remit by letter to E. Corning & Co., Albany, your note, their favor, at 30 days, 300.00; jour note, their favor, at 60 days, 300.00; and your check on F. C. Bank, certified by W. D. Burgess, teller, 277.50, to balance "jc. 25 Sell Oliver Bros. &• Co., Williamsburg, on <^c, 16 doz. C. Stretchers; 10 doz. W. Wrenches; 9 Copying Presses, 20 doz. C. S. Axes; 5 B. Drills. 27. Purchase, by cheek on F. C. Bank, a New York Draft, 200.00, &t \ % exchange, and remit same to Hart, Bliven & Mead, to apply on «/c. 28 Pay sundry freight bills for the month, in cash, 25.18. 29 Receive cash for note and interest, in your favor, due to-day. 30 Receive cash of Wm. Perrin's Sons, in full of % 432.00; also of L. B. Mason, to apply on % 150.00. 31 Pay H. N. Smith rent for December, less amount of his order 22nd inst., by check on F. C. Bank. Give Hemingway & Selden check on F. C. Bank, on <^, 100.00. THEORETICAL AND PKAOTIOAL BOOK-KEEPING. 79 31. Pay clerk's salaries in full to date, in cash, 175.00. Deposit in F. C. Bank all the cash on hand, 1289.62. « INVENTORY, DEC. 31, 188-. MERCHANDISE.— Goods on hand, as per Inventory Book,. 1381.93 EXPENSE.— Safe on hand, valued at 5^ below cost, .-. 213.75 ■ You may now balance the Cash Book, foot the Sales Book, post, make out Balance Sheet and close the Ledger. The balance in F. 0. Bank should be 2809.44. The sales for the niontli should be 2252.75. Before making the Balance Sheet, close Geo. D. Whitney, Private Account, into Geo. D. Whitney account. The Summary of your Balance Sheet should agree with the following: SUMMARY. Total Gains, -- - 836 03 " Losses, - 577 90 Net Gain of Firm, 248 12 Total Resources, 5717 87 " Liabilities, -- 934 00 Present Worth of Firm, 4783 87 Student's i Net Gain, 124 06 Present Worth, 124 06 Geo. D. Whitney's Net Credit, -.4535 75 i Net Gain,.. 134 06 Present AVorth, 4659 81 Present Worth of Firm, 4783 87 Note. — After you have completed the work upon your books, present them, together with all of the business papers involved in the foregoing set, to the teacher for inspection. An examination will likewise be given, in which you will be required to make the journal entries for all of the parties in a large variety of business transactions, together with a review of the principles as outlined in the questions upon pages 53, 54 and 63, together with the following: MISCELLANEOUS QUESTIONS. NoTK. — Written answers are required to the following questions. ' Prom what does Double Entry Book-keeping take its name? ^ How are you enabled to decide to which of the two general classes of accounts used in double entry any jjarticular account belongs? 'Wliat title may be used instead of the proprietor's name? 'Mention three accounts that you can always tell which side should be greater, if there is any difference? ^ To which of the two general classes of accounts does a Personal account belong? * What circumstance might arise to place it in the other class? ' Why is it necessary that Bills Payable and Bills Receivable should always bo debited and credited with their face value? ' Mention some of the errors which will not affect the equality of the Ledger. ' In case the Trial Balance does not prove, give the short tests to bo applied before proceeding to examine the posting. '"Wlicn the cheek of another person is received, how is it journalized? " Give an example of an inventory showing a liability. " Give the two ways of finding the Present Worth in double entry. "What is meant by Insolvency? "What is the object of closing accounts showing lossos and gains? '* In closing an account, why is the equality of the Lodger not affected? '• What is meant by the acceptance of a draft? "Give the general rule for journalizing drafts when drawn on account. '" What journal entry is made when the proprietor commences business with both Resources and Liabilities? " Wliat would a Shipment account show at the time of making a Balance Sheet, if no Account Sales had been received? " What would a Consignment account sliow, if tmclosed at time of making a Balance Sheet? "In closing an account having a resource inventory, why is it necessary to credit the account with the inventory before it can be closed? " After the account has been closed, why must the inventory be carried below the rulings? ^ Why is tiie loss or gain not carried below the rulings? "When are personal accounts usually closed? ** Do errors in journalizing affect the equality of the Ledger? *" What advantage is obtained by using the Cash Book as a principal book? "How is the work of posting from the Cash Book performed? ''What advantage is obtained by using the Sales Book as a principal book? ^ How are transactions with the bank treated wlien no bank account is kept in the Ledger, and how are the entries made for such transactions? ** How is the Cash Book balanced when there is cash both in the safe and in the bank? 80 THEOKETICAI. AND PRACTICAL BOOK KKKPING. zMz^ ^^/£fcf- J^^^TO'Z.^.d^ yV^ (yi^i>^^ -J-A^ ^^^/-z^^^Z^t^.^^ -<^^^^^'2^ ..S^^.^-i^U^ ^Z^y^^i^iii^ SINGLE ENTRY. ■ The distinguishing feature of Single Entry book-keeping is, that only Personal accounts are kept in the Ledger. ' This system of book-keeping contemplates such a record, or the filing of such documents for reference only, as will enable the proprietor to determine at any time the Kesources and Liabilities of his business, which cannot be found by taking an inventory. ' For this purpose the practice is to journalize and post personal accounts only. Cash receipts and payments are entered in the Cash Book, and Bills Receivable and Bills Payable in the Bill Book. ' It is sometimes found necessary to employ additional books of record, the number and character depending upon the nature and extent of the information which it is desired to preserve: as. Order Book, Livoice Book, Sales Book, etc. ' Since no accounts showing gains and losses are kept in Single Entry, it follows that an itemized statement of the gains and losses of the business cannot be obtained. 'The Net Gain or Net Loss of the business can be determined, however, in the following manner: First ascertain the Present Worth, by finding the difference between the Resources and Liabilities, and then compare it with the Investment. ' If the present worth is greater than the investment, the difference shows a net gain; if less, a net loss. The following sets are designed to illustrate book-keeping by Single Entry, also changing Single Entry books to Double Entry. The books to be used are Journal, Ledger, Cash Book and Bill Book. The form of Journal is illustrated on page 82. The Bill Book is to be kept in the form used hereto- fore, and the Cash Book as illustrated on page 89. 81 82 THEORETICAL AND PKACTIC'AL BOOK-KEEPING. ?;?^;^^%^^^^^ y, vrL '^LU OT^ C^ 0^^^^t?%?^/2<^2?^?2^ / JO {.^^zJ^ ^-^ £z^z^^^^ (TT'zy a^co^ _2 da 'f/ ^cr6 cfo ■"/ cJe I. THEOKETICAL AND PRACTICAL BOOK-KEEPING. 83 JANUARY 1, 188-. Commence business with the following resources: Store and Lot valued at 2500.00; Horse and Wagon valued at 235.00; Cash, 500.00. {Enter in Journal and Cash Book; see form of Journal oti page 82, and form of Cash Booh on page 89.) ^^ Buy of Smith, Perkins & Co., City, on % at 15 days, 10 bbls. A Sugar, 1250 lbs., @ 10c. ; 10 ch. Japan Tea, 350 lbs., @ 60o.; 10 ch. Black Tea, 350 lbs., @ 45c.; 5 half bbls. Mackerel, @ 4.00; 10 mats Java Coffee, 1250 lbs., @ 22c. {Enter in J.; seepage 82.) Note. — It is unnecessary to enter the items in tlie Journal, tlie Invoice itself being placed on file for reference. Sell A. Thompson, Aurora, on <^c, 3 ch. J. Tea, 70 lbs., @ 70c.; 2 ch. B. Tea, 70 lbs., @ 50c. {J.; see form on page 82.) Cash sales, per Cash Drawer, 175.38. (C. B.; see 3, page 81.) 2. Sell Mrs. Eliza Smith, 37 Main St., on afc, 10 lbs. A Sugar, @ lie; 1 lb. J. Tea, @ 85c.; 2 lbs. J. Coffee, @ 28c. {J.) Buy of Smith, Perkins & Co., on "je, 10 bbls. Brown Sugar, 1250 lbs., @ 9c.; 10 sacks Rio Coffee, 800 lbs., @ 18c. J? Sell Wm. Johnson, 144 Lyell Ave., on «/f, 4^ lbs. Mackerel, @ 12c.; 1 lb. B. Tea, 55c.; 3 lbs. Rio Coffee, @ 34c. 3. Give Smith, Perkins & Co., your note at 10 days, payable at College Bank, to apply on "jc, 300.00. {J. and B- B.; see 3, page 81.) Note. — Before entering this note, draw a red line across both pages in the Bill Book, below the last entry, to separate this from the previous sets. Receive cash of A. Thompson, on "fc, 15.00. {J. and C. B.) * ?? Buy of Smith, Perkins & Co., on "/c, 13 doz. Brooms, @ 2.35; 4 doz. Wood Pails, @ 3.00. jj Sell James Jamieson, 27 Broadway, on 'fc, 25 lbs. A Sugar, @ 10c. ; 4 lbs. J. Tea, @ 80c. ; 3 lbs. Rio Coffee, (§) 34c. 5. Pay Clerk cash, to apply on Salary, 5.00. {C. B.) ?j Cash sales, per Cash Drawer, 246.75. {C. B.) 6. Sell Mrs. Eliza Smith, on ajc, 10 lbs. B. Sugar, @ 10c. ; 4^ lbs. M:ackerel, @ 13c. ; 2 Wood Pails, @ 25c. Receive cash of Wm. Johnson, 3.00, and of James Jamieson, 5.00, on "/c. {J. and C. B.) 7. Buy of H. Gordon •& Co., City, on your note at 20 days, payable at College Bank, 2 bbls. A Sugar, 250 lbs., @ 10c. ; 2 bbls. Brown Sugar, 350 lbs., @ 8^c. ; 1 ch. Japan Tea, 35 lbs., @ 55c. {B. B.; see S, page 81; also see note below.) Note. — No entry is to be made in the Journal, because your indebtedness is not to Gordon & Co. personally, but ip the form of Bills Payable, and is shown by the Bill Book. Sell Mrs. Eliza Smith, on ajc, 3 Wood Pails, @ 22c. ; 1 Broom, 25c. ; 1 lb. Rio Coffee, 24c, 84 V THEORETICAL AND PRACTICAL BOOKKEEPING. 7. Cash sales for the day, per Cash Drawer, 127.64. 8. Eeceiye of Alex. Thompson, his note at 3 days, payable at Traders' Bank, to apply on <^, 25.00. {J.andB.B.) Note. — A good rule for the student, who is familiar with double entry, to use in journalizing by single entry, is, first to decide what journal entry would be made for the transaction by the double entry method ; then if he find in such entry that a person is to be either debited or credited, the same person must be debited or credited in tlie single entry Journal, otherwise no journal entry is to be made. 9. Sell Wm. Johnson, on "jc, 50 lbs. B. Sugar, @ 9^0. ; 1 Broom, 25c. ; 5 lbs. Rio Coffee, @ 24c. ; 2 Wood Pails, @ 22c. )? Pay cash for ton of Coal for office use, 6.50. 10. Pay Smith, Perkins & Co., cash to apply on "jc, 100.00. (/. a7id 0. B.) )j Buy of Geo. F. Doyle, Salina, on <^, at 10 days, 25 bbls. Salt, @ 1.25. Wm. Johnson returns for credit, 4 lbs. of the Eio Coffee bought Otli Inst., the quality not being satisfactory. Sell A. Thompson, 10 bbls. Salt, @ 1.40; 2 ch. J. Tea, 70 lbs., @ 70c.; 3 bbls. B. Sugar, 375 lbs., @ 10c. Eeceive in payment, cash, 25.00. Balance on "/c. (/. and C. B.) Note. — In transactions like the above in single entry, it is customary to make an entry in the Journal debiting the person with the whole bill purchased, and then make a second entry giving him credit for the amount paid. Pay Clerk cash to apply on Salary, 10.00. ?) Receive cash of Mrs. Eliza Smith, to ap])ly on "jc, 1.50. 13. Pay Smith, Perkins & Co., to apply on «jc, cash, 50.00, and your note at ton days, payable at College Bank, 100.00. {J., 0. B. and B. B.) Sell Wm. Johnson, on «/c, 10 lbs. A Sugar, @ 10c. ; 2 lbs. J. Tea, @ 85c. ; 5 lbs. Rio Coffee, @ 22c. 14. Buy of Geo. F. Doyle, on % at 10 days, 25 bbls. Salt, @ 1.25. J? Receive cash of A. Thompson, for his note of 8th inst. due to-day, 25.00. (C. B. and B. B.) Cash sales, as per Cash Drawer, 358.40. 15. Pay Geo. F. Doyle's sight draft on you to apply on <5fc, in cash, 25.00. (/. and G. B.) Pay Book-keeper cash, to apply on Salary, 25.00. Receive of A. Thompson, his note at ten days, payable at Traders' Bank, to balance % 119.50. Sell James Jamieson, on % 10 lbs. B. Sugar, @ 9^0. ; 2 lbs. J. Tea, @ SOc. ; ^ lbs. Rio Coffee, @ 24c. 16. Pay your note of 3d inst., favor of Smith, Perkins & Co., in cash, 300.00. Note.— You may now balance the Cash Book and post the foregoing transactions. Give each account one-fourth of a page space. The books are to be changed to Double Entry after you have completed the posting, full instructions for which are given below. You should study those instructions very carefully, and perform the work precisely as they direct. THEORETICAL AND PRACTICAL BOOK-KEEPING. 85 INSTRUCTIONS FOR CHANGING THE BOOKS TO DOUBLE ENTRY. 1st. *An inventory is to bo taken of tlie Mdse. and other property on lianil, its value being estimated at what the jiroperty coukl be purchased for at -the present time. Tlie result of such inventory is as follows: INVENTORY, JANUARY 16, 188-. Mdse. on hand, yiov Inventory Book, 270 7:1 Horse and Wagon, valued at _ 225 00 StoreandLot, " " 2500 00 Note. — You may copy tlie above Inventory in your Journal, immediately following the last entry. 2d. 'The resources and liabilities exhibited by the various books, viz: Ledger, Cash Book and Bill Book, are next to be obtained, and, with the Inventories, arranged in a convenient form, as shown below, for determining the condition of the business. STATEMENT, JANUARY 16, U RESOURCES. Mdse., per Inventory, 270 72 Store and Lot, per Inventory, 2500 00 Horse and Wagon, per Inventory, 225 00 Cash, per Cash Book, . 961 17 Bills Eeceivable, per Bill Book, 119 50 Personal Accounts, per Ledger, _ 16 93 4093 32 LIABILITIES. Bills Payable, per Bill Book,_._ Personal Accounts, per Ledger, 165 50 566 50 732 00 SUMMARY. Total Eesources, 4093 32 " Liabilities, 732 00 Present Worth, 3361 32 Present Worth, 3361 32 Investment, 3225 00 Net Gain, 136 32 Note. — Make a Statement like the above in your Trial Balance or Statement book. Do not copy the above form merely, but verify all of the results by your own books. 3d. '° The Present Worth is found, as shown above, by taking the difference between the Kesources and Liabilities; and " the Net Gain is then found by taking the difference between tlio Present Worth and the Investment. 4th. " Since in Single Entry the Ledger contains only a portion of the Resources and Liabilities, viz: Personal accounts, it is apparent that, to change it to Double Entry, such additional accounts must be opened as will cause the Ledger to exhibit all of the Resources and Liabilities of the business, as shown by the foregoing Statement; and "the Net Gain must be credited to the Proprietor's account. Note. — You may now proceed, in accordance with the above instructions, to open the additional accounts required to place your Ledger in the Double Entry form. After you have completed this work, your accounts should correspond with those given on pages 86-87. Mdse. will require one-half of a page space; all other accounts one-fourth of a page each. 5th. " After the change to Double Entry has been made in accordance with the foregoing direc- tions, your Ledger must be in balance, because all of the Resources appear upon the Dr. side, and all of the Liabilities and the Present Worth, which is the difference between tlie Resources and Liabilities, appear upon the Cr. side. 86 THEOKETIOAL AND PRACTICAL BOOK KEEtlUG. STUDENT. 188- Jan. IG Present Worth, 3361 33 188- Jan. 1 16 16 3361 32 Jan. Investment, JSTet Gain, Present Worth, 83 3325 136 3361 3361 33 3^ 33 SMITH, PERKINS & CO. City. 188- 188- Jan. 3 Bills Pay., 82 300 Jan. 1 Mdse. 82 787 50 10 Cash, 100 2 a 82 256 50 13 Sundries, 150 5 5 3 a 82 35 1 7 S A. THOMPSON, Aurora. 188- Jan. Mdse. 83 84 100 50 188- Jan. 3 8 11 13 184 50 Cash, Bills Kec'v, Cash, Bills Rec'v, 82 15 35 35 119 184 50 50 MRS. ELIZA SMITH, 27 Main Street. 188- Jan. Mdse. 188- 82 2 2 t 51 01 93 45 1 Jaii. 13 Cash, 50 WM. JOHNSON, 144 Lyell Ave. 188- 188- Jan. 2 Mdse. 82 1 57 Jan. 6 Cash, 3 9 a 6 64 9 Mdse. ret'd. 96 13 i( 3 J 3 80 01 s »t JAMES JAMIESON, 27 Broadway. 188- Jau. 3 ! Mdse. 151 " 188- 82 6 3 9 18 75 93 i Jan. 6 Cash, GEO. F. DOYLE, Sallna. 188- 188- Jan. 15 Paid Draft, 25 Jan. 10 14 Mdse. 31 31 35 25 5 MERCHANDISE. 188-1 Jan. 16 Goods, per Inv. 370 72 THEORETICAL ANB PRACTICAL BOOK-KEEPING. REAL ESTATE. 87 .188- Jaii. IG Store and Lot, 2500 EXPENSE. 188- Jan. IG Horse and Wagon, 235 CASH. 188- Jan. 16 Bal. per C. B. 961 17 BILLS-RECEIVABLE. 188- Jan. IG On hand, per B. B. 119 50 BILLS PAYABLE. 188- Jan. 16 Outstanding, per B. B. 165 50 Note. — You may now continue the business, the books to be Itept by Double Entry. The combined Day Book and Journal form, as illustrated on page 45, is to be used. Use the Double Entry form of Cash Book, and post from this book as in the preceding sets. Continue the use of the Bill Book as heretofore. JANUARY 17, 188-. Buy of H. Gordon & Co., on "jc, 10 bbls. B. Sugar, 1250 lbs., @ 8c. Cash sales, per Cash Drawer, 75.35, 18. Sell Wm. Johnson, on ajc, 3 lbs. J. Tea, @ 80c.; 5 lbs. Rio Coffee, @ 35c.,- 30 lbs. A Sugar, @ lie. Sell E. T. Miller, on his note at 15 days, payable at City Bank, 5 bbls. A Sugar, 625 lbs., @ lO^c; 10 bbls. B. Sugar, 1250 lbs., @ 9c.; 3 ch. J. Tea, 105 lbs., @ 65c. 19. Receive cash of Mrs. Eliza Smith, to balance <^. )j Buy of H. Gordon & Co., on % 15 bbls. A Sugar, 1875 lbs., @ 9^0. 20. Sell James Jamieson, on °jc, 20 lbs. A Sugar, @ lie. ; 5 lbs. Rio Coffee, @ 24c. ; 2 bbls. Salt, @ 1.50. Cash sales, per Cash Drawer, 115.05. 21. Give Geo. F. Doyle your note at 30 days, payable at College Bank, to balance "jc. Buy of H. Gordon & Co., on % 5 cli. J. Tea, 175 lbs., @ GOc. 22. Sell A. Thompson, 10 bbls. Salt, @ 1.40; 3 cli. J. Tea, 70 lbs., @ 70c.; 3 ch. B. Tea, 70 lbs., 55c. Receive cash, 50.00. Balance on «fc. 88 THEORETICAL AND PRACTICAL BOOK-KEEPllJ^O. 22. Pay Smith, Perkins & Co., cash on "/•, 100.00. Cash sales, per Casli Drawer, 98.34. 23. Sell Frank C. Ilcdstrom, Sardinia, 5 ch. B. Tea, 175 lbs., @ 55c.; 2 doz. W. Pails, @ 2.60; 4 doz. Brooms, @ 2.G5; 2 half bbls. Mackerel, @ 4.75; 5 bbls. A-Sugar, 625 lbs., @ lOic. Receive his note at 10 days, payable at First National Bank, 100.00. Balance on '^c. Eeceive cash of Wm. Johnson on "/c, 5.00. 24. Buy of Geo. P. Boyle, on yonr note at 20 days, 50 bbls. Salt, @ 1.25. ?» Cash sales, per Cash Drawer, 138.40. 25. Pay cash for permanent improvements on store, 200.00. Pay Gaa Bill in cash, 11.75. Sell Wm. Johnson, on o/c, 5 lbs. J. Tea, @ 80c. ; 50 lbs. B. Sugar, @ 9^0. ; 10 lbs. Rio Coffee, @ 25c. 26. Receive cash of James Jamieson, to balance ^^c, 11.33. Pay your note of 13th inst., due to-day, in cash. 27. Buy of Smith, Perkins & Co., 10 bbls. A Sugar, 1250 lbs., @ 10c. ; 10 bbls. B. Sugar, 1250 lbs., @ 9c. ; 5 ch. J. Tea, 175 lbs., @ 60c.; 10 mats J. CofEec, 1250 lbs., @ 22c. Give them your note at 10 days, 300.00. Balance on ajc. 28. Pay H. Gordon & Co. cash on ofc, 178.44. ?? Receive cash of A. Thompson, for his note of 15th inst., due to-day. 29. Cash sales, per Cash Drawer, 216.40. ?) Sell the Horse and Wagon for cash, 235.00. 30. Pay your note of 7th inst., due to-day, in cash. 31. Pay Book-keeper 25.00, and Clerk 15.00, cash in full of services to date. INVENTORIES, JANUARY 31, 188-. MDSE., as per Inventory Book, 426 48 REAL ESTATE.— Store and Lot, valued at 2700 00 You may now post and make a Balance Sheet. After you have completed the Balance Sheet, close the Ledger and bring down the resources and liabilities, and prove them upon a separate sheet of paper, as illustrated on page 40, and present the proof, together with your Ledger, to the teacher for inspection and approval. A few results are appended: Cash on hand, 1333.79; Total Resources, 4965.58; Liabilities, 1346.50; Net Gain, 257.76. rMEORETlCAL AND PRAOTICAL BOOK-KEEPING. FEBRUARY 1, 188-. (See Note No. 1.) Bd (Student's name). Commenced business tliis day with the following resources and liabilities: Cash on hand, per Cash Book, On deposit in College Bank, 100 bl)ls. Flour, C. D. French's note, per Bill Book, Jas. Harris, on "jc, (Student's name). Note favor Geo. Wells, per Bill Book, Interest accrued, 80 days {see Note No. 2), Due Hill & Co., on "jc, College Bank, Amount on deposit, as above, Jas. Harris, On account, as above. Hill & Co., On account, as above, 2. White Bro's, Bo't Mdse. on "jc, per Invoice No. 1, Hill & Co., Paid them, on cjc, by check on College Bank, College Bank, Check favor of Hill & Co., Cr. rces and 8500 @ 8.00, 3000 4000 800 200 500 Dr. 500 () 375 67 881 Dr. 4000 Dr. 500 Cr. 375 Cr. 1181 Dr. 100 Cr. 100 07 SINGLE ENTRY CASH BOOK. 188 RECEIPTS. PAYMENTS. Feb. 1 4 Invested by Student, Deposited in College Bank, 3000 500 4 15 bbls. Beef, . @ 18.75, 281 25 6 C. D. French's note, 200 J? White Bro's, on "je. 500 7 R. J. Barton, to apply on Mdso. 300 8 Office Books and Stationery, 25 9 O.W. Jones, on ^^ JT^ jT^- :2,ij/Vdifj THEORETICAL AND PRACTICAL BOOK-KEEPING. 161' APRIL, 188-. 1. You (Student) have been appointed Executor of the. Will of the late John H. Warner. The Will provides that the widow of deceased, Eliza St. Clair Warner, shall have one-third of all property belonging to the estate, and that the children, viz: John W., Mrs. Mary Warner Roberts, William H., Jennie E. and George S., shall each receive one-fifth of the remainder of such property. A schedule of the real and personal estate of the deceased, made by yourself, assisted by Cornelius Crittenden and Byron Rogers, as appraisers, exhibits as follows (ttee entry on paye 100) : 125 acres of land, including buildings, constituting the Homestead, @ 90.00 per acre; 80 acres of land in Michigan, @ 15.00; 100 Sheep, @ 2.50; 4 AVork Horses, 100.00 each; 2 Yearling Colts, 40.00 each; 6 Cows, 30.00 each; 5 Hogs, 6.00 each; Poultry, estimated at 25.00; Harness, estimated at 100.00; Machinery and Utensils, estimated at 450.00; Carriage, estimated at 100.00; Household Furniture, estimated at 600.00; Judgment against D. Gray, dated Jan. 16th last, 74.89; Interest accrued 75 days on above; 12 Water Works 6 ^ Bonds, 500.00 each at par; Interest accrued on sante from Jan. 1 last, 3 months; Note of W. S. Dunn, at 90 days from March 1 last, with interest, 1500.00; Interest accrued 31 days on above note; Note of A. B. Enoch, at 90 days from Feb. 20 last, with interest, 225.00; Interest accrued 40 days on above note; John Lynch owes on "je, 40.00; William Burke owes on "jc, 23.50; Cash on hand, 125.00; On deposit in Citizens' Savings Bank, 980.00; Interest accrued on above deposit from Jan. 1 last, 3 months, at 5 ^ per annum. 2. You have ascertained that deceased was indebted to the following persons in the sums named: James Bryant, on account of Blacksmithing, 43.50; A. B. Enoch, Store account, 79.80; Patrick Maloy, on account of Ditching, 16.25. 3. Deposit in Germania Bank, cash, 125.00. 4. Sell this day, at auction, the following personal property: 100 Sheep, @ 2.85 per head, to John Martin, on his note at 3 mos. with interest, endorsed by Byron Devins, payable at Germania Bank; 2 Work Horses, 94.00 and 140.00, to Wm. Gray, on his note at 3 mos. with interest, endorsed by John H. Blj', payable at Germania Bank; 2 Work Horses, 102.50 and 110.00, to Jerome B. Stevenson for cash; 2 Yearling Colts, 34.00 and 48.00, to William Fenner, on his note at 3 mos. with interest, endorsed by Calvin Davis, payable at Germania Bank; 2 Cows, 28.50 and 31.00, to Ira McCall for cash; 4 Cows, 34.00, 33.00, 29.75 and 41.00, to William Chappell, on his note at 3 mos. with interest, endorsed by Thos. Eddy, payable at Germania Bank; 5 Hogs, @ 4.50 each, to Samuel N. Messner for cash; Poultry, to Anson II. Wells for cash, 24.00. Harness, to Patrick Murphy, on his note at 3 mos. with interest, endorsed by M. B. Flynn, payable at Germania Bank, for 88.00; Carriage, to Owen Storrs for cash, 98.00; Farming Utensils, bought by John W. Warner and charged to his account, 415.00; Household Furniture, bought by the widow of deceased and charged to her account, 588.50. 5. Deposit in Germania Bank, cash, 410.50. 6. Pay Jas. Bryant and P. Maloy in full of account, by check on Germania Bank. 9. A. B. Enoch pays his note and interest to date in cash, after deducting the amount due him on "jc. 10. Pay Probate Judge's fee, 50.00, and Auctioneer's bill, 15.00, by check on Germania Bank. Patrick Murphy offers to pay his note at its face, which offer you accept. 16. Sell the Water AVorks Bonds to D. W. Powers for cash at par, with accrued interest added. Deposit in Germania Bank, cash, 6340.00. 17. Collect amounts due from John Lynch and Wm. Burke, in cash. 18. Wm. H. Warner desiring to purchase the 80 acres of Michigan land at the appraised valuation, it has been deeded to him and charged to his account. 19. Have the following interest bearing notes discounted at Germania Bank, at 8 ^ discount, and have the proceeds credited: John Martin's note, 285.00; Wm. Gray's note, 234.00; Wm. Fenner's note, 82.00; Wm. Chappell's note, 137.75. Note. — Get the interest on the face of the notes from their date to maturitj"^ at 6 per cent., and tlien discount the amount at 8 per cent, for tlie time the notes have yet to run, 2 mo. 18 days. 20. Mrs. Mary Warner Roberts takes the note of Wm. S. Dunn at its face, with accrued interest, to apply upon her share in the estate. Draw amount on deposit in Citizens' Savings Bank, and deposit it, together with the accrued interest, in Germania Bank. 102 THEOEETICAL AND PRACTICAL BOOK-KEEPrSrO. * . 21. Pay Jennie E. Warner cash, 50.00. 23. John W. AVarner has determined to purchase the homestead farm at the appraised valuation. You will charge it to his account. Papers are to be executed on the 29th inst. 2G. Messrs. Rowley & Johnston, attorneys, have returned the amount collected on the judgment against D. Gray, 74.89, and interest to date, less their charge for collection, 10.00, and Sheriff's fees, 5. 75. Receive balance in cash. 27. Deposit in Germania Bank, cash, 73.89. Note. — You may now post and take a Trial Balance (not Balance Sheet), after which close the accounts showing losses and gains directly into the Warner Estate account. 28. Appropriate, by check on Germania Bank, your fee as Executor of the Will, as provided by law, viz: 5 ^ on the first 1000.00, 2^ ^ on the next 9000.00, and 1 ^ on the balance of the net credit to the estate, 23,798.98, [not counting the liabilities or expenses.] {Debit Warner Estate for she fees. ) J Noi-B. — Post the above entry and each entry hereafter as soon as it is journalized. Having ascertained the present worth of the estate, as shown by the difference in the Warner Estate account, debit the Estate and credit Mrs. Eliza S. Warner her one-third, 7721.89, and the children, John W. Warner, Mrs. Mary Warner Roberts, Wm. H. Warner, Jennie E. Warner and Geo. S. Warner, each one-fifth of the remainder, as provided by the Will. 29. John W. Warner has this day executed a mortgage on the homestead farm for the balance due Mrs. Eliza S. Warner from the estate. John W. Warner has executed a second mortgage on the homestead to Jennie B. Warner, for the balance due from him to the estate. 30. Give Mrs. Roberts, Wm. H. Warner, Jennie E. Warner and George S. Warner checks on Germania Bank, for amounts due them. NoTB. — All of the accounts in your Ledger should now balance. QUESTIONS FOR REVIEW. What does the foregoing set illustrate? How is an Executor appointed? What are his duties? How are his fees computed? How is the amount found upon which they are computed? Why will every account balance at the close ? PETTY LEDGER. ' The following set is designed to illustrate a method of book-keeping by which all fratisient accounts may be kept without opening them in the principal Ledger. 'An auxiliary Ledger, called the Petty Ledger, is employed, in which all accounts are opened that are not likely to be permanent, actiye accounts; and in the principal or main Ledger an account called Petty Accounts is opened, to represent these transient accounts and to keep the main Ledger in balance. ' This method saves space in, and facilitates taking a trial balance of, the main Ledger. The books to be used are the Journal, Bill Book, Petty Ledger and Main Ledger. 10.3 104 THEOliKTICAL AND PRACTICAL BOoKliKEPlNG. MAY 1, 188-. Commenced the Book and Stationery business, with the following Eesources: Cash, Expense, E. W. Hoag, To Student, Mdse. To Fletcher & Co. 11. C. Sidway, To Mdse. Petty Accounts, To Mdse. Cash, To E. W. Hoag, Bills Keceivable, To Mdse. Cash, To P. A. Cash, To Mdse. Fletcher & Co. To Bills Payable, P. A. To Mdse. Mdse. To Barnes & Co. Atkinson & Boyd, To Mdse. Cash, To R. C. Sidway, City Bank, To Cash, Fletcher & Co. To City Bank, (Jash, To Mdse. On hand. Furniture and Fixtures, Owes on account. Investment as above. Bought on account, per Invoice, No. 1, on file, 3 doz. Rob. Arithmetics, 10.00-20.00, li doz. K. Grammars, 9.00-13.50, 3. Sold G. W. Getman, on <^c, per P. T.. To apply on account, 5. Sold Brown, per B. B., . 20 H. S. Dictionaries, 2.25, Rec'd of G. W. Getman, on acct., 6. Sales, per Ciish Drawer, 7. Gave them note to apply on account, per B. B., Sold Marsh & Grant, on account, per P. L., 9. Bought on account, as per Invoice No. 2, 10. 10 reams Foolscap, 2.35-25.50, 35 M. Buflf Envelopes, 1.00-40.00, To apply on account, 11. Deposited, 12. Check to apply on account, 13. Cash Sales for tlic day, Forward, CASH RECEIPTS. 1000 100 BUNDKIES DR. SUNDRIES CR. i MDSE. SALES. 200 350 1550 28 648 33 80 50 648 80 ;40 100 45 12 15 36 1184 04 175 175 24 75 520 62 25 50 536 25 500 350 15 500 350 33 50 140 45 28 13 24 75 63 50 16 3924 30 3870 05 36 338 04 31 •rHEOKETIOAL AND I'KACTlOAL IJOOK-KJiKl'lNG. lOo MAY, 188-. Note. — * The form of Journal illustrated on page 104, you will observe, is provided with additional columns, in which the sales of Mdse. and the receipts of Cash only are to be entered, the object being to facilitate posting. The footings of these columns are to be carried forward from page to page until the end of the month, and the totals then posted to their respective accounts. Post the footing of tlie Cash Receipts column to the debit of Cash account, and the footing of the Mdse. Sales column to the credit of Mdse. account. Rule the additional columns in your Journal, if they are lacking. 1. Commence the Book and Stationery business with the following Resources : Cash on hand, 1000.00; Furniture and Fixtures, valued at 200.00; E. W. Hoag, City (M. L.), owes on % 350.00. Note. — Accounts which are to be opened in the Petty Ledger will be indicated in tlie memoranda by the letters P. L., and those to be opened in the Main Ledger by the letters M. L. 2. Receive from Fletcher & Co., New York {M. L.), a bill of Mdse. bought on "{c, as \wi- Invoice No. 1, 648.80. Sell R. C. Sidway, Lakeville (if. L.), 2 doz. Robinson Arithmetic, @ 10.00 doz. ; U doz. Kerl's Grammar, @ 9.00. 3. Sell G. W. Getman, City {P. L.), 6 R. Arithmetic, @ 90c.; 3 Civil Government, @ 1.00. {J. ana P.L.) Note. — Open an account with Qetman in the Petty Ledger before making the journal entry. See form on page 106. As a matter of convenience the items are entered in the Petty Ledger and omitted from the Journal. 4. Receive cash of E. W. Hoag on "jc, 100.00. 5. Sell R. D. Brown, on his note at 10 days, 20 High School Dictionary, @ 2.25. Receive cash of G. W. Getman, to apply on "jc, 5.00. {J., and P. L.) 6. Cash sales, as per Cash Drawer, 28.12. 1. Give Fletcher & Co. your note at 15 days, to apply on "jc, 175.00. Sell Marsh & Grant, Fairport {P. L.), 10 R. Arithmetic, @ 90c.; 10 K. Grammar, @ 75c.; 3 Knight's Commercial Law, @ 2.75. Note. — Make the entry first in the P. L. Give eacli account in the Petty Ledger onefourtli of a page space. 9. Receive of Barnes & Co., Boston [M. L.), a bill of Mdse. bought on "/;, as per Invoice No. 2, 526.25. 10. Sell Atkinson & Boyd, Eastport {M. L.), 10 reams Foolscap, @ 2.25; 25 M. Bufi Envelopes, @ 1.60. Receive cash of R. C. Sidway on ^aM::^i>^t-£A^ . -/Jo JiOOO oo ^i/0/ 7Ci:z D J a o Jc Jirjcj. jT^ ? 6707 /t? iL^ ^//y ^/ Jy6 ./"-y^ ^j\ ^ ' a6 ^/J JOcTcTcf &S .-I^A^JuJ^ /ff 112 THEOKETICAL AND PRACTICAL BOOK- KEEPING. MONDAY, JULY 5, 188-. Student and E. A. Wooden form a copartncrsliip to engage in business as private Bankers and Brokers, in accordance witli cojjartnership articles executed this day. The gains and losses are to b« shared in jiroportion to the investment. • Student invests cash, 30,000. Make the entry on the left side of the Journal, which credits Student and debits Cash. See form on page 110. E. A. Wooden invests cash, 30,000. {Same as previous entry.) Remit by express, to Bank of Commerce, New York, for your credit, cash, 15,000. Make the entry on the Hght side of the Journal, wliich debits Bank of Commerce and credits Cash. Receive cash of H. E. Sankey on deposit, 2000. Make the entry on the Uft side, which credits Sankey and debits Cash. Remit by express, to Merchants' Bank, Boston, for your credit, cash, 10,000. Entry on rigU side of Journal. Pay H. E. Sankey's check on you in cash, 500. Entry on right side, which debits Sankey and Credits Cash. Receive cash of J. W. Gardner on deposit, 3000.00. Discount for C. G. Teall a note made by R. N. Smith, 3500.00. Discount, 9.60. Pay him the proceeds in cash, 2490.40. Enter Bills Receivable, 2500, on the right side of the Journal, which debits Bills Receivable and credits Cash 2500. Then enter Discount, 9.60, on the left side, which credits Discount and debits Cash 9.60. Cash having been thus credited 2500 and debited 9.60, the net credit to Cash is 2490.40, as shown by the difference, the actual amount of cash paid out. Pay J. W. Gardner's check on you in cash, 300.00. Pay express charges on remittances to New York and Boston in cash, 3.50. The Journal is now to be balanced for the day, as shown on pages 110-111. ' It will be apparent that the footings of the Journal cannot exhibit the actual amount of cash received and disbursed, since in many of the entries a part' only is cash, and in others no cash whatever is involved. ' The footing of the left side of the Journal represents the total credits of the business, except the credit of cash; "the footing of the right side the total debits of the business, except the debit of cash; " the difference between these footings must therefore exliibit the excess of cash received or paid out during the day. " The balance for the previous day being added to the footing of the left side of the Journal, the difference between the sides will then show the cash on hand. After balancing the Journal, post the day's business. Give each account one-fourth of a page space. " In posting, credit all of the items upon the left side, and debit cash with the total of these items. The debit and credit sides of the Ledger are thus kept equal. Debit all of the items upon the right side, and credit Cash with the total of these items. Here again equal debits and credits are posted to the Ledger. , You may omit the explanations from the Ledger in posting this set. The work of Monday and Tuesday is posted in full below. STUDENT. 188- July 5 110 20000 E. A. WOODEN. 188- July 111 500 II 188- 5 110 30000 H. E. SANKEY. 188- 188- Julv 6 111 500 July 6 111 356 45 6 110 110 3000 994 35 THEORETICAL AND PKAOTIOAL BOOK-KEEPING. J. W. GARDNER. 113 188- 188- ~ ' July 5 111 300 July 5 6 - iiol 110 3000 600 DISCOUNT. f 188- 1 July 5 6 110 110 9 5 60 75 CASH. 188- 188- Jiily 5 110 55009 60 July 5 111 28302 50 6 110 13955 6 111 9106 45 BANK OF COMMERCE, 188- July 111 15000 188- July 6 110 2000 MERCHANTS' BANK. 188- Jnly 111 10000 188- July 110 6250 BILLS RECEIVABLE. 188- July 111 111 2500 2000 EXPENSE. 188- July 111 50 EXCHANGE. 188- Jiily 6 110 BILLS PAYABLE. I 188- 110 500 N. Y. C. & H. R. R. R, STOCK. 188- July 111 6250 188- July 110 2600 114 THEORETICAL AND PRACTICAL BOOK KEEPING^ TUESDAY, JULY 6, 188-. Pay H. E. Sankey's check in cash, 356.45. Sell M. r. Eoynolds your sight draft on Bank of Commerce, 2000, at i^ exchange, 5.00. Eeceive cash, 2005.00. Credit Bank of Commerce and Exchange on tlie left side of the Journal, whicli debits Cash. Buy of Cook & Co., 50 shares N. Y. C. & H. K. E. R. Stock, @ 125.00 per share. Pay for same by check on Merchants' Bank. Dcl)it K. Y. C. & H. R. R. R. Stock on the right side of the Journal, which credits Cash. Credit Merchants' Bank on the left side, which debits Cash. The amount of 0250 having thus been entered on each side of the Journal, the balance of Cash remains unchanged by this entry. Receive cash of J. W. Gardner on deposit, 600.00. Discount, for H. E. Sankey, Benj. W. Craig's acceptance, 2000.00. Discount off, 5.75. Pay him cash, 1000.00, and place the balance to his credit. {See Rule Third, on paije 109.) Accept 11. Sibley's draft on E. A. Wooden, for private <^c, 500.00. {See liule Fourth, page 109.) Sell 20 shares K Y. C. & II. R. R. R. Stock, @ 130.00 per share, and receive cash. You may now balance the Journal and post the day's work, as instructed for yesterday. " You will observe that the cash on hand for Monday is carried to the second column of the Journal in bringing the balance down on Tuesday, "so as to avoid including it in the footing of the items of Tuesday's business; otherwise Cash account would be again debited for the net receipts of the previous day. WEDNESDAY, JULY 7, 188-. Remit cash to Bank of Commerce, New York, by express, 10,000. {Rule Second, page 109.) Receive cash of H. E. Sankey, on deposit, 375.00. {Rule First, page 109.) Pay J. W. Gardner's check in cash, 76.25. {Rule Second, page 109.) Sell 10 shares N. Y. C. & H. R. R. R. Stock for cash, @ 136.00. {Rule First, page 109.) ■ Discount, for Rob't C. Foy, Wells Bro's note, 800.00. Discount off, 3.27. Pay proceeds in cash, 796.73. {Rule Thira, ])age 109.) Buy for cash, 25 shares Park Bank Stock, @ 145.00. (Rule Second, page 109.) Receive cash of H. C. Griffiths, on deposit, 1500.00. Sell Geo. Archer your sight draft on Bank of Commerce, 1000.00. Exchange \ ^, 2.50. Receive cash, 1002.50. {Rule First, page 109.) Discount, for J. W. Gardner, Caring & Reed's note, 600.00. Discount off, 1.51. Proceeds placed to his credit, 598.49. {Rule Fourth, page 109.) Pay Express charges on remittance to Bank of Commerce in cash, 1.75. You may now balance your Journal. There should be eight entries on the left side and six on the right side. The balance of cash on hand should be 20,293.42. Post the day's business, and then take u Trial Balance. If correct, it should correspond with the following: TRIAL BALANCE, JULY 7, 188- Student, . . - - E. A. Wooden, H. E. Sankey, - - - J. W. Gardner, - - - Discount, - - - - Cash, Bank of Commerce, - Merchants' Bank, - - - Bills Receivable, - - - Expense, Exchange, - - - - Bills Payable, - - - - N. Y. C. & H. R. R. R. Stock, H. C. Griffiths, ■ ' - Park Bank Stock, ■ - 20000 500 30000 856 45 3369 376 25 4198 20 72805 37 52511 25000 3000 10000 6250 5900 4 25 7 500 6250 3960 1500 3625 125317 32 I25317J 25 49 13 95 50 THEORETICAL AND PKACTICAIi BOOK-KEEPINU. 115 THURSDAY. JULY 8, 188-. Sell 10 shares Park Bank Stock for cash, @ 150.00. Pay H. C. Griffitlis' draft on you, 500.00, less discount, 2.25, by check on Merchants' Bank, 497.75. {Rule Fourth, page 109.) Eeceive cash on deposit of E. J. Howard & Co., 1275.00. Buy of Reed & Hill, 60 shares N. Y. C. & II. R. R. R. Stock, @ 124^. Pay for same by check on Merchants' Bank, 3000.00. Balance in cash. {Riile Third, page 109.) Student appropriates cash for private use, 500. 00. Sell J. W. Gardner your sight draft on Bank of Commerce, New York, 3500.00, nt ^^ exchange. Receive his check on you in payment. {Rule Fourth, page 109.) Pay sundry items of Telegraphing in cash, 1.45. Receive cash on deposit of H. E. Sankey, 2350.00. Pay your acceptance of 6th inst. in cash, 500.00. Draw a sight draft on Bank of Commerce, 7500.00, and remit it to Merchants' Bank for your credit. {Rule Fourth, page 109.) Pay Howard & Co.'s check in cash, 100.00. Discount for J. W. Gardner his accommodation note, endorsed by Lee & Parker, payable at Bank of Commerce, New York, 1500.00. Discount off, 15.75. Proceeds to his credit. Sell 20 shares N. Y. C. & II. R. R. R. Stock to Morgan & Reeves, @ 126^. Receive in payment, their check on Fourth National Bank, New York, and remit same to Bank of Commerce, for your credit. Balance your Journal, and post tlio day's business. There should be twelve entries on the left side, and ten on the riglit side. The cash on hand should be 19861.97. FRIDAY, JULY 9, 188-. Receive cash of R. N. Smith, for his note, 2500.00. Accept E. J. Howard & Co.'s draft, in favor of H. C. Griffiths, to apply on % 850.00. Sell II. C. Griffiths, your sight draft on Bank of Commerce, 1500.00, at i ^ exchange. Receive in payment, cash, 800.00; his check on you for the balance. Receive cash of J. W. Gardner, on deposit, 205.50. Sell Wm. Smith, 15 shares Park Bank Stock, @ 150.00. Receive cash, 550.00, and his note for the balance. Pay H. E. Sankey's check in cash, 876.44. Receive on deposit, of 0. B. Welch, cash, 500.00, and issue him a Certificate of Deposit. {Credit Certificate of Deposit instead of 0. B. Welch.) Have J. W. Gardner's note for 1500.00, rec'd yesterday, re-discounted at Bank of Commerce. Discount off, 10.25. Proceeds to your credit. Receive cash of H. C. Griffiths, on deposit, 200.00. Protest Caring & Reed's note, 600.00, rec"d 7tli inst., for non-payment. Pay the Notary Public's fees in cash, 1.35. {Debit Protested Paper, 601.35. and credit Bills Receivable, 600.00.) Sell- H. E. Sankey 40 shares N. Y. C. & H. R. R. R. Stock, @ 138. Receive his check on you, 3120.00, and his check on Chemical National Bank, New York, for the balance. Receive cash of E. J. Howard & Co., on deposit, 2500.00. Receive cash of Wells Bro's, for their note, 800.00, and interest on same, 4.25. Balance your Journal and post the day's business. Cash on hand, 29103.93. SATURDAY, JULY 10, 188-. Eeceive cash on deposit of E. J. Howard & Co., 275.00. Discount, for L. D. Briggs, Alonzo Stebbins' note, 890.00. Discount off, 17.80. Give him draft on Bank of Commerce for 500.00, at :|^^ exchange, and pay liim the balance of the proceeds in cash. Pay H. E. Sankey's check in cash, 317.28. Buy 100 shares Western Union Telegraph Stock, @ 98i. Give in payment, Wm. Smith's note, rec'd yesterday, 1700.00, less discount, 12.75; your check on Merchants' Bank, 6000.00, and cash for the balance. J. W. Gardner, for whom you discounted Caring & Reed's note, protested yesterday, takes up th^ note by his check on you, 601.35. 116 THEORETICAL AND PRACTICAL BOOK-KEEPING. Receive cash of IT. E. Sankey, on deposit, 2000.00. Issue him a Certificate of Deposit for 1000.00, and place the bahince to his credit. Sell H. C. Griffiths, 50 shares W. U. Telegraph Stock, @ lOl^J. Eeceive in payment, your acceptance of yesterday in his favor, 850.00, less discount, 11.83; a sight draft on Importers and Traders' Bank, New York, 1648.84; his check on you, 496.25; and currency for the balance. Eeceive cash of J. W. Gardner, on deposit, 1750.00. Remit to Bank of Commerce, for your credit, the check on Chemical National Bank rec'd yester- day, 2000.00, and the draft on Importers and Traders' Bank rec'd to-day, 1648.84. Sell for cash, 25 shares W. U. Telegraph Stock, @ lOOi Benj. W. Craig pays his acceptance rec'd 6th inst., 2000.00, and interest on same, 6.00, as follows: His check on Monroe Savings Bank, 1000.00; your Certificate of Deposit issued yesterday to 0. B. Welch, 500.00; and currency for the balance. Balance your Journal. Cash on hand, 34350. 69. After posting the day's business, make a Balance Slieet and close the Ledger. INVENTORIES, JULY 10, 188-. 20 shares N. Y. C. & H. R. R. R. Stock, @ 134^ 25 " W. U. Telegraph " @ 98| Net Gain of Firm, 754.31. Present Worth of Firm, 49,754.31. Note. — Remember, in making the Summary and in closing tlie Loss and Gain account, that the Net Gain is to be shared by the proprietors in proportion to tlieir investments. Hand to the teacher a proof of the balances brought down in closing the Ledger. Also present your books for inspection, and be prepared upon the following. QUESTIONS FOR REVIEW. Page 109. — ' Define the Cash Method. ' To what kind of business is it best adapted? ' What are its principal advantages? * For transactions in which Cash is the only debit, how is the entry to be made in the Cash Journal? 'How if Cash is the only credit? 'How if there are several debits and credits, one of which is Cash? ' How if no Cash enters into the transaction? Page 112. — * Why do not the footings of the Journal show the cash received and disbursed? 'What does the fooling of the loft side represent? "The right side? " What will the difEerence between these footings represent? "How is the balance of cash on hand found? "Explain the manner of posting and how tlie Ledger is kept in balance. Page 114. — " In bringing down the balance of the previous day, to which column is it carried? " Why? SHIPPING AND COMMISSION. ' This set is designed to illustrate a general business in shipping property to and rcceiTing property from other parties, to be sold on commission. The same principles are involved as explained and illus- trated on pages 55-57. ' In addition to the Journal, a Commission Sales Book and Cash Book are to be kept as ' principal books. * Those entries only which pertain to consignments are to be made in the Sales Book. ' Entries involving cash are to be made in the Cash Book. "All other entries are to be made in the Journal. The simpler forms only of Commission Sales Book and Cash Book are illustrated in this set. Special columns may sometimes be profitably introduced in these books, and when found advan- tageous, they can easily be added to meet the requirements of any particular branch of the Commission business. 117 118 THfiOliKriCAL AND PKAUl'lUAL BOOK-KEEPING. e^^^^ /if/> z' /^^^ ^JL^ Or^.-i^CU^ 6J" / rf 7 7 3,^ ^ {'?^,. <(^^'/XUd^. (?a4. ■f'U /^ /Jl y ^t:) ^ /6 l^o / fJ A£A 2^ ymyk^l^^ ^..Jjj^ .Jl.£^^ /J ^00 J 'JJL Jff ^■jT ^ / yj'yj^ / 7cf - THEORETICAL AND PRACTICAL BOOK-KEEPING. 119 ^rr- -e kejjt as a principal book; but as a rule the entries in it are so few, comparatively, that most book-keepers- prefer to journalize such entries. TRIAL BALANCE. " The form of Trial Balance shown on page 134 is called a Continued Trial Balance, and " is designed to save the time and labor consumed in re-copying the titles of the various accounts whenever a Trial Balance is to be taken. LEDGER INDEX. A common form of Ledger Index is illustrated on page 131. " A convenient plan for such an Index, if the number of accounts is not too great, is to arrange the names alphabetically, as shown in the form on page 131, written upon a stiff card of suitable size, which can stand in front of the person who is posting, making it much easier to be referred to than the ordinary form of Index. " When the number of accounts is very large, a Vowel Index is generally employed. 128 THEORETICAL AND PRACTICAL BOOK KEEPING. JOURNAL. OCTOBER, 188-. DATE. FoUo. MDSE. DR. 8DNDS. DR. BUNDS. CR. Oct. 1 H. G. Fuller and Student form a co-partnersliip this day, under the firm name of Fuller & Stu- dent, to engage in the Wholesale Business of Wooden Ware and Grocers' Sundries. The partners are to invest equally, and share equally in gains and losses. An interest ac- count is to be kept between the partners. J? 61 61 61 61 62 Sundries, To H. G. Fuller, Invested as follows : Bills Receivable, Carter's note, per B. B. Hawley & Co. 's note, per B. B. Interest, On above to date, Cowles & Hutchings, On account, Olean. 300 500 7 3556 33 14 3363 47 ?s 61 61 63 63 61 62 63 63 61 Sundries, To Sundries, Student invested as follows: Bills Receivable, Leighton's note, per B. B. Interest, On above to date, W.& E.Morgan, City, On account, To Bills Payable, Note to Fulton, per B. B., assumed by the firm. Interest, On above to date, S.W.Siddons,City, On account, Lorrain Mfg. Co., " New York, Brown Bro's & Sea-^ ver, Eastport, *" " Student, Net Investment, 3000 30 2014 66 600 8 307 490 275 3363 50 44 35 47 2 63 To Byron Vaile, Inv. Oct. 1, 60 days, Toronto. 612 25 613 25 3 61 62 Bills Receivable, Rec'd note to apply on "/c. To W. & E. Morgan, per B. B. 500 500 4 63 To Scovell, Hodges & Co., New York, Inv. Oct. 2, 15 days. 812 34 813 34 » 63 62 Brown Bro's & Seaver, Gave them note per B. B. on To Bills Payable, account. 100 100 5 64 To F.M. Reed, Boston, Inv. Oct. 3, 90 days. 1540 71 1540 71 ?) 61 65 Bills Receivable, " Rec'd note per B. B., for To B. N. Achard, Mdse. as per S. B. 81 75 81 75 7 64 To Hopkins & Weeks, Inv. Oct. 4, 60 days, Baltimore. 1316 70 1316 70 8 63 62 Scovell,Hodges& Co. Gave them note in full for To Bills Payable, Inv. Oct. 2, 812 34 812 34 9 64 To Geo. P. Osgood, Inv. Oct. 7, 30 days, Chicago. Brown Bro's & Seaver, Remitted them, on "/c, draft 216 50 216 50 )? 63 100 62 To Cowles & Hutch- at 30 days on C. & H. 100 10 63 ings. To Byron Vaile, Inv. Oct 7, 60 days, 376 88 376 88 ;? 61 62 64 Bills Receivable, Rec'd note to apply on "/c, To W. & E. Morgan, per B. B. 300 300 4875 38 10303 23 15177 60 THBOKETIOAL AND PRACTICAL BOOK-KEEPING. SALES BOOK. OCTOBER. 188-. 129 Oct. 65 G5 65 65 65 66 65 66 64 Frank Goodspeed, Waverly. 1 doz. No. 1 0. Chop. Trays, 5. 5 2 Glass Cheese Safes, 4.50 9 10 Nests P. Pails, 1.25 13 -50. 26 5( F. E. Warren, New Kochelle. 3 doz. N. D. Z. Wash Boards, 3.50 7 50 j 5 " E. S. Z. 1.75 8 75 5 M No. 4 Paper Bags, 1.75 8 75 10^ 88 7 87 3 doz. 12-in. B. Bowls, 1.75 5 25 4 " Cov. W. D. Baskets, 2.50 10 2 " 0. C. Trays, No. 2, 5. 10 1* " No. 10 Feather Dusters, 20. 30 1 " No. 12 26.50 26 50 56 50 25 and 10 i 18 36 38 27 14 10 gro. Gates' Matches, 2.70 6 Broom Racks, 2.50 _ 15 129 5] Larkin & Sprong, Groveland. 30 days. 2 doz. Wood Shovels, 7.50 15 25 lbs. Cotton Twine, .24 6 2 doz. No. 3 Wood Scoops, ■ 4.50 9 30 B. N. Achard, Scipio. Note per B. B. 10 doz. 2-hoop Pails, 2. 30 3 " H. H. Tubs, 8.75 26 35 2 " Com. H. Tubs, 8.50 17 3 " Clothes Pounders, 3. 6 10 " Rolling Pins, 1.25 12 50 81 75 Larkin & Sprong, 30 days. 13 doz. Royal S. Dressing, 1. 13 4 gro. Dixon S. Polish, 6.00 24 3 doz. qts. University Ink, 6.00 18 10^ 1 80 16 20 52 20 Welch & Dow, Fairport. Cash. 6 gro. W. Crystal, 2.75 16 50 50 boxes Crayon, 25 gro. K. Wicks, .07 3 50 .40 10 30 Frank Goodsjjeed. 45 days. 2 doz. N. C. Wringers, 45. . 90 3 " W. Shovels, 7.50 23 50 5 " H. H. Tubs, 8.75 43 75 2 Oil Tanks, 16. 25^ 33 8 24 4 doz. B. Baskets, 7.50 30 3 " 11. Brushes, 6. 18 5 gro. Kinning's Bluing, 8. 40 268 25 Welch & Dow. 4 doz. U. Ink, 6. 24 -10^ 2 40 21 60 4 " H. H. Tubs, 8.75 35 1 5 " W. 'Shovels, 7.50 37 50 94 IC 712 31 130 THEORETICAL AND PRACTICAL BOOK KEEPING. ■ CASH BOOK. OCTOBER, 188-. DATS. Folio. 61 CASH TO SUNDRIES. SUNDRIES. HDSE. BILLS RKC. DISCOUNT. 0.!t. 1 H. G. Fuller, Cash paid in. 2636 53 61 Student, On deposit in C. Bank, 2636 53 2 Mdse. Drawer sales, 95 48 3 Discount, B. Vaile, 30 61 4 Bills Eeceivable, Leigh ton's note paid. 3000 ?? 61 Interest, On above note. 31 50 J? Mdse. Drawer sales, 21 19 5 <( a it 62 10 jy 66 Welch & Dow, Cash sale per S. B. 30 6 * Bills Eeceivable, Hawlev & Co. 's note paid. 500 ?J 61 Interest, On above note. 7 75 8 65 Frank Goodspeed, Inv. 3d inst. 26 50 >f Mdse. Drawer sales. 52 12 JJ Bills Receivable, Carter's note paid. 300 10 65 Larkin & Sprong, Inv. Oct. 3, 30 J> Discount, F. M. Eeed, 38 52 939 S 8 1 2 3 8 » 3 8 6» 1 3 64 Mdse. 230 89 61 Bills Receivable, 3800 66 Balance, Discount. • 69 13 9408 83 05 Oct. 11 6149 FIRST PAGE. Oct. 1. Balance, " 2. Deposited, No.....}-. Date Oct.3, 188-. 2^0 \Vm. Strong. for Rent for October. Amount No .?•....... Date..^^^- 3; fo College Bank. fof^ Draft remitted to Vaile. Amount CHECK BOOK STUB. 2636 2000 4 «3« 125 4911 583 3>38 53 09 4 4 SECOND PAGE, Oct. 4. Deposited, " 9. Note favor of Fulton paid, " 10. Deposited, No. 3: Date Oct:..lOA fo F. M. Reed. Por ^n account. A mount... 3 928 4 4 2500 e4a8 4 4 609 30 58 19 1 4 500 1502 4 8 16 19 9S THKORETICAL AND PRACTICAL BOOK-KEEPING. CASH BOOK. OCTOBER, 188-. 131 DATB. Folio. 03 63 62 62 61 64 66 66 I 66 SUNDRIKS TO CASH. SUNDRIES. EXPENSE. DISCOUNT. Oct. 2 3 » 4 8 9 10 Expense, Office Safe, 200; Books, 37.50 Lorrain Mfg. Co. On account, Ex5)ense, Rent for October, Byron Vaile, Inv. Oct. 1, Expense, Exch. on draft, S. W. Siddons, On account. Discount, F. Goodspeed, Bills Payable, Note favor Fulton, Interest, On above note. Discount, Larkin & Sprong, F. M. Reed, Inv. Oct. 3, Expense, Coal for office. Expense, Discount, Balance, In Bank, 4816.05 '•• Sale, 1332.10 100 612 107 600 9 1540 aggg 379 25 44 30 71 70 25 83 237 125 1 15 370 50 45 30 as 53 30 8 3 3349 6149 78 05 9498 83 LEDGER INDEX. Achard, B. N., 65. B Bills Receivable, 61. Bills Payable, 62. Brown Bro's & S., 63. Cowles & Hutchings, 62. Cash, 66. Discount, 66. Expense, 66. Eaton, M. M., 67. Fuller, H. G., 61. Goodspeed, Frank, 65. Gardner, Wm., 67. Hopkins & Weeks, 64. Hackett & Brisbain, 66. I, J Interest, 61. Lorrain Mfg. Co., 63. Larkin & Sprong, 65. LEDGER INDEX. M S Morgan, W. & E. Merchandise, 04. , 62. Student, 61. Siddons, S. W., 62. Scovell, H. & Co., 63. N T Tildeu & Breme, 67. U Osgood, Geo. P., 64. V P Vaile, Byron, 63. W Q Warren, F. E., 65. Welch & Dow, 66. R Reed, F. M., 64. Richardson, R., 67. X, Y, Z 132 THEORETICAL AND PRACTICAL BOOK-KEEPING. LEDGER. H. G. FULLER. 188- Oct. 1 J. C. B. 50 30 3363 2636 6 47 53 STUDENT. 188- Oct. 1 J. C. B. 50 30 3363 2636 6 47 53 BILLS RECEIVABLE 188- 188- Oct. 1 ?? 3 5 10 J. « 50 a it 51 £( {t 300 500 3000 500 81 300 4«81 75 7S Oct. 10 C. B. 30 3800 INTEREST. 188- 188- Oct. 1 J. 50 7 33 Oct. 1 J. 50 8 50 99 i/ Z^/ "-^ A^ (s£-<^^A,fIov. 2 4 5 8 11 13 3 doz. Eggs, »>; 10 lbs. B. Sugar, ^ 5 bu. E. 11. Potatoes, 30O; 2 W. Pails, «» 10 lbs. Butter, 250; 5 Chicken, 6O; ] A. C. Sugar, 95 10 G. Sugar, 105; 5 k. Oil, r=; 5 C. Fish, ■'O; 3 lbs. Crackers, so Cash, 1 box Soaj), 415; 1 pt. s. Potatoes, sO; 3 doz. Eggs, eo 2 J. Coffee, 70; 1 lb. J. Tea, »); 1 N. P. Flour, S'JS Cash, 1 3 50 40 4 05 2 50 1 1 4 5 10 5 25 9 95 3e 5 10 99 THEORETICAL AND PRACTICAL BOOK-KBEPING. 145 ORDER BOOK. NOVEMBER 1, 188- W. L. Wood, 26 State St. § doz. Eggs, 20, .00 i 10 lbs. B. Sugar, 9, .90 5 bu. E. K. Potatoes, CO, 3.00 2 W. Pails, 20, .40 Mrs. J, H. Smith, 18 Brown St. 1 lb. Jap. Tea, .50 10 " per, .25 10 lbs. G. Sugar, 10^, 1.05 2 Brooms, 25, .50 2 W. Pails, 20, .40 90 02 02 50 30 02 35 29 30 20 146 l\o\. 1 Student, JJ Mdsc. 2 a 3 (( 4 (t 5 it 6 a Nov. I 7 J'alance, THEORETICAL AND PRACTICAL BOOKKEEPING CASH BOOK. NOVEMBER, 188-. Investment, 2500 Cash sales, 28 45 • li a 27 90 a a is 90 i6 t( 92 32 t< (( 9i 25 « « 105 95 395 1 1 2895 77 1C23 75 JOURNAL. NOVEMBER 1, 188- Mdse. To H. A. Brewster, Invoice due i;i IJ days. 1087 50 1087 5C Mdse. 2. To Geo. C. Buell & Co. l.ivoice due ia 30 days. 327 50 ': 327 i f.O Student, 3. To Mdse. Private use. G 50 1 6 50 Mdse. 5. To Geo. C. Bucll & Co. Invoice due iu 30 days. 117 50 117 50 Mdse. To H. A. Brewster & Co. Invoice due in 10 days. G3 18 63 18 Student, 6. To Mdse. Private use. 9 i 80 9 80 XiUiyiiBTlCAl, Ai\D I'liACi'lOAL BOOK-KEEPING. CASH BOOK. NOVEMBER, 188-. U^ Nov. 1 Ex])ense, Iron Safe, 100 ?J (( Horse, 125; Harness, 13, 137 )> ti Wagon, GO >J a P. Scales, 35; C. Scales, 3C, 61 ;j a Office Books, 7 ?) Mdse. Invoice of S. P. & Co. 072 37 3 it Vegetables, Poultry, etc. 39 84 ?> Student, Private use. 10 4 Mdse. Vegetables, Poultry, etc. Crackers, etc., J. Howe & Son, 36 24 TJ tj 38 92 5) Expense, Hay, Oats, etc. 28 75 5 a Insurance, 15 » a Horseshoeing, 2 50 6 i( Stuart & Co., Carpenter Work, 36 50 )) Student, Private use. 15 >> Expense, J. Dunn, 10; K. H. King, 12, 32 1373 1633 0'> Balance, 75 3895 77 MEMORANDA OF TRANSACTIONS. NOVEMBER 1, 188-. T have commenced a Retail Grocery and Provision Business this day, in the store No. 294 Main Street, leased of J. A. lieed for five years, at $600.00 per year. Appropriated sis capital 3500.00, as shown by a pass book containing a credit to my account at First National Bank. (C B., pages H6-lJf7.) At the close of the first day's business I find upon the desk memoranda of business transacted, as follows: Receipted bills for an Iron Safe, 100.00; Horse, 125.00; Harness, 12.00; Wagon, 60.00; Flatfoi. Scales, 35.00; Counter Scales, 36.00; and Office Books, 7.00; purchased by check. (C. B.) An invoice of Groceries, Wooden Ware, etc., purchased of Smith, Perkins & Co., City, amounting to 725.80. The terms of purchase are 6 months, or 5 and 2 J off for cash. Paid by check. (C. B.) An invoice of Groceries, Provisions, Canned Goods, etc., purchased of H. A. Brewster & Co., Citj amounting to 1087.50. Terms, 10 days. {./., page 146.) Note. — In a business of this character considerable mercliandise in the form of fruit, vegetables, etc., is daily purchased of gardeners, and paid for out of the cash drawer. In such case no entry is necessary, as the merchandise purchased replaces other goods .sold, for which this cash was received. An exchange of goods from the store for fruit, vegetables, etc., a balance being paid or received in cash, is also a common transaction, and requires no entry, for the reason indicated above. A balance received would increase the drawer cash and be entered as a sale at the end of the day, and a balance paid would reduce the amount of drawer sales, in effect showing a purchase of goods. The following charges are found on the Order Book: Mrs. J. II. Smith, 18 Brown St., 1 lb. Japan Tea, 50c.; 10 lbs. Gran. Sugar, @ 10|c.; 1 gal. N. 0. Molasses, 45c. W. L. Wood, 26 State St., 3 doz. Eggs, @ 20c. ; 10 lbs. B. Sugar, @ 9c. ; 5 bu. E. R. Potatoes, @ 60c. ; 2 W. Pails, @ 20c. John Wilson, 119 Fourth St., 10 lbs. A. C. Sugar, @ die; 4|- lbs. C. Fish, @ 8c.; 2 lbs. Java Coffee, @ 35c.; 5 gals. K. Oil, @ 15c. A. C. Davis, 126 Tremont St., 15 lbs. Gran. Sugar, @ lO^c; 10 lbs. B. Sugar, @ 9c.; 5 bu. Potatoes, @ 60c.; 5 lbs. L. Raisins, @ 13c. B. J. Brown, 38 St. Paul St., 1 lb. Y. H. Tea, 48c.; 15 lbs. A. C. Sugar, @ g^c. ; 5 lbs. C. Fish, @ 8c. ; 1 gal. S. H. Syrup, 68c. F. G. Ransom, 98 Spring St., 10 lbs. A. C. Sugar, @ 9ic.; 5 bu. Potatoes, @ 60c.; 35c. (0. B. and P. L., pages lli.li. and lli5.) Note. — Give each account in the Personal Ledger a whole page. Cash sales, shown by cash in drawer, 28.45, (C. B.) 1 lb. Jap. Tea, 50c. ; 2 lbs. Java Coffee, @ 14S THEORETICAL AND PRACTICAL BOOKKEEPING. NOVEMBER 2, 188-. At the close of this day's business I find the following memoranda upon the desk: Invoice of Provisions, Wooden Ware, etc., bought of Geo. 0. Buell & Co., at 30 days, amounting to 327.50. (J.) I also find upon the Order Book the following: W. L. Wood, 26 State St., 10 lbs. Butter, @ 25c.; 5 lbs. Chickens, @ 12c.; 10 lbs. A. C. Sugar, @ 9^c. Mrs. J. H. Smith, 18 Brown St., 5 bu. Potatoes, @ 60c.; 3 doz. Eggs, @ 18c.; 5 lbs. Butter, @ 25c. D. Lucas, 10 Jones St., 10 lbs. B. Sugar, @ 9c.; 5 bu. Potatoes, @ 60c.; 10 lbs. Butter, @ 25c. A. C. Davis, 126 Tremont St., 10 lbs. Butter, @ 25c.; 10 lbs. A. C. Sugar, @ 9^0.; 1 lb. Jap. Tea, 50c. (0. B. and P. L.) Cash sales for the day, 27.90. {C. B.) NOVEMBER 3. 188-. At the close of business this day I find the following memoranda upon the desk: Slip on a spindle showing^that I have purchased Vegetables, Poultry, Butter, etc., of a farmer, by check, to the amount of 39.84. (C. B.) Note. — An entry should be made of this transaction, as omitting it would cause a deficiency in cash. Only such merchandise as is paid for out of the drawer with the proceeds of current sales should be omitted. The following orders are found upon the Order Book: F. G. Rmsom, 98 Spring St., 10 lbs. But- ter, @ 25c.; 5 lbs. Chickens, @ 12c.; 1 gal. K. Oil, 15c. Mrs. J. H. Smith, 18 Brown St., 5^ lbs. Chickens, @ 12c.; 10 lbs. B. Sugar, @ 9c. ; 5 lbs. Mackerel, @ 8c. D. Lucas, 10 Jones St., 6 lbs. Chickens, @ 12c. ; 5 doz. Eggs, @ 18c. ; 2 Brooms, @ 25c. ; 2 W. Pails, @ 25c. B. J. Brown, 38 St. Paul St., 1 Broom, 25c.; 6 lbs. Chickens, @ 12c.; 10 lbs. G. Sugar, @ lO^c. (0. B. and P. L.) J^ The cash sales for the day have been 48. 90, which includes amounts paid in on account by Mrs. J. H. Smith, 5.00; John Wilson, to balance % 2.76; and A. C. Davis, 5.00. (C. B. and P. L.) Note. — Foot Wilson's account and rule it up. See Mrs. J. H. Smith's account, page 144. I have appropriated 10.00 cash, and goods from the store amounting to 6.50, to my private use. (C.B.andJ.) NOVEMBER 4. 188-. The following memoranda was found upon the desk at the close of this day: A slip showing that I have bought Vegetables, Poultry, Butter, etc., of farmers, by checks, amounting to 36.24. An invoice of Crackers from J. Howe & Son, 38.92; paid by check. A bill of 28.75 for Hay, Oats and Straw, for horse; paid by check. (C. B.) I find the following upon the Order Book: W. L. Wood, 26 State St., 10 lbs. G. Sugar, @ lOJc.; 5 gals. K. Oil, @ 15c.; 5 lbs. C. Fish, @ 8c.; 3 lbs. Crackers, @ 10c. John Wilson, 119 Fourth St., 4 lbs. Crackers, @ 10c. ; 4 bu. Potatoes, @ 60c.; 1 bag Salt, 10 lbs., 20c.; 3 lbs. Raisins, @ 12c. A. C. Davis, 126 Tremont St., 1 box Pepper, 25c.; 1 Lemon Ext., 20c.; 5 gals. K. Oil, @ 15c.; 3^ lbs. Chicken, @ 12c. D. Lucas, 10 Jones St., 3 lbs. Crackers, @ 10c. ; 2 lbs. J. CofEee, @ 35c.; 2 gals. K. Oil, @ 15c.; 10 lbs. G. Sugar, @ lO^c. (0. B. and P. L.) Received payments from the following customers on '^c, shown by slips on a spindle: D. Lucas, 10.00; F. G. Ransom, in full, 8.40 (rule up his account); A. C. Davis, 6.00. Cash sales for the'day, 67.92, which, added to payments on «ifc, make the entire credit to Mdse. for the day, 92.32. {C. B. and P. L.) NOVEMBER 5, 188- At the close of this day I find the following memoranda on the desk: Invoice of Groceries, from Geo. C. Buell & Co., 117.50; terms, 30 days. (J.) Invoice of Groceries, from H. A. Brewster & Co., 63.18; terms, 10 days. {J.) A Policy of Insurance on stock and fixtures of 1500.00; Premium, 1%, paid by check. (C. B.) Receipted bill for Shoeing Horse, 2.50. (C. B.) The following is found on the Order Book: Mrs. J. H. Smith, 18 Brown St., 3 lbs. Crackers, @ 10c. ; 1 Lem. Ext., 20c.; 1 pkg. Pepper, 25c.; 2 gals. K. Oil, @ 15c.; 3 lbs. 0. Fish, @ Be; 10 lbs. A. C. Sugar, @ 10c. B. J. Brown, 38 St. Paul St., 5 bu. Potatoes, @ COc; 3 lbs. J. Coffee, @ 35c.; 5 lbs. Butter, @ 25c. F. G. Ransom, 98 Spring St., 1 pkg. Pepper, 25c.; 10 lbs. Gran. Sugar, @ THEORETICAL AND PRACTICAL BOOK-KEEPING. 149 lOic; 2 Brooms, @ 25c.; 2 W. Pails, @ 20c. P. J. Warner, 19 Wood St., 1 lb. Jap. Tea, 00c. ; 10 lbs. G. Sugar, @ lO^c; 1 gal. K. Oil, 15c.; 5 lbs. Crackers, @ 10c. ; 5 bu. Potatoes, @ 60c. {0. B. and P. L.) The following customers paid on «(;: Mrs. J. H. Smith, 5.00, and W. L. Wood, 10.00. Cash sales, per drawer, 77.25, with payments on "fc added make entire credit to Mdse. 92.25. (6'. B. and P.L.) NOVEMBER 6, 188-. The following memoranda is found upon the desk at the close of this day's business: Receipted bill of Stuart & Co., for carpenter work on counters and bins, of 26.50; paid by check. (C. B.) Slips in the cash di'awer showing that I have appropriated 15.00 cash and 9.80 in goods from the store, and that I have paid J. Dunn and E. H. King, clerks, 10.00 and 12.00 respectively, for salaries for week. (C. B. and J.) Cash sales, shown by cash and slips in drawer, 105. 95. I find the following unpaid orders upon the Order Book: John Wilson, 119 4th St., 1 box Starch, G lbs., 40c.; 2 cans Oysters, @ 30c.; 1 bbl. Apfiles, 2.00; 1 cake 'Chocolate, 35c. D. Lucas, 10 Jones St., I lb. Pepper, @ 30c., 15c.; 1 pk. Sweet Potatoes, 50c.; 5^ lbs. 0. Fish, @ 8c. 1 Lem. Ext., 20c.; 1 10-lb. bag Salt, 20e. L. J. Seymour, 19 Beach St., 3 doz. Eggs, @ 18c.; 2 cans Oysters, @ 30c.; 4 lbs. Crackers, @ 10c. ; 2 bu. Potatoes, @ 60c. F. Woodbury, 16 Locust St., 2 Brooms, @ 25c.; 3 bu. Potatoes, @ 60c.; 5^ lbs. Chicken, @ 12c.; 4 lbs. Crackers, @ 10c. ; 1 bbl. Apples, 2.00. (0. B. and P. L. ) Note. — You will now close the Cash Book, post and lake a Trial Balance. Give each account one-fourth of a page space. Balance of cash, as shown by Cash Book, 1623.75. NOVEMBER 8, 188-. The following memoranda appear upon the desk at the close of this day: Receipted bill for a ton of Coal for use of store, 5.75; paid by check. Bill of W. Moran for Stove, Coal Hod, etc., bought on "jc, 41.50. Livoice of goods bought of H. A. Brewster & Co., at 10 days, amounting to 217.50. Horse bought for use of store, by check, 85. 00. The following appear upon the Order Book: Mrs. J. IL Smith, 18 Brown St., 1 pk. S. Potatoes, 50c.; 1 10-lb. bag Salt, 20c.; 1 W. Tub, 80c.; 1 bbl. Apples, 2.00. W. L. Wood, 36 State St., 1 box Soap, 4.15; 1 pk. S. Potatoes, 50c.; 3 doz. Eggs, @ 20c. B. J. Brown, 38 St. Paul St., 5 lbs. L. Raisins, @ 13c.; 1 bbl. Apples, 2.00; 1 lb. Jap. Tea, 50c.; 1 Lem. Ext., 20c. A. C. Davis, 126 Tre- niont St., 1 W. Tub, 80c.; 10 lbs. A. C. Sugar, @ 10c. The following amounts were paid on "jc: Mrs. J. H. Smith, in full, 4.54; John Wilson, 5.00; B. J. Brown, 10.00. Cash sales, including payments on "jc, 93.82. NOVEMBER 9. 188-. Paid for new Harness by check, 24.00. Paid cash for building Coal Bin, 2.00, and for Lumber for same, 1.75. Order Book: D. Lucas, 10 Jones St., 3 doz. Eggs, @ 20c.; 10 lbs. B Sugar, @ 9c. ; 1 box Soap, 4.15; 2 lbs. L. Raisins, @ 12c. P. J. Warner, 19 Wood St., 1 pk. S. Potatoes, 50c.; 1 W. Tub, 80c.; 10 lbs. B Sugar, @ 9c.; 6 lbs. Chickens, @ 12c.; 1 bbl. Apples, 2.00. L. J. Seymour, 19 Beach St., 1 bbl. N. C. Flour, 8.75; 1 pk. S. Potatoes, 50c.; 1 box Soap, 4.15. F. Woodbury, 16 Locust St., 3 lbs. L. Raisins, @ 13c.; 1 W. Tub., 80c.; 1 gal. N. 0. Molasses, 45c.; 10 lbs. Gran. Sugar, @ lO^c. Mrs. J. H. Smith, 18 Brown St., 10 lbs. G. Sugar, @ lOJc. ; 4 lbs. Chicken, @ 12c.; 2 cans Oysters, @ 30c. Cash Sales, 93.18. NOVEMBER, 10, 188-. Drew 15.00 cash, for private use, and ajjpropriated 14.60 in goods. Order Book: P. G. Ransom, 98 Spring St., 1 box Soap, 4.15; 2 lbs. Coffee, @ 32c.; 1 W. Tub, 80c.; P. J. Warner, 19 Wood St., 1 Lem. Ext., 20c.; 10 lbs. A. C. Sugar, @ 10c. ; 1 gal. N. 0. Molasses, 45c.; 1 bbl. N. P. Flour, 8.75. B. J. Brown, 28 St. Paul St., 1 bbl. N. P. Flour, 8.75; 2 W. Pails, @ 30; 1 Basket, 18c. L. J. Seymour, 19 Beach St., 2 cans Oysters, @ 30c.; 1 Lem. Ext., 20c.; 4^ Jbs. Chickens, @ 12c.; 10 lbs. G. Sugar, @ lO^c. Payments on account, L. J. Seymour, 15.00; F. Woodbury, in full, 8.05; D. Lucas, 7.00; P. J. Warner, 20.00. Cash sales, including payments on account, 136.27. 150 THEOBETICAL AND PKACl'ICAL BOOK KEEPiSG. NOVEMBER 11, 188-. I find upon the desk the following: A receipted statement from H. A. Brewster & Co., of Invoice of 1st inst., paid by check, 1087.50. Order Book: P. Woodbury, IG Locust St., 1 bbl. N. P. Flour, 8.75; 1 pk. S. Potatoes, 50c.; 2 W. Pails, @ 20c. L. J. Seymour, 10 Beach St., 10 lbs. B. Sugar, @ 9^0. ; 3 doz. Eggs, @ 20c.; 2 W. Tubs, @ 80c.; 1 bbl. Apples, 2.00. Mrs. J. H. Smith, 18 Brown St., 1 bbl. N. P. Flour, 8.75; 2 lbs. R. Coffee, @ 32c. W. L. Wood, 26 State St., 2 lbs. J. Coffee, @ 35c.; 1 lb. Jap. Tea, 50c.; 1 bbl. K P. Flour, 8.75. Payments on account, B. J. Brown, 10.00; F. G. Ransom, 5.00. Cash sales, including payments on accounts, 141.23. NOVEMBER, 12, 188-. Paid casli for graining counters and bins, 11.75. Bought Fruit, Poultry, &c., by check, 32.15. Order Book: P. J. Warner, 19 Wood St., 1 bbl. Apples, 2.00; 1 basket Peaches, 1.50; 10 lbs. Concord Grapes, @ 4c.; 10 Ujs. Gran. Sugar, @ lO^c. D. Lucas, 10 Jones St., 10 bu. ' Potatoes, @ 60c.; i bu. S. Potatoes, 1.20; 2 cans Oysters, @ 30c.; 4} lbs. Chickeens, @ 12c. John Wilson, 119 4th St., 2 baskets Peaches, @*1.20; 10 lbs. B. Sugar, @ 9ie.; 1 pk. S. Potatoes, 60c. A. C. Davis, 126 Tremont St. , 5 ll)s. Chickens, @ 12c. ; 2 cans Oysters, @ 30c. ; 2 lbs. Crackers, @ 12c. ; 2 baskets Peaches, @ 1.20; 2 bu. Potatoes, @ 60c. Payment on account, Mrs. J. H. Smith, 10.00. Cash Sales, including payment, 168.83. NOVEMBER 13, 188-. Paid cash for Horseshoeing, 2.50; clerks' salaries for week, 10.00 and 12.00; Letter Heads and Envelopes, 2.00; and Postage, 30c. Order Book: A. C. Davis, 126 Tremont St., 1 bbl. N. P. Flour, 8.75; 1 pk. S. potatoes, 60c.; 4i lbs. C. Fish, @ 8c. F. G. Ransom, 98 Spring St., 6 lbs. Mackerel, @ 6-Jc. ; 2 cans Oysters, @ 30c.; 1 bbl. Apples, 2.00; 3 lbs. L. Raisins, @ 13c. John Mead, 103 Smith St., 1 bbl. N. P. Flour, 8.75; 4 bu. Potatoes, @ 60c. ; 1 can Oysters, 30c. ; 2 lbs. Java Coffee, @ 36c. ; 1 lb. Japan Tea, 60c. ; 1 box Soap, 4.15; 1 bbl. Apples, 2.00. Payments on account, A. C. Davis, 10.00; W. L. Wood, 10.00; John Mead, 15.00; B. J. Brown, in full, 2.99. Cash sales, including payments, 163.19. Having now conducted the business two weeks, I have determined to close the accounts showing gains and losses,* and ascertain the result of the venture. RESOURCE INVENTORIES. Note. — Since the sales of merchandise on account are not credited to Mdse. account when made, it is apparent that the balance of all the accounts in the Personal Ledger should be included in the Inventory. MERCHANDISE— in Store, .-. 1640 85 " Personal Ledger:— F. Woodbury, 9.L5; L. J. Seymour, 8.68; Mrs. J. II. Smith, 1.52; W. L. Wood, 6.65; John Wilson, 5.66; A. C. Davis, 7.25; F. G. Ransom, 6.17; D. Lucas, 10.09; P. J. Warner, 5.57; John Mead, 3.92, - * - - C5 16 1706 01 EXPENSE— 2 Horses, 310.00; 1 Wagon, 66.00; P. Scales, 35.00; C. Scales, 26.00; 2 Har- nesses, 30.00; Hay, Oats, &c., 20.00, -_ 487 00 LIABILITY INVENTORY. EX PE N SE— One-half Month's Rent unpaid, to be debited to Expense, 25 00 Net Gain, 100.30; Balance of Cash, 11;;8.57. QUESTIONS FOR REVIEW. Page 143. — 'To what kind of business is this arrangement of books adapted? 'What books arc required? ' Describe the Order Book. * How are goods marked in the Order Book that are paid for when pitrchased? 'When are the entries in the Order Book posted? 'Describe the Cash Book. ' What does the Journal contain? ' How may the Journal be dispensed with? * Describe the Person:;! Ledger. '"How are sales on account regarded? ".Why is the ordinary Journal ruling preferable for a Personal Ledger? " From what book will statements of customers' accounts be made? " How is the Ledger used? " How are the accounts in the Personal Ledger treated in closing the Ledger? " Why is no Bank account in the Ledger necessary? '° What will the Cash Book exhibit if no Bank account is kept? " How are deposits and checks entered? MANUFACTURING. The following arrangement of hooks is similar in all essential particulars to that of one of the most extensive furniture manufacturing firms in America, and was selected on account of its exceeding simplicity and completeness. ' The books required are a Sales Book, Cash Book, Journal and Ledger as principal hooks, and a Hands Eegister and Bill Book as auxiliaries. In an extensive business a book called a Tickler is sometimes kept to record the maturity of bills purchased on time on account. This book, as ordinarily used, contains columns for the date of the invoice, the purchaser's name, his address, the terms, the day of maturity, the amount and remarks. A number of pages are set aside for each month of the year, and all bills falling due in any month are entered in the space provided for that particular month. * The Sales Book contains all sales on account, giving the articles, terms of sale and amounts. ' The purchasers are debited direct from the Sales Book with the amount of each sale, * and Mdse. account is credited with the daily, weekly or monthly footing. ' The Cash Book does not vary from the ordinary form, excepting that the debit column on the left hand page is devoted to the cash sales of merchandise. ' All " Eegular " bills described in the Mem- oranda, have four months to run; but if the purchaser chooses to settle within thirty days, he is allowed a discount. ' Instead of crediting the purchaser's account in the Cash Book with the net amount of cash received, and in the Journal with the discount, the purchaser is credited in the Cash Book for the entire amount of the settlement and Discount account is debited for the discount, on the other side of the Cash Book. See Cash Book, pages 153-3. ' Mdse. account is credited with the footing of the Mdse. column in the Cash Book, whenever the Cash Book is balanced. " The cash should be proved every day in pencil, but the Cash Book need not be balanced oftener than once each week. '° The Journal contains only entries that cannot properly be made in the other books. " The Hands Eegister contains the weekly earnings of, and payments to, all employees. A column is ruled at the extreme left of the left hand page for the names of the hands, and the remainder of the page is divided into as many double money columns. Dr. and Cr., as the size of the book will permit, similar to the Continued Trial Balance. The employees' time is " made up "from the Foreman's time-book, and the amount due each is entered in the first vacant Cr. Column opposite his name. When they have been paid, the amount each has received is placed in the first Dr. column opposite his name, thus balancing the column. The footing of the H. E. is entered to Labor account on the right hand side of the Cash Book. In this set the entire investment is credited to Stock, as explained in the note at the bottom oi page 44. i51 152 THEOKETIOAL AMD PRACTICAL BOOKKEKPIlfG. CASH BOOK. DECEMBER, 188-. DATE. Folio. 50 HDSB. SUNDRIES. Dec. 1 stock, Cash in Safe, 311 14 Bill to J. Smith, Chamber Suit, 36 " Mrs. Wood, Pat. Rocker, 33 " AV. Brown, Parlor Suit, 144 2 51 C. A. Graves, Reg. bill of Nov. 3, less disct. Bill to B. Jones, Pat. Rocker, Wal't H. Rack, Bunch of Cane, 23 38 953 80 8 1430 85 JOURNAL. DECEMBER 1, 188- Folio. Resources of C. J. Huntington & Co. To Stock, Sundries, Real Estate, Merchandise, Manufactory, 18000; Warehouse, 34000. Machinery and Tools, Office Fixtures, First National Bank, Bills Receivable, Manufactured, 47,500; Lumber, 38,000; Hardware, 1400; Fabrics, etc., 1700; Varnishes, Oils, etc., 350. Safe, Desks, etc. On deposit, J. L. Brown's note, with int. per B. B., 805. S. II. Parker's " " " 950. D. M.Willard's" •" " 1744.50 J.B.Andrews' " " " 428.15 Interest, On above notes to date, C. A. (i raves. Bill of Nov. 3, R. E. S. Smith, " " 5, E. S. Smith, " " 5, Net. Note. — You will complete this entry and continue the Journal entries as illustrated above. 148137 43000 78950 9000 850 448G 84 3987 65 39 79 1436 85 1153 85 217 43 13 HANDS REGISTER. DECKMBEK 6. DECEMBER 13. DECEMBER 20. DR. CR. DB. Cll. DR. CR. Neir, 10 50 10 50 Brown, 11 75 11 75 Wilson, J. 13 80 13 80 Wilson, D. 6 50 G 50 Meyer, Johnson, 16 5 90 16 5 90 Lyman, Mosier, 8 30 8 30 14 50 14 50 Thayer, Pease, 14 12 50 25 14 12 50 25 Bartlett, Foreman, 35 25 Hyatt, Book-keeper, Morey, Ass't Book-keeper, Hackett, Salesman, 30 8 18 30 8 18 Pomeroy, " 20 20 ^ 314 314 ■ THEOKETICAL AND PRACTICAL BOOKKEEPING. ihB CASH BOOK. DECEMBER, 188-. DATE. Folio. 53 SUNDRIES. TOTAL. Dec. 8 Discount, C. A. Graves, o% on 1436.85, 71 84 jj 54 Mdse. 3500 ft. Wal't, (a) 70, Note.— Continue the entries in the Cash Book as liere illustrated. 245 SALES BOOK. DECEMBER 1, 188 Folio, Holdridge & Gray, Medina. 1 No. 33 Wal't Bed, 1 No. 33 " Wood Top Dresser, 2 " Towel Hacks, 2 No. 80 Chairs, 12 No. 49^ " 12 No. 57 " John H. King, City. 6 No. 36 Chairs, Maple, Geo. C. Lyon, Fair Haven. 3 Best S. B. Beds, 3 High H. D. Cott, 3 Low do. 1 Imp. Congress Chair, 24 No. 72 Light Chair, 12 No. 72 Dark 4 No. 61 E. it (t Net. i i Si Net. Net. 10 50 17 1 65 92 29 15 9 24 10 6 30 7 65 7 20 2 85 11 5 50 1 92 42 15 92 80 42 LEDGER. C. A. GRAVES, Brockport. 188- ft '- ■- 188- Nov. 3 J. K. 1436 85 Dec. 2 C. B., bi ofE, 1436 85 Dec. 3 5 S. B. a (( it Net. (6 54 3 19 50 08 35 E. S. SMITH, North Wilson. 188- 188- i Nov. 5 5 J. R. Net. 1153 217 85 43 Dec. 4 C. B., 5^ off, 1371 28 WARREN & FRANCIS, Jamestown 188- 188- Nov. 7 J. • Net. 216 40 Dec. 6 C. B. 216 40 Dec. 3 5 S. B. (i it R. Net. E. Net. 12 13 48 34 50 50 154 THEORETICAl, AND PRACTICAL BOOK-KEEPING. DECEMBER 1, 188-. Eesourccs of C. J. Huntington & Co., Furniture Manufacturers: Rkal Estate: Manufactory, 18000.00; Warehouse, 24000.00. Total, 42000.00. (J.) Mekchandise: Manufactured, 47500.00; Lumber, 28000.00; Hardware, 1400.00; Fahrios, &c., irOO. 00; Varnishes, Oil &c., 350.00. Total, 78950.00. (J.) Machinery and Tools, 9000.00. (J.) Office Fixtures, Desks &c., 850.00. (J.) First National Bank, on deposit, 4480.84. (/. The Bank account is here kept in the Ledger, hut may he kept in the Check Book if preferred.) Cash in Safe, 211.14. (C. B.) Bills Receivable: Note of J. L. Brown, Tonawanda, at 3 mos. from Sept. 1st, witli interest, 865.00. Note of S. H. Parker, Great Bend, at 3 mos. from Sept. Gth, with interest, 950.00, Note of D. M. Willard, Grand Haven, at 2 mos. from Oct. 19th, with interest, 1744.50. Note of J. B. Andrews, Salem, at 3 mos. from Nov. 15th, with interest, 428.15. Total, 3987.65. (.7. and B. B.) Interest accrued on above notes, 39.79. (. R., D. T.) For Maxwell Day, D. H. Davis' note, at 3 months from April loth, payable at Woodruff's Bank, Livonia, for 1500.00. Discount, 7.50; Collection, 1.00; Exchange, 1.88. Sent Woodruff's Bank. (D. R., D. T.) For Samuel Wilder, Isaac Willis' note, at 60 days from May 10th, payable at Farmers' Bank, Can- ton, for 2394.80. Discount, 9.58; Collection, 3.00; Exchange, 2.98. Sent Farmers' Bank. {D. R., D. T.) For Thos. H. Wilson, J. D. Slinltz' note, at 1 month from date, payable at Coming's Bank, Rich- mond, for 398.50. Discount, 2.19; Collection, 50c.; Exchange, 50c. Sent Coming's Bank. {D. R., D. T.) For R. L. Mason, T. G. Lord's note, at 4 months from March 9th, payable at Norwich National Bank, for 960.00. Discount, 3.84; Collection, 50c.; Exchange, 1.30. Sent Norwich National Bank. {Z>. R., D. T.) Received the following paper for collection: From W. F. Jameson, draft at 10 days from date, on W. L. Peters & Co., Hoboken, for 918.75. Sent Chemical Bank. {C. R., C. T.) From Jas. Angle, note of W. F. Burroughs, at 3 months from May 1st, payable at Exchange Bank, City, for 1390.00. {C. R., C. T.) From Ray Bros., note of Miller & Co., at 3 months from April 30th, payable at First National Bank, Kingston, with interest, for 483.60. Sent Traders' National, Kingston. (C. R., C. T.) From Meyer & Kauffman, draft at 15 days from date on Wendell & Holmes, Canton, for 1194.83. Sent Farmers' Bank, Canton. {C. R., C. T.) Drew the following drafts on Chemical Bank: No. 593, favor Lord & Bennett, 1141.80; Exch., 1.00. No. 593, favor Bingham, F. & W., 132.30; Exch., 35c. No. 594, favor Wm. Raymond, 437.00; Exch., 50c. No. 595,. favor Johnson Mfg. Co., 6444.00; Exch., 6.00. No. 596, favor Ray Bros., 4496.00; Exch., 4.00. No. 597, favor R. L. Mason, 4346.00; Exch., 4.00. {N. Y. D. R.) The following drafts on New York, received during the course of to-day's business, have been remitted to Chemical Bank for our credit: No. 161, Woodruff's Bank of Livonia, on Sixth National, 499.50; No. 943, First National of Rockford, on Broadway Bank, 3500.00; No. 341, Geo. K. Warren & Co., Bath, on Union Trust Co., 1500.00; No. 108, Ward's Bank of Union, on Third National, 86.90; No. 347, First National of Butler, on Chemical, 583.11; No. 4043, Second National of Byron, on Broadway Bank, 3586.74; No. 48, Clark's Bank of Warsaw, on Sixth National, 138.18. {N. Y. D. R. See form on page 192. ) Received the following deposits: T. J. & W. E. Upton, 1175.00; Benj. Thomas & Son, 435.57; Bingham, Field & Ward, 2850.00; Samuel Wilder, 894.13; Maxwell Day, 948.75; Johnson Mfg. Co., 3480.00; Meyer & Kauffman, 550.00; Thos. H. Wilson, 3294.18; Jas. Angle, 1840.00; D. J. Slocum, 486.78; W. F. Jameson, 1500.00. (/.) Paid the following checks: Lord & Bennett, 3500.00, 1143.80, 177.14; Bingham. Field & Ward, 133.40, 1893.18, 450.00; Wm. Raymond, 1000.00, 437.50, 140.00; Johnson Mfg. Co., 6450.00, 573.90; Maxwell Day, 10000.00; Ray Bros., 115.00, 973.63, 4500.00; Thos. H. Wilson, 56.75, 1394.11, 250.00; Stillman & Moore, 7500.00; R. L. Mason, 4250.00, 3400.00. (/.) Collection and Exchange, from Teller's Memorandum, 6.94. (/.) Paid cash for Office Stationery, Postage, etc., 13.18. (/.) Balance the New York Draft Register, and carry the footing of the debits and credits for the day to the Journal, the aggregate of drafts drawn on Chemical Bank to the credit of that bank, the footing of Exchange column to the credit of Collection & Exchange, and remittances to Chemical Bank to the debit of that bank. Also rule, foot and post tlie Discount Register and the Journal, as directed on page 166. THEORETICAL AND PBAOTICAI, BOOK-KEEPING. 169 JUNE 19, 18—. Received advice from Chemical National Bank, New York, that collection No. 858 has been paid. Charge Chemical Bank in N. T. D. R., 119.75. Credit T. J. & W. E. Upton, 119.25; Coll. & Exch., 50c., in J. Also that collection No. 854 has been paid. Charge Chemical Bank, 432.50, N. Y. D. R.; and credit R. L. Mason, 432.00, and Coll. & Exch., 50c., J. Received advice from First National, Rockford, that collection No. 860 has been paid. Charge First National, Rockford, 143.90. Credit Wm. Raymond, 143,40; Coll. & Exch., 50c. J. Received advice from Geo. K. Warren & Co., Bath, that collection No. 821 has been paid. Charge Geo. K. W. & Co., 817.00, and 33 days interest, 4.49; total, 821.49. Credit Thos. II. Wilson, 820.99, and Coll. & Exch., 50c. J. From Norwich National Bank, that collection No. 833 has been paid and credited. Credit Wm. Raymond, 368.40, and Coll. & Exch., 50c.; and charge Norwich National, 368.90. J. From Farmers' Bank, Canton, that collection No. 856 has been paid. Credit 6. H. Perkins, in Transient Accounts, 925.68; and Coll. & Exch., 50c. ; and charge Farmers' Bank, 926.18. J. Note. — The " Transient Accounts " account, in the Deposit Ledger, is used instead of opening a separate account with each person, not a regular depositor, who leaves a single note or draft for collection, or who deposits money to meet a note or a draft falling due at our hank. We credit the person for whom we make the collection, or from whom we receive the deposit, in the Journal, and post the item to the credit of Tran.sient Accounts, using the person's name in explanation. When the amount is drawn out, we charge the person in the Journal, and post it to the debit side of Transient Accounts, making the entry on the same line in the Ledger as that containing the credit to the party. Received from Exchange National Bank, Dansville, their draft; No. 1486, on Bowery Bank, New York, for 10494.75, proceeds of discount No. 486, less their charge for collection, 5.25. (/. Check P. & E. inD. T.) . Note. — The Exchange National Bank of Dansville, not being a regular correspondent, charges us one-twentieth .per cent, for collecting paper sent them. This charge is about one-half of that made by us to the customer for whom we discounted the note, the difference showing our profit in that transaction from collection alone. Credit Bills Dis- counted, 10500.00, and debit Coll. & Exch., 5.25, in the Journal. The difference represents the draft received, which will be sent and charged to Chemical Bank with others at the close of the day. Discounts Nos. 487, 489 and 490, payable in the city, have been paid. {J. ) Received the paper described below, from the following banks, for collection and credit: From Geo. K. Warren & Co., Bath, A. L. Underbill's draft on Harvey Brown, at 2 days' sight, 942.17. The drawee accepts the draft upon presentation, payable at Union Bank, City. [G, R., G. T.) From First National, Rockford, Brooks & Smith's sight draft on 0. W. Lansing, 1455.00. Col- lected and credited to First National Bank, Rockford, 1455.00. (C. R., J.) From Farmers', Canton, S. P. Stevens' sight draft on M. M. Ward, 32.18. Collected and credited to Farmers', Canton, 32.18. (C. R., J.) From First National, Belleville, B. T. Jones & Co.'s sight draft on Yeoman & Blake, 411.75. Collected and remitted draft No. 598 on Chemical Bank for 411.50. Collection, 25c. Note. — This draft will be credited to Chemical Bank, with others, at close of banking hours. Since the First National Bank of Belleville is not a regular correspondent, we make a charge for collecting the foregoing draft, but only one-half of the charge we would make to an individual. No charge for exchange. See list of drafts drawn on Chemi- cal Bank. Received remittances from our correspondents, on account, as follows: From Wayne Co. National, draft No. 4142, on Fifth National, New York, for 5000.00. From Third National, Newport, draft No. 372, on Bowery Bank, New York, for 1287.19. (J. Credit the banks making these remittances.) Note. — These drafts, with others received during to-day's business, will be remitted to Chemical Bank at the close of banking hours, and at that time will be charged to Chemical Bank in the N. Y. D. R. Remitted our draft. No. 599, on Chemical Bank, for 3000.00, to Norwich National Bank, on account. (J. ) Note.— This will be credited to Chemical Bank, with others, at the close of business. Debit Norwich Bank. This could be entered in the N. Y. D. R. at once, but these drafts are usually torn from a stub when issued, and are entered in the N. Y. D. R. from the stubs at the close of the day. 170 THEORETICAL AND PRACTICAL BOOK-KEEPING. The following sight drafts on individuals and firms, received on deposit, have been sent forward for collection and credit: Lord & Bennett, on W. H. Atwater, Lyons, 311.50; sent and charged to Wayne Co. National. Wm. Kaymond, on W. Dunn, Corning, 275.50; sent Livingston's Bank, and charged to Livingston's Bank in Sundry Banks and Bankers account. ( C. E.) Note. — Livingston's Bank not being a regular correspondent, we do not wish to open a separate account with it. We therefore open an account with Sundry Bank.s and Bankers, and debit that account for the amount of the draft sent Livingston's Bank. Debit Livingston's Bank in the Journal, and place S. B., the initials for Sundry Banks and Bankers, after the entry, and post the item to Sundry Banks and Bankers account in the General Ledger. When the proceeds are received, credit Livingston's Bank for the face of tlie draft, and post it to the credit of Sundry Banks and Bankers account, on the same line with the debit to Livingston's Bank, and debit Coll. & Exch. in the Journal for the collection. Discounted the following paper: For D. J. Slocum, Ward & Cobb's note, at 30 days from date, for 3000.00, indorsed by Jas. Jackson, Jr., payable at Second National Bank, Lyons; sent Wayne Co. National for collection. Discount, 16.50; Collection, 3.00; Exchange, 3.75. For Jas. Angle, Young & Baldwin's note for 380.00, at 15 days from date, payable at Union Bank, City. Discount, 1.14. For L. J. Farnsworth, T. K. Scott's note for 1800.00, at 1 month from 15th inst., payable at Exchange Bank, City. Discount, 8.70. For Bingham, Field & Ward, Wm. Eaymond's note for 1450.00, at 5 days from this date, payable at our bank. Discount, 1.93. For Meyer & Kauffman, their note at 20 days from this date, for 2000.00, indorsed by W. M. Bond, payable at our bank. Discount, 7.67. {D. R., D. T.) Received the following paper for collection; From D. J. Slocum, his sight draft on Ward & Holmes, Lyons, for 149.44; sent Wayne County National. From Samuel Wilder, his sight draft on King & Co., Canton, for 856.90; sent Farmers' Bank, Canton. From Chas. J. Burke, his sight draft on Warren & Co., Belfast, for 1492.00; sent First National Bank, Belfast. From L. W. Perry, his sight draft on Wilson & Caldwell, Newport, for 364.87; sent Third National, Newport. From Thos. H. Wilson, his sight draft on Nellis & Knox, Rockford, for 182.50; sent First National, Rockford. {G. R.) Drew the following drafts on Chemical Bank: No. 598, favor First National, Belleville, 411.50; Esch., 25c. No. 599, favor Norwich National, 3000.00. No. 600, favor T. J. & W. E. Upton, 400.00; Exch., 50c. No. 601, favor Lord & Bennett, 52.25; Exch., 15c. No. 602, favor Samuel Wilder, 1790.26; Exch., 2.24. No. 603, favor Johnson Mfg. Co., 5992.50; Exch., 7.50. No. 604, favor D. J. Slocum, 74.75; Exch., 15c. Remitted to Chemical Bank, for our credit, the following drafts on New York, received during the day: No. 1486, Exchange National Bank, Dansville, on Bowery Bank, 10494.75; No. 4142, Wayne County National, on Fifth National, 5000.00; No. 372, Third National, Newport, on Bowery Bank, 1287.19; No. 1009, First National, Memphis, on Broadway, 63.94; No. 416, Wheeler's Bank, Belleville, on Second National, 489.43; No. 3142, Richmond's Bank, Batavia, on Chemical, 6300.00; No. 113, Ray Bros., on Cook & Lane, New York, 987.00. {N. Y. D. R.) Received the following deposits, as shown by deposit tickets filed: Lord & Bennett, 3000.00; Benj. Thomas & Son, 1790.00; L. J. Farnsworth, 315.00; Wm. Raymond, 775.00; Johnson Mfg. Co., 5275.00; Ray Bros., 2910.00; Thos. H. Wilson, 1800.00; Stillman & Moore, 6150.00; R. L. Mason, 8219.40; Chas. J. Burke, 3926.42. Paid the following checks: T. J. & W. E. Upton, 242.69, 400.00; Lord & Bennett, 52.75, 146.90, 2234.46; Bingham, Field & Ward, 824.50, 640.00, 1138.55; Samuel Wilder. 2134.30, 86.25; Johnson Mfg. Co., 896.81, 27.50, 6000.00; Ray Bros., 4500.00; Jas. Angle, 1690.00, 47.25; D. J. Slocum, 75.00, 1792.63, 250.00. {J.) Collection and Exchange, from Teller's Memorandum, 16.92. Rule and foot the New York Draft Register, and carry tlie results to the Journal. Rule, foot and post the Discount Register and the Journal, as directed on page 166. THEORETICAL AND PRACTICAL BOOK-KEEPING. 171 JUNE 20, 18—. Received adTiee that the following collections have been paid: No. 824; Coll. & Exch., 35c. No. 835; Coll. & Exch., 50c. No. 826; Interest, 8.16; Coll. & Exch., 1.00. (J.) Collection No. 857 has been paid. Credit Jas. Angle, 750.00, and 33 days interest, 4.13; total, 754.13. J. Be careful to make tlie proper check mark in the C. T. Received advice from Wayne County National Bank that discount No. 488 has been paid, 7500.00. {J.) Discount No. 493, payable at our bank, has been charged to the account of the maker. (75 172 (28 >67 )00 :09 After you have completed the work upon your books, present them to the teacher for inspection, and prepare for a written examination in book-keeping, questions for which will be furnished by the teacher — selected froni the questions for review given throughout the book. You will also bo recpiired to make the Journal entries for a variety of transactions, and to draw forms of business paj)er, as Letter, Bill, Invoice of Shipment, Account of Sales, Note, Draft, Check, Certificate of Deposit, etc. 184 THKOKEl'XOAL AND PRACTICAL BOOK-KKEPING. JOURNAL MONDAY, Bills Discounted, 8750, fjord & Bcuuett, 1285«», Samuel Wilder, 970, Johnson Mfg. Co., 2875, Stillnian & Moore, 1872='5. Chas. J. Burke, 5460, James Angle, 375, W. F. Jameson. 926>^ D. J. Slocum, 432' S Ray Brothers, 850". Wm. Raymond, 1750". L. J. Farnsworth. 493'a. Benj. Thomas & Son, 1250, T. J. & W. E. Upton, 2115, Chemical Nat. Bank, 16381»», Coll. & Exch., Deposits, COLL. & KXCH. DIJPOSITS. QENEKAL. 8750 1285 50 976 2875 1872 25 5460 375 A 926 14 432 12 856 11 - 1756 23 493 92 1250 2115 20 78 10381 25 7 25 28 03 28 03 20673 20673 27 27 45832 55 TUESDAY, R. L. Mason, 584»5, COLL. i BXCH. DEPOSITS. GENERAL. 50 584 25 Sti'.lman & Moore, 1249, 1 1249 Meyer & Kaullman, 550] 215, 705 Bills Discounted, 10000. 1.500, 500, 12000 Norwich Nat. Bank, 4150. 4150 Exch. Nat., Bristol, 493", 493 18 Traders' N., Kingston , 573»», 573 90 First Nat., Rockford, 2500, 2500 Geo. K. Warren & Go. , 1500, 1500 T. J. & W. E. Upton, 1175, 1175 Benj. Thomas & Son, 435", 435 57 Bingham, Field & W. 2850, 2850 Samuel Wilder, 894". 894 13 Maxwell Day, 948-". 948 75 Johnson Mfg. Co., 3480. 3480 Thos. H. Wilson, 2294' «. 2294 18 James Angle, 1840. 1840 D. J. Slocum, 480' «, 486 78 W. F. Jameson, 1500, 1500 Chemical Nat. Bank, 16897, 15 75 16897 Coll. & Exch., Deposits, 6 94 24 18502 24 19 19 18502 66 66 ■ 56640 93 THEORETICAL AND PKACTICAL BOOK-KEEPING. JOURNAL. JUNE 17. 18—. 185 Bingham, Field & Ward, Lord & Bennett, Samuel Wilder, Wm. Raymond, Meyer & KaufEman, Thos. H. Wilson, Stillman & Moore, R. L. Mason, W. P. Jameson, Ciiemical National Bank, Deposits, 375, 92G»«, 1000, 2118, 325«°, 92", 2025, 37" % 325, 150, 200, 480, 3115, 4375, 85, 10000, 2500, 187»», 300, 3250, 132, 247", 2000, 342»S 1175, 7428«», 2301 2535 2537 3795 43 GO 10000 2987 3629 3517 35G63 50 75 50 50 18 25 68 GENERAL. 7428 09 35603 68 43091 77 JUNE 18, 18—. Wayne Co. Nat. Bank, Farmers' Bank, Canton, Collection & Exchange, Exchange National, Bristol, Traders' National, Kingston, First National, Kockford, Lord & Bennett, Bingham, Field & Ward, Wm. Raymond, .Johnson Mannfacturing Co., Maxwell Day, Ray Brothers, Thomas H. Wilson, Stillman & Moore, R. L. Mason, Expense, Chemical National Bank, Deposits, 584'", 1500, 225, 1250, 5 2800, 340, 1350, 2500, 1142«», 177' < 132«»,1892'«, 450, 1000, 437»«, 140, 6450, 573»», 10000, 115, 973«», 4500, 56", 1394", 250, 7500, 4250, 3400, 12'«, 7894* », DEPOSITS, 3819 2474 1577 7023 10000 5588 1700 7500 7650 47335 94 58 50 90 02 80 40 GENERAL. 2309 1250 2800 340 1350 75 50 12 7894 18 43 47335 40 63292 26 186 THKORETiCAl. AND PRACTICAL BOOlt-K.EEPIKG. JOURNAL. WEDNESDAY, T., J. &. W. E. Upton , 119=". COLL. & EXCH. bKPOBITS. GENERAL. 60 119 25 R. L. Mason, 8319«», 432, 50 8651 40 Wm. Raymond, 368* », 775, 1AH*\ 50 1286 80 Thos. H. Wilson, 1800, 820 •», 50 2620 99 G. H. Perkins (T. A.), 925«», 50 925 68 Bills Discounted, 9000, 10500, 15000, 5000, 50 39500 First Nat.. Rockford, 1455, 1455 Farmers' Bank, 32'», 32 18 Wavne Co. N. Bank., 5000, 5000 Third Nat., Newport, 1287' ». 1287 IJ Lord & Bennett, 3000, 3000 • Benj. Tliomas & Son, L. J. Farnswortli, Johnson Mfg. Co., Ray Brothers, Stillman & Moore, Chas. J. Burke, 1790, 315, 5275, 2910. 0150, 3926*«, 1790 315 5275 2910 6150 3926 42 Chemical Nat. Bank, 11721»», 10 79 11721 26 Coll. & Exch., Deposits, 16 92 30 36970 30 71 71 30970 54 54 95996 88 « THURSDAY, Samuel Wilder, 943»^ 63", COLL. & EXCH. DEPOSITS. GENERAL. 25 1007 59 Bingham, Field & W., 215", 550, 50 765 75 May Brothers, 1490»«, 1 1490 66 Jas. Angle, 754", 2873, 3627 13 Bills Discounted, 7500, 3000, 10500 Certificates of Deposit 3000, 3000 Farmers' Bank, 94i«, . 94 16 Wayne Co. National, 873^*, 873 25 Norwich National, 1621', 163 11 W. F. Jameson, 584, 584 D. J. Slocum, 13951 8 1395 18 Thos. H. WMlson, 843' ». 843 10 Meyer & Kauffman, 4200, 4200 Johnson Mfg. Co., 5125, 5125 Benj. Thomas & S(m, 1975, 1975 Lord & Bennett, 2400, 2400 J. H.Wentworth&Co. , 1250, 1250 Chemical Nat. Bank, 11836", 15 27 16 85 118.36 87 Coll. & Exch., Deposits, 44 76 44 27663 76 27663 41 41 51174 56 THEORETICAL AND PRACTICAL BOOK-KEEPING. JOURNAL. JUNE 19, 18— . 187 First National, Rockford, 143»», DEPOSITS. OENERAL. 143 90 Geo. K. Warren & Co., 821«», 831 49 Norwich National, 368«»,3000, 3368 90 Farmers' Bank, 926", 926 18 Collection & Exchange, 5»», 5 25 Wayne Co. National, 211''«, 211 50 Livingston's Bank (S. B.), 275»», 375 50 T. J. & W. E. Upton, 243«», 400, 642 69 Lord & Bennett, 52", 146»», 2234«", 2434 11 Bingham, Field & Ward, 824", 640, 1138'% 2603 05 Samuel Wilder, 2134'% 86"% 2220 55 Johnson Mfg. Co., 896", 27»«, 6000, 6934 31 Ray Brothers, 4500, 4500 Jas. Angle, 1690, 47"% 1737 35 D. J. Slocum, 75, 1793'% 350, 3117 63 Chemical National Bank, 35174*', 35174 56 Deposits, 23179 59 33179 59 54106 87 JUNE 20, 18- if Third National, Newport, 63»% 346' «, Farmers', Canton, 3163% First National, Rockford, 1491«% 34>% Wayne Co. National, 7500, Traders' Nat., Kingston, 194"% Woodruff's Bank (S. B.), 86«% Geo. K. Warren & Co. 732", Exchange Nat., Bristol, 17»% J. A. Bush, 497"% Wyman & Fisher, 597 »% Johnson Mfg. Co., 1000, 396, 2584, 3000, T. J. & W. E. Upton, 985, 146»% 75, 843'% W: F. Jameson, 345, 3940, 1333% D. J. Slocuui, 5000, Jas. Angle, 3500, 300, 75, 186»% 94>% Thos. H. Wilson, 3000, 2735=% Meyer & Kauflman, 2500, 1500, 49*% Lord & Bennett, 85, 342*% 1600, G. H. Perkins (T. A.), 925 »% Chemical National Bank, 4615°% Deposits, DEPOSITS. OENEKAL. 497 597 6980 2050 3318 5000 4056 5735 4049 1927 935 25 10 i% 35 06 50 36 50 68 410 316 1525 7500 194 86 732 17 4615 35136 86 35 83 50 40 81 39 04 35136 82 82 50435 90 188 THteORETtOAL ANt) PRACTtCAt BOOK-KEEPtNG. JOURNAL. FRIDAY, D. J. Slocum, 148»«, 1294", OOLI,. & EXCH. DKPOSITS. GENERAL. 50 1443 05 Samuel Wilder, 856<», 50 856 40 Chas. J. Burke, 1491, 50 1491 L. AV. Perry (T. A.), 3643', 50 364 37 Thos. H. Wilson, 183, 50 182 Bills Discounted, 1500, 5000, 287C»», 9376 90 Third Nat., Newport, 197'", 197 46 Excli. Nat., Bristol, 388' », 388 19 Traders' N., Kingston, 2468 3, 246 83 Wm. Kaymond, 2250, 2250 Maxwell Day, 1350, 3000' 3, 5310 12 L. J. Farnsworth, 3118'". 3118 07 Lord & Bennett, 6190»3, 6190 83 T. J. & W. E. Upton, 4114««, 4114 60 J. H. Wentworth & Co. ,8673»», 8673 95 E. L. Mason, 5000, 5000 Chemical Nat. Bank. 132643*, 16 04 13264 34 Coll. & Exch., Deposits, e 11 96 30 38994 30 50 50 38994 39 39 62498 61 SATURDAY. Lord & Bennett, 1499, 4480, Chas. J. Burke, 957'*, D. J. Slocum, 88", 375, Jas. Angle, 395" ^ 1349' % Dunn & Cole (T. A.), S. H. Lowe (T. A.), 863, 9183", Woodruff's Bank (S.B. )86*», Wayne Co. N., Lyons, 212", 74' », 9; Bills Discounted, 2150, 7200, Norwich National, 13«», First Nat., Rockford, 97»'', Samuel Wilder, 1947' », R. L. Mason, 1200, Stillman & Moore, 900. Bingham, Field & W. J. H. Wentworth & Co. 682", ,2963'"'. Benj. Thomas & Son, 1646«2. Chemical Bank, 6914", Coll. & Exch., Deposits, 934' », COLI,. & EXCH. 9 23 34 50 25 50 25 03 45 98 5979 957 463 1745 863 918 1947 1200 900 682 2963 1646 20266 15 15 27 30 80 11 42 92 12- GENERAL. 86 1221 9350 13 97 6914 34 20266 37985 40 78 40 80 78 98 12 26 THEORETICAL AND PRACTICAL BOOK-KEEPING. JOURNAL JUNE 21, 18—. 189 V V Wayne Co. National, Lyons, Farmers' Bank, Canton, Third Nat., Newjiort, First National, Kockford, Livingston's Bank (S. B.), Exch. Bank, Geneva (S. B. ), Clias. J. Burke, R. L. Mason, Jas. Angle, Stillman & Moore, Johnson Mfg. Co., Samuel Wilder, Bingham, Field & W'ard, Benj. Thomas & Sou, Chemical National Bank, H. W. Phillips, Morgan & Seelye, Deposits, 149* «, 393' •, 856" », 49" », 364»', 181<», 183»», 382, 23° " 10000, 546 »«, 1850, 134«s, 5000, 3149», 1165, 123' «, 85, 3500, 14925°, 11225% 97^ 2463' », 186''», 1729»', 916<», 2422'", 10000, 47355% 992=", 1479=", DEPOSITS. GENERAI 641 906 364 363 382 23 13396 50 5134 65 1688 14 4992 50 3682 25 1915 45 3339 16 10000 4725 992 25 1479 31 45620 21 45620 53929 94 70 87 90 82 56 21 JUNE 22, 18—. Exch. National, Bristol, 1500, 33<% DEPOSITS. GENERAL. 1533 44 Wayne Co. Nat., Lyons, 88«», 88 40 Geo. K. Warren & Co., 3961% 396 15 Collection «&. Exch., I 3 12 ThirdNational, Newport, 136»% 7300, 7336 93 Farmers', Canton, 6P% fil 37 D. J. Slocum, 183", M3'% 100, 300, 1426 37 L. J. Farnsvvorth, 3000, 3000 Wm. Raymond, 1635% 39405^ 873'% 1439 68 Lord & Bennett, 4000, 1363<% 312<'5, 5476 39 Johnson Mfg. Co., 3500, 150, 150, 3800 J. IL W^entworth & Co., 1829^% 163»% 100, 2093 38 T. J. & W. E. Upton, 112'% 986»% 250, 1348 83 Bingham, Field & Ward, 2150, 3150 Maxwell Day, 74' 5, 74 75 \/ Henry Sears, 5231% 532 11 Chemical National Bank, 5653»% 5653 96 Deposits, 31331 30 31331 20 , 36381 46 190 THEORETICAL AND PKACTICAL BOOK-KEEPING. DISCOUNT REGISTER. When Disc'd. No. June 17 528 529 530 - 531 18 532 533 534 535 536 19 537 538 539 540 541 30 542 543 544 545 546 547 21 548 549 550 551 22 552 553 554 J. D. Winslow. H. Wliitaker. A. M. Ilastiugs. Johnson Mfg. Co. P. L. Paine. D. n. Davis. Isaac Willis. J. D. Shultz. T. G. Lord. Ward & Cobb. Young & Baldwin. T. K. Scott. Wm. Kaymond. Meyer & KaufEman. Havens & Co. Samuel Wilder. Eobert Moore. Philip Warner. Wynian & Fisher. Darwin & Kent. H. W. Phillips. Shelby & Co. Jones & Hardy. H. A. Wood. Thomas Brooks. Fanning & Peck. Ellis & Ilayden. ENDORSERS. Chas. J. Burke. D. J. Slocum. Samuel Wilder. Freeman Clarke. Johnson Mfg. Co. Maxwell Day. Samuel Wilder. Thos. H. AVilson. R. L. Mason. J. Jackson,Jr., D. J. Slocum, Jas. Angle. L. J. Farnsworth. Bingham, Field & Ward. W. M. Bond. R. L. Mason. J. A. Lindsay. Meyer & KaufEman. J. A. Bush, John Rice. J. H. Price. Johnson Mfg. Co. Henry Chase, A. Springer. R. L. Mason. Samuel Wilder. L. M. Lay, Morgan Seelye. H. Sears, F. Woodbury & Son. Stillman & Moore. Wm. Raymond. ofB. B. WHERE PAYABLE. Exch'ge, City. 1st N., Lyons. Union, City Our Bank. 1st N., Lyons. Woodr'il's, Liv. Farmers', Cant. C's B'k, Rich. Norwich Nat. 2d Nat. , Lyons. Union, City. Exch'ge, City. Our Bank. Our Bank. Union, City. Our Bank. 1st N., Lyons. Union, City. Farmers', Cant. Norwich Nat. W.C.N. Lyons. Norwich Nat. Union, City. Exch'ge, City. Union, City. Exch'ge, City. 1st N., Lyons. June April May June M'ch June June June June 17 15 17 17 15 15 10 18 9 19 19 15 19 19 20 19 20 20 16 16 21 19 20 21 23 23 18 THEORETICAL AND PRACTICAL BOOKKEEPING. 191 DISCOUNT REGISTER. TIME. WHEN PUE. PACE OF PAPER.I DISCOUNT. 1 COLt. & EX. PROCEEDS. II FOR WHOM DISCOUNTED. REM'KS. E-O ».o 30 da. July 20 858 90 4 72 854 18 Chas. J. Burke. 1 mo. 18 1350 6 46 3 56 1340 98 D. J. Sloeum. 10 da. June 30 3875 8 40 3866 60 Samuel Wilder. y 30 da. July July 20 18 5000 37 50 4973 50 Johnson Mfg. Co. Johnson Mfg. Co. 10983 90 47 21 08 63 2 56 10934 36 96 30 da. 4335 9 41 4393 3 mo. 18 1500 7 50 2 88 1489 63 Maxwell Day. 60 da. 13 3394 80 9 58 4 98 3380 34 Samuel Wilder. 1 ino. 31 398 50 2 19 1 395 31 Thos. H. Wilson. 4 mo. July 13 23 960 3 84 1 70 954 46 E. L. Mason. D. J. Sloeum. 9578 30 44 16 74 50 19 97 9513 59 75 30 da. 3000 6 75 2976 15 da. 7 380 1 14 378 86 Jas. Angle. 1 mo. 18 1800 8 70 1791 30 L. J. Farnsworth. 5 da. June 37 1450 1 93 1448 07 Bingham, ¥. & W. 20 da. July July 13 33 3000 7 67 1992 33 Meyer & K. R. L. Mason. 8630 35 2 94 48 6 75 8587 31 52 30 da. 450 447 1 mo. 23 1500 8 1493 Samuel Wilder. 20 da. 13 2300 8 43 4 75 3186 83 Meyer & K. 30 da. 33 500 2 75 497 25 J. A. Bush, Cash. V 1 mo. 19 600 2 90 597 10 ,W. & P., Cash. V 30 da. July 19 24 1500 7 25 3 88 1489 87 Johnson Mfg. Co. H.W.Phillips, Cash w' 6750 31 5 81 50 7 .63 6710 56 25 30 da. 1000 3 35 993 30 da. 33 575 2 97 1 23 570 81 R. L. Mason. 30 da. 33 173 91 93 173 98 Samuel Wilder. 20 da. July 14 35 1485 5 69 1479 31 M. Seelye, Cash. H. Sears, Cash. 3333 91 15 3 09 89 3 47 3215 35 11 30 da. 535 522 20 da. 15 1500 5 75 1494 25 Stillman & Moore. 30 da. 31 2650 13 81 5 31 2631 88 Wm. Raymond. 4675 31 45 5 31 4648 34 192 Dr. THEORETICAL AND PRACTICAL BOOK-KEEPING. NEW YORK DRAFT REGISTER. SECOND NATIONAL COLLEGE BANK, MONDAY, NO. BY WHOM DRAWN. OF WHAT PLACE. ON WHAT BANK. FACE. Balance, 96375 13 234 First NationaL Dayton. Shoe & Leather. 2875 1851 Commercial. Corning. Metropolitan. 542 75 753 City Bank. Holley. Broadway. 37 20 115 Seward's. Auburn. Chemical. 1123 U 1331 Exchange. Geneva. Third National. 2475 4 Steele & Avery. City. TUES D. Slote & Co. DAY, 375 7428 09 103703 22 Balance, 87321 97 161 Woodruff's. Livonia. Sixth National. 499 50 943 First National. Rockford. Broadway. 2500 341 Geo. K. Warren c% Co. Bath. Union Trust Co. 1500 108 Ward's. Union. Third National. 86 90 347 First National. Butler. Chemical. 583 11 4043 Second National. Byron. Warsaw. WEDNES Broadway. 2586 74 48 Clark's. Sixth National. DAY, 138 18 7894 43 95216 40 Balance, 78319 40 858 T. J. & W. E. Upton, Collection. 119 75 854 R. L. Mason. a 432 50 1486 Exchange National. Dansville. Bowery. Fifth National. 10494 75 4142 Wayne Co. National. Lyons. 5000 372 Third National. Newijort. Bowery. 1287 19 1009 First National. Memphis. Broadway. 63 94 416 Wheeler's. i Richmond's. Belleville. Second National. 489 43 3142 Batavia. Chemical. 6300 113 Ray Brothers. City. THURS Cook & Lane. DAY, 987 25174 66 103493 96 Balance, 91773 70 1042 First National. Princeton. Bowery. 193 82 213 Woodruff's. Livonia. Sixth National. 1482 90 194 Ward's. Union. Third National. - 18 25 1516 Exchange National. Dansville. Bowery. 411 07 2104 Commercial. Corning. Metropolitan. 1242 16 13492 First National. Waverly. Union Trust Co. 27 90 826 City Bank. Holley. Broadway. 146 83 1513 Exchange. Geneva. Third National. 875 482 First NationaL Butler. FRI Chemical. DAY. 218 11 4615 04 . 96387 74 Balance, 84550 87 8046 First National. Belfast. Ninth National. 1491 50 1143 Second National. Westboro. Bowery. 188 63 896 Grangers' Jackson. Metropolitan. 864 50 693 Exchange. Norwich. Sixth National. 92 18 13482 Manufacturers' Middletown. Ninth National. 1143 75 132 F. W. Richmond. Goshen. Chemical. 945 4735 56 89276 43 THEOKETICAL AND PKACTICAL BOOK-KEKPING. NEW YORK DRAFT REGISTER. In Account with CHEMICAL NATIONAL BANK, NEW YORK. JUNE 17, 18—. ly;^ NO. IN WHOSE FAVOR DRAWN. EXCHANGE. FACE. 585 Lord & Bennett, 50 325 10 586 Samuel Wilder, 1 50 1200 . 587 G. W. Cook, 15 56 15 588 Mever & Kauffman, 3 13 2500 589 Stillman & Moore, 50 300 590 Thos. H. Wilson, 13 50 10000 591 W. F. Jameson, Balance (Red Ink), JUNE IS. 3 50 2000 16381 87321 25 97 20 78 103703 33 593 Lord & Bennett, 1 1141 80 593 Bingham, Field & Ward, 25 133 30 594 Win. Raymond, 50 437 595 Johnson Manufacturing Co., 6 G444 596 Ray Brothers, 4 4496 597 R. L. Mason, Balance, JUNE 19. 4 4246 16897 78319 40 15 75 95316 40 598 First National, Belleville, 25 411 50 599 Norwicli National, 3000 600 T. J. & W. E. Ui^ton, 50 400 601 Lord & Bennett, 15 52 35 602 Samuel Wilder, 3 34 1790 26 603 Johnson Manufacturing Co., 7 50 59V/2 50 604 D. J. Slocum, 15 74 75 11721 26 Balance, 91772 70 JUNE 20. 10 79 103493 96 605 Johnson Manufacturing Co., 1 35 998 75 606 D. C. Allison, 15 17 607 W. F. Jameson, 50 244 50 608 L. S. Liinsing, 35 116 609 D. J. Slocum, 6 34 4993 75 610 P. J. Dudley, 15 73 50 611 Meyer & Kauifman, 3 13 3496 87 613 W. B. Sage, 1 35 1000 613 Lord & Bennett, 2 1598 614 D. G. Lamson's Bank, Balance, JUNE 21. 35 398 50 11836 84550 87 87 15 16 96387 U 615 Cascade Bank, Portage, 35 843 65 616 Chas. J. Burke, 13 50 9990 617 R. L. Mason, 2 74 2188 618 R. W. Bush, 15 18 50 619 A. B. Ward, 25 143 630 Jerome Sackett, Balance, 15 82 19 13264 76012 34 09 18 04 89376 43 ' 194 THEORETICAL AND PRACTICAL BOOK-KEEPING. Dr NEW YORK DRAFT REGISTER. SECOND NATIONAL COLLEGE BANK, SATURDAY, NO. BY WHOM DRAWN. OF WHAT PLACE. ON WHAT BANK. FACE. Balance, 76012 09 828 Chas. J. Burke, Collection, 957 65 1009 Howard's, Dundee, Bowery, 440 94 464 First National, Preston, Mfg. & Traders', 132 29 104 J. H. Clark's, Woodville, Croton, 273 91 1264 Second National, Plainville, Ninth National, 2500 749 Lament & Thomas, Morrisville, Sixth National, 382 46 6891 First National, Williamstown, Chemical, 11 18 317 Woodruff's, Livonia, Sixth National, 86 28 910 Exchange, Geneva, First National, 863 25 5653 36 81666 05 COLLECTION REGISTER. WHEN I.EIT. June 17 18 19 20 854 855 856 857 858 859 860 861 863 863 864 865 866 867 868 869 870 871 872 873 874 875 876 877 878 879 880 881 882 883 884 885 886 887 888 889 890 L. W. Wooden, L. F. Chappell, W. B. Murdock, D. A. Welles, Daniel Boody, W. Haynes, Peter liradley, N. Fisher & Co., Union Bank, Johnson Mfg. Co., D. B. Hill, P. G. Warren, D. L. Price & Co., A. A. Wildman, W. L. Peters, W. F. Burrows, Miller & Co., Wendell & Hone, Harvey Brown, 0. W. Lansing, M. M. Ward, Yeoman & Blake, W. H. Atwater, W. Dunn, Ward & Holmes, King & Co., Warren & Co., Wilson & Caldwell, Nellis & Knox, Jas. Angle, Hart & Shepard, Peter Wallace & Co. , Jas. Angle, W. A. Hood, L. W. Gage, Tubhs & Co., Norman Lacy, ENDORSER. R. L. Mason, Stillman & Moore, G. H. Perkins, James Angle, T. J. & W. E. Upton, Samuel Wilder, Wm. Raymond, H. B. Cook& Co., D. J. Loomis, A. B. Wilson, W. F. Jameson, Johnson Mfg. Co., Maxwell Day, James Angle, W. F. Jameson, James Angle, Ray Brothers, Meyer & Kauffman, A. L. Underbill, Brooks & Smith, S. P. Stevens, B. T. Jones & Co., Lord & Bennett, Wm. Raymond, D. J. Slocum, Samuel Wilder, Chas. J. Burke, L. W. Perry, Thos. H. Wilson, P. G. White, C. A. Stone, Weaver & Jones, E. H, Mott & Co., C. A. Parry & Co., Warren & Sharp, Samuel Wilder, T. J. & W. E. Upt o n , WHERE PAYABLE. Nyack, Chemical, Second Nat'l, Lyons, Wayne Co. Nat'l, Canton, Farmers', Union, City, Hoboken, Chemical, Norwich, Norwich Nat'l, Rockford, First National, City, Union Bank, City, City, Lyons, Wayne Co. Nat'l, Bristol, Exchange Nat'l, Kingston, Traders', Rockford, First National, Hoboken, Chemical, Exchange, C ty. First Nat'l, K ingston. Traders' Nat'l, Canton, Farmers' Bank, L'nion, City, City, City, City, Lyons, Wayne Co. Nat'l, Corning, Livingston's, Lyons, Wayne Co. Nat'l, Canton, Farmers', Belfast, First National, Newport, Third National, Rockford, First National, City, City, City, City, Exchange, Ci ty. City, Kingston, Traders' Nat'l, Rockford, First National, TO WHOM SENT. THKOKETICAL AND PRACTICAL BOOK-KEEPING. 195 NEW YORK DRAFT REGISTER. In Account with CHEMICAL NATIONAL BANK, NEW YORK. JUNE 22, 18—. Cr. NO. IN WHOSE FAVOR DBAWN. EXCHANGE. FACE. 621 F. N. Jefferson, 15 114 78 622 D. J. Slocum, 50 200 623 Johnson Manufacturing Co., 4 38 3500 624 J. H. Wentworth & Co., 25 100 625 L. J. Farnsworth, Balance, 3 75 3000 6914 74751 78 27 9 03 81666 05 COLLECTION REGISTER. DATE TIME. WHEN DUE. June 17 Sight, April 1 3 mo. July 4 June 17 Sight, May 18 30 da. June 20 June 17 Sight, 13 10 da. 26 17 Sight, 17 Sight, 17 Sight, 17 Sight, 18 Sight, 18 Sight, 18 Sight, 18 Sight, 18 10 da. July 1 May 1 2 mo. 3 April 30 2 mo. 3 June 18 15 da. G 19 2 da. Juno 24 18 Sight, 18 Sight, 18 Sight, 19 Sight, 19 Sight, 19 Sight, 19 Sight, 19 Sight, 19 Sight, 19 Sight, 19 Sight, 18 Sight, 19 Sight, Mch. 22 3 mo. June 25 May 25 30 da. 27 June 19 20 20 Sight, Sight, Sight, FOR WHOM COLLiECTEU. K. L. Mason, Stillman & Moore, 0. H. Perkins, James Angle, T. J. & W. E. Upton, Samuel Wilder, Wm. Raymond, Norwich National, Exch. National, Bristol, Tniders' Nat'l, Kingston, Ourselves, Ourselves, Ourselves, Ourselves, AV. F. Jameson, James Angle, Ray Broth e''s, Meyer & KaufEman, Geo. K. Warren & Co., First National, Rockford, Farmers', Canton, First National, Belleville, Ourselves, Ourselves, D. J. Slocum, Samuel Wilder, •Chas. J. Burke, L. W. Perry, Thos. H. Wilson, Farmers' Bank, D. G. Lamson's Bank, Wayne Co. National Bank, Traders' National, Wisner & Clark's Bank, Norwich National, Ourselves, Ourselves, CHECK. 1 T.otCr. Paid. 432 50 1250 ^/ 926 18 Int. 750 119 75 V V 1842 11 143 90 4150 493 18 573 90 225 2800 340 1350 918 75 1290 482 60 1194 83 942 17 1455 32 18 411 75 V 211 50 275 50 149 44 856 90 1492 364 87 182 50 94 16 298 75 ^ 873 25 1400 375 162 11 194 50 34 17 KBMAKKS. Proceeds by N. Y. draft. Protested. Proceeds by N. Y. draft. 196 THEORETICAL AND PRACTICAL BOOKKEEPING. DISCOUNT TICKLER. JUNE 17, 18—. NO. PAYEK. ENDORSER. WHERE PAYABLE. TO WHOM SENT. AMOUNT. CK REMARKS. •482 483 484 H. Whitaker, H. C. Decker, W. S. Chapiu, D. J. Slocum, Wm. Eaymond, W. W. Wheeler, 2d Nat'l, Lyons, Exchange, City, Woodruff, Livonia, Wayne Co. Lyons Same, 1500 8750 500 P. & E. 18. 485 486 Maxwell Day, A. 0. Bunnell, Burt, Brace & Co. Joseph Cone, Our Bank, Exch., Dansvillc, Same, 10000 10500 19. 487 488 489 490 A. M. Hastings, W. T. Tinsley, H. Bancroft, J. Wilson & Co., Samuel Wilder, Mover & Kauffman J. A. Munson, Samuel Wilder, Lord & Bennett, Union, City, Wayne Co., Lyons, Our Bank, Our Bank, Same, 5000 7500 9000 15000 20, 491 492 P. J. Smith, Johnson Mfg. Co. Ray Brothers, Freeman Clarke, 3d Nat'l, III ew port. Our Bank, Same, 7200 3000 21, 493 494 495 R. L. Mason, D.W. Smith & Co. L. J. Pratt & Co., P. J. Moore, James Angle, James Angle, Our Bank, Union, City, Exchange, City, 5000 2876 1500 90 22. 496 497 498 499 Bingham, F. & AV. P. Wise & Son, Creed & Wilson, Brown & Wood, C. D. Cox, Bingham, F.&W., R;iy Brothers, B. Thomas & Son, Our Bank, 2d Nat'l, Palmyra. Union, City, 3d Nat'l, New])ort, Same, Same, 2150 1800 2500 1750 v Protested. P. & E. 24th. 24. 500 501 W. F. Jameson, Robert Vaughn, James Brackett, Lord & Bennett, Our Bank, Union, City, 12000 2540 18 25. 502 503 H. W. Glass, L. W. Davis, Wm. Raymond, Thos. n. Wilson, Brown & Co., Can- ton, Exchange, City, Farmers', Canton 785 3250 THEORETICAL AND PRACTICAL BOOK-KEEPING. COLLECTION TICKLER. JUNE 17, 18—. 197 NO. PAYER. WHERR PAYABLE. TO WHOM SENT. FOR WHOM coi,m:ctkd. AMOUNT. OK REMARKS. 819 820 J. H. Wing, Porter Far ey, Lyons, Canton, Wayne Co., Lyons, Farmers', Canton, R. L. Mason, Stillman & Moore, 584 1250 75 V P. & K. 18. 831 822 823 Jolin B. Sage, Henrv A. Strong, W. D. McGuire, Geo. K. Warren & Co., Batli, Union, City, Norwich, Same, Norwich National, Thos. H. Wilson, Meyer & Kauflman Wm. Raymond, Int. 817 215 368 90 19. 824 825 820 ■ »— E. F. Woodbury, .J. E. Booth, P. Ford, Newport, Canton, Rockford Co. Bank 3d Nat'l, Newport, Farmers', Canton, 1st Nat'l, Rockford Samuel Wilder, Bingham, F. & W. Ray Brothers, 63 216 Int. 1483 92 25 50 20. 827 828 829 830 857 J. M. Harrison, R. S. Kenyon, A. L. Mabhett, J. L. Townsend, D. A. Welles, Bristol, New York, Lyons, Bath, Union, City, Exchange National Chemical, Wayne Co. Nat'l, Geo. K. Warren & Co., Bath, Lord & Bennett, Chas. J. Burke, D. J. Slocum, James Angle, James Angle, : 1500 957 88 396 Int. 750 65 40 15 21, 831 832 F. W. Clark, Ward Kelly, Norwich, Union, City, Norwich National, Johnson Mfg. Co., Maxwell Day, 911 1350 13 22. 833 834 835 836 Arthur Ranney, Jacob Hoekstra, A. M. Hastings, L. S. Fulton, Canton, Exchange, City, Yonkers, Lyons, Farmers' Bank, Chemical, Wayne Co. Nat'l, L. J. Farnsworth, S. H. Lowe, W. F. Jameson, R. L. Mason, 1215 918 856 126 30 62 90 24. 837 872 Chas. F. Ham, Harvey Brown, Union, City, Union, City, Stillman & Moore, Geo. K. Warren & Co., 318 942 20 17 9 25. 886 James Angle, Our Bank, Traders' National. 1400 198 THEORETICAL AND PRACTICAL BOOK-KEEPlNft. DEPOSIT LEDGER. We give below three forms of Deposit Ledger, and following those the form of what is called the Balance Ledger. The first form illustrated does not differ from the ordinary Ledger, excepting that an extra column is provided on the right side for balances. In case of an over-draft, the amount of it should be entered in the balance column in red ink. The second form differs from the first in having the credit amounts placed next to the debit amounts, and the folio and date and explanation to the left and right of these. Computations are greatly facili- tated by bringing the money columns in immediate proximity. The third form contemplates doubling the capacity of the page, by providing two distinct sets of columns, omitting the explanation column. The daily balances are here shown, the same as in the other forms. If found desirable, two accounts may be opened on the same page, one on each side of the double ruling. CHAS. J. BURKE. DATE. ITEM. Folio. AMOUNT. DATE. ITEM. Folio. BAI.ANCE. AMOUNT. June 21 J. 12396 50 June 15 32173 11 25 6305 53 17 K. 854 18 36 4103 42 17 J. 38487 29 5460 27 675 19 42413 71 3926 42 28 3223 71 21 22 24 25 26 27 28 31608 32465 35965 29659 25556 27131 26095 21 36 36 83 41 41 25 1491 957 3500 2250 2187 15 55 CHAS. J. BURKE. DATE Folio. J. AMOUNT. AMOUNT. BAL.ANCE. Folio. DATE June 21 12396 50 32173 11 June 15 25 6305 53 854 18 R. 17 26 4103 42 5460 3926 1491 957 3500 42 15 38487 42413 31508 32465 35965 29659 25556 29 71 21 36 36 83 41 J. J. 17 19 21 22 24 25 26 CHAS. J. BURKE. DATE. POLIO. DEBIT. CREDIT. BALANCE. DATE. FOLIO. DEBIT. CREDIT. BALANCE. June 15 32173 11 June 21 J. 12396 50 31508 21 17 R. 854 18 33027 29 22 957 15 32465 36 17 J. 5460 38487 29 24 3500 35965 36 19 3926 42 42413 71 35 6305 53 29659 83 21 1491 43904 71 26 4103 42 25556 41 BALANCE LEDGER. The Balance Ledger is made with a very large page — 18 x 23 inches not being an unusual size — large enough to contain the accounts of forty or more depositors on a page. The left hand page is ruled with a column for the names of depositors, and another for the balances of depositor's accounts, on the extreme left; and the remainder of the page is divided into three sets of money columns, each set containing four THEORETICAL AND PRACTICAL BOOK-KEEPING. 199 columns. The left hand column in each set is devoted to "Checks in Detail," the second to "Total Checks," the third to "Deposits," and the fourth to "Balances." The riglit liand page is precisely the same as the other, excepting that the column for the depositor's names is placed upon the extreme right. The same depositor's names are written on both pages, and one line across the page is designed to contain all of the facts regarding the account of the depositoi whose name appears upon that line for a week or six consecutive days. At the close of banking hours each day, every customer's deposit for the day is added to his balance of the day previous, and from this sum the aggregate of his checks is deducted, and the new balance is extended into the " Balance " column. All of the columns are then footed, excepting that devoted to the " Checks in Detail," and in case there are several pages of accounts, the footings are carried forward, so that the final footings shall exhibit the total amount of the checks paid and the total amount of deposits received for the day, as well as the aggregate of the balances of depositor's accounts. The footing of the column of "Total Checks" is carried to the debit of Deposits, on the right hand side of the Journal, and the footing of the column of "Deposits" to the credit of Deposits, on the left hand side of the Journal. At the end of each week every depositor's balance must be carried forward to a new page. In case of very active accounts, it is often necessary to leave two or three lines in the Ledger to accommodate the Checks in Detail. ADVANTAGES OF THE BALANCE LEDGER. The advantages possessed by this form of Ledger are: first, the paying teller can more readily ascer- tain the condition of a depositor's account; second, the necessity of writing the deposits on both sides of the Journal every day checks are paid and deposits received is obviated; and, third, the book-keeper lias forty or more accounts before him at once, instead of being required to consume a large part of the time turning from one account to another. EMPLOYMENT OF THE BALANCE LEDGER IN THE FOREGOING SET. ' Write the names of the depositors in alphabetical order, and Certificates of Deposit, Certified Checks, Cashier and the transient accounts beneath, on the extreme left of the left hand page and on the extreme right of the right hand page, being particular to get each name on the same line on each page. 'Enter the balance of each account in the "Balance" column, opposite the depositor's name. ' Enter each customer's checks paid during the day in the " Checks in Detail " column, opposite his name, *and extend the aggregate of such checks to the "Total Checks" column. 'Enter each cus- tomer's deposit in the "Deposits" column, 'and also any collection made for him, from the Collection Register or Collection Tickler, 'and the proceeds of paper discounted for him, not paid in cash, from the Discount Register. * Enter the proceeds of discounted paper that was paid in cash also in the " Deposits" column, opposite "Cashier Account." 'Add each customer's deposit for the day to the last balance of his account, and from that sum deduct the amount of his checks. '" The difference will show the present balance of his account, and will be extended into the next " Balance " column, opposite his name. " When the account is overdrawn, enter the amount of the " overdraft " in red inh. 'MVhen the balances of all the accounts have been entered as directed, add the "Total Checks," "Deposits" and "Balance" columns. " To prove the correctness of this work, find the difference between the total checks and deposits for the day. " This difference will equal the difference between the total balances of the day and the total balances of the day previous. '* If the " Balance " column contains both black and red ink entries, foot first the black and then the red ink amounts, and place the footings at the bottom of the column in corresponding ink, and exhibit the difference beneath; which difference will be tlie amount due depositors. " The footing of the " Total Checks "' column is debited to deposits in the Journal, and the footing of the " Deposits " column is credited to deposits in the Journal. Since there is only one entry of Deposits on each side of the Journal, the special columns for deposits are not required. " As dejiositors are credited in the Balance Ledger with the proceeds of paper discounted for them, and Deposits account is credited in the Journal for the amount with the deposits, the necessity of carry- ing the other results of the Discount Register to the Journal as well, instead of posting them direct to the Ledger, will be apparent. " Bills Discounted should therefore be debited and Collection and Exchange and Discount credited in the Journal each day for the footings of those columns in the Discount Regis- ter, in order that the Journal shall show the correct balance of cash. 600 THEOKETICAL AND PRACTICAL BOOK-KEEPING. BALANCE LEDGER. NAME. MONDAY, JUNE 24, 18- TUESDAY, JUNE 25, 18—. WEDNESDAY, JUNE 28, 18-. Balance. Checks in Detail Total Checks. Deposits Balance. Checks in Detail Total Checks. Deposits Balance. Checks in Detail Total Checks. Deposits Balance. An^lo, James, 10301 K) 673 500 397 00 84 37 1571 44 37 75 8730 41 1400 71 82 1400 6305 53 68 27 76 92 12 7330 41 1000 2500 6o;t 3000 1741 622 42 96 12 4103 42 08 83 1171 55 850196 Burke, Clias. J. 33465 36 6000 3500 35965 36 900 3463 1941 dl616 1500 5162 c856 29659 83 .50 82 25556 41 Bingham, Field & W. 9231 6000 3221 50 3231 3000 2364 221 50 Day, Maxwell, fi619 99 57 82 1846 8466 74 93 112 835 18 50 1030 5403 10552 63 8188 5467 74 Farnsworth, L. J. 9106 1214 10320 57 82 75 1153 42.50 27 35 30 4917 30 550 30 Jameson, W. F. 13660 12000 13000 dl994 dl743 3118 910 02 36 63 57 3654 9673 86 75 300 1074 1500 83 2874 d36e4 4325 12338 49 Johnson Mfg. Co. 16044 ,54 4500 4500 17316 2380 19576 21036 92 * Certificates of Deposit, 3000 3000 3000 3000 35 30 09 1500 35 25 09 1500 1600 Certified Checks, 37 30 364 - 1.500 1.500 80 1500 CO 1000 60 1000 Cashier Account, 448 448 d448 1794 1794 dl794 Tkansiknt Accounts. Perry & Co., L. W. 364 364 - a Dunn & Cole, 863 918 863 863 30 918 Lowe, S. H. 918 918 94 20&53 25 - Gray, David, 37 30483 94 ^177 99 94 25 233306 19831 221554 41 36111 205996 41 - — 25742 208362 17 "^1 1 * Several accounts are here omitted, but the footings at the bottom include the results of the accounts omitted as well as those Illustrated. JOURNAL. MONDAY, Wayne County National, Lyons, 211^ Norwich National, 865™ George K. Warren & Co., Bath, 942" Bills Discounted, 2500, 12000, 254018 Discount, 83c 979 Chemical National, Deposits, Collection and Exchange, COLL. & KXCH. GKNEUAL. 1 . 7 3 9 50 35 92 19 69 211 865 942 17040 10 9962 19831 22 92 70 17 18 62 95 57 22 65 05 48887 76 THEORETICAL ANB tHACTIOATj BOOK-KEEPING. BALANCE LEDGER. 501 THURSDAY, JUNE 2T, 18-. FRIDAY, JUNE 28, 18—. SATURDAY, JUNE 29, 18—. NAME. Cheeks liilk-tai Total . Cheeks. Deposit* I, Balance. Checks In Detail Total . Chocks Deposits. Balance Checks In Dotal Total . Checks Deposits. Balance 2116 (KiH 1850 1 4 1525 4. 5 6976 51 6978 5 1 1500 6976 5 1 Angle, James. 675 675 2250 27131 41 365 2000 183 7 675 1 32237 1 2187 55 26095 2. i 1500 d3243 651 50 71 28490 4( 3 Burke, Chas. J. 3750 3750 4831 1 i 1302 65 86 1640 72 2943 3' ■ 1000 1000 4000 59433 r Bingham, Field & W. 1358 81 5000 i 6256 81 i 575 2506 4000 6506 8( 89 3f > 476 8, ! 5459" r dl841 38 7802 2' Day, Maxwell. 5487 30 74 52 562 85 ! 562» ■ 174 80 6079 2* 327 91 84 If i 412 0! dl277 55 84 11 5944 7J Famsworth, L. J. d4981& 710 18029 63 41 500 563 44 d3734 81 72 2120111 660 21861 11 Jameson, W. F. 175 86« 1000 ) 128141 1900 21665 1500 794 If 162 3J 2456 K d2452 3500 2.5161 71 118 5( 500 1896 n 2514 67 d4790 4942 32379 9S Johnson Mfg. Co. 1500 1500 - 1500 Certificates of Deposit. 1000 - 37 1000 1000 Certified Checks. 748 37 748 37 d748 Cashier Account. Transient Accounts. Perry & Co., L. W. Dunn * Cole, i5 - liOwe, S. H. 94 94 25 94 2J 94 2c 97 Gray, David. 20502 87 21933 44 309792 74 13888 24 24365 ^ 220389 92 11756 51 27292 235808 41 20S Overdrafts in red ink. 1 JOURNAL JUNE 24, 18—. Wayne County National, Lyons, 423 3* genera li. 423 34 Farmers' National, Canton, 193*2 i;>i5 1408 42 Traders' National, Kingston. 345^ 345 23 Third National Newport, 583 ''^ 583 75 Norwich National, 91113 911 13 Chemical National, 4129 68 Deposits, 30483 53 Bills Discounted, 3750 42035 08 CORPORATIONS. The following description of Corporations and explanation of the books of record and of account ordinarily required in a business conducted by a Corporation, are regarded sufficient to enable the learner to comprehend the requirements of such a concern. It is not deemed necessary for the pupil to work through a series of transactions, as has been the practice throughout this work, but the explanations should be carefully studied, to enable him to pass an examination upon the subject. DESCRIPTION OF CORPORATIONS. A Corporation is an artificial person, created either by statutory enactment or by conforming with existing statutes. It is composed of individuals, competent to contract, united under a corporate name. The members of such bodies succeed each other, so that notwithstanding the change of the individuals who compose it, the body or Corporation remains the same; and for certain purposes within the limit of its charter, is considered as a natural person. A Corporation is like a partnership both in the association for the aggregation of capital, and in division of gains and losses; but differs from a partnership in that while a partnershij) is purely individual, not requiring charter authority, a Corporation cannot exist without the special sanction, nor carry its purposes into effect without the special authority of the laws of the land. As the laws governing Corporations differ in different States, prior to the formation of a Cor])oration the statutes of the State in which such Corjioration seeks to do business should be consulted. The principal classes of Corporations to be treated commercially are aggregate, and either public, as counties, cities, towns and villages, or private, as bank, railroad and manufacturing corj)orations. A Corporation is formed by the agreement of three or more persons, who file and have recorded with the Secretary of State and with the County Clerk, a certificate setting forth the names of the incorporators, the name of the incorporation, amount of capital stock which must be paid in money, the character of the enterprise, time of continuance, and business location; this done, the body is incorporated. Or a charter may, on application, be granted by the Legislature, which when filed with the Secretary of State constitutes incorporation. While the laws of different States and countries widely differ, in nearly all cases the rights that inhere in Corporations are to elect offcers; to fill vacancies, thereby ensuring perpetuity within the limit of their appointed existence; to make by-laws; to remove officers and members; to receive and convey real property; to sue and be sued, and to hold property as trustees. On all matters of contract for the acts of agents and for taxes,_ the liabilities of Corporations and of individuals are essentially alike. The tendency of later statutes is to increase the individual responsibility of members of Corporations, although for the exact measure of such individual responsi- bility in any instance, the local statutes should be consulted. Books of account and of stock must be kept open for inspection, and reports made according to law; and in case of increase or decrease of capital stock, or change of location, a certificate setting forth the change must bo filed, accompanied by a statement of the resources and liabilities of the Corporation. The law making power in creating a corporation, usually reserves the right of modifying its charter, or of terminating its existence. If a charter be repealed, is surrendered, or by loss of integral parts is forfeited, the Corporation becomes extinct, and its capital and debts constitute a trust fund and pledge for the payment of creditors, and a court of equity will enforce such jiayment. The obligations of corporate contracts are no more impaired by the extinguishment of the Corporation, than are those of an individual by the death of that individual. TttEORETJCAL AND PRACTICAL BOOK-KEEPING. 203 RECORDS OF A CORPORATION. The books of account of a Corporation do not differ materially from those which would be kept by an individual or partnership, conducting the same kind of business as that carried on Ijy the Corpora- tion, except that, generally, four additional auxiliary books are required. These are called the Sub- scription Book, the Minute Book, the Stock Ledger and the Stock Transfer Book. The following brief explanations and illustrations of these books will, it is thought, be found sufficient: THE SUBSCRIPTION BOOK. This is simply a blank book, ruled with special reference to receiving the subscriptions of those parties desiring to become share holders in the Corporation. It contains generally the signature of the subscriber, his address, and the number of shares he agrees to take. The form given below will illustrate its priiici])al features. SUBSCRIPTION BOOK OF THE HOPKINS MANUFACTURING CO., OF CEDARVILLE, N. Y. Cajiital Stock, 200,000.00. In 2000 Shares of 100.00 each. We, the undersigned, by affixing our signatures hereto, subscribe for and agree to take the number of shares of the Capital Stock of the Hopkins Manufacturing Co. placed opposite our respective names, at their par value, and to pay for the same in such installments as may be called for by the Board of Directors, and uj)on such conditions as are defined in the By-Laws of said Corporation: No. of Par- DATE. SIGNATURE OP SUBSCKIBER. ADDKESS. Shares. Value. TOTAL. 188- Jau. Wm. F. Hopkins. Cedarville. 300 100 30000 C Orrin F. Hart. a 350 35000 8 Chas. Gorres. a 150 15000 8 Alfred Wriglit. C( 200 20000 8 Samuel B. Stephens. it 200 20000 8 Geo. Ilartwell. a 175 17500 8 Frank C. Hopkins. Oak hind. 175 17500 11 Jas. W. Laphani. Cedarville. 150 15000 12 Wm. T. Graves. it 150 15000 12 Harley B. Eaton. a 150 15000 THE MINUTE BOOK. This is simply a record book in which is entered a complete history of the proceedings of the Stockholders and of the Board of Directors at all of their official meetings. It should contain the date of the meeting, the names of the members present, and an explicit and accurate report of all business transacted. The record should be signed by the Secretary and attested by the President. THE STOCK LEDGER. This book exhibits the shares of Capital Stock held Ijy each stockholder, showing the install- ments paid u])on them, and any transfers of stock which may have taken ])lace. The payments of installments upon subscrij>tions are posted from the Cash Book and the transfers from the Transfer Book to the Stock Ledger. The following will indicate the usual form for the entries in the Stock Ledger: WILLIAM F. HOPKINS. 188- Mar. 10 June 30 II. B. Eaton, 50 Sh, Balance, 250 Sh. 1 5000 25000 188- Jan. Feb. 13 1 30000 July 1 1st In., 50^. .300 Sh. 2d In., 50^. 300 Sh, 250 Shares. 1 20 204 THKORETICAL AND PRACTICAL BOOK-KEKPING. HARLEY B. EATON. 188- Jan. 12 Feb. 4 Mar. 10 Jnly 1 1st In., 50^ 150 Sh. 2iidIu.,50^150Sh. W.F.Hop'ns, 50Sh. 200 Shares. 30000 In some instances the payment of subscriptions is made in numerous installments and not infrequently a considerable length of time elapses before the entire subscription is paid. Transfers of stock may in the meantime take place, of which a record sliould lie made ujion tlie l)ooks of the company. The following form of Stock Ledger lias been found under sucli circumstances to be both concise and convenient. JOHN M. SMITH. 188- Jan. Feb. March 12 19 10 25 1 15 Cash, 15 ^ on 300 Sh., 1st Call, Transferred to Wm. 11. Brown 50 Sh., less 15 ^ paid on 1st Call, Cash, 20^ on 250 Sh., 2nd Call, Cash, 25^ on 250 Sh., 3rd Call, Transferred to \V. II. Brown 50 Sh., less CO ^ pd. on 1st, 2d, & 3d Calls, Cash, 40 ^ on 200 Sh., 4th Call, 200 Shares, 1 4500 4250 5000 6250 2000 8000 30000 July 1 20000 WILLIAM H. BROWN. 188- Jan. 12 Cash, 15 ^ on 150 Sh., 1st Call, 2250 19 From Jno. M. Smith, 50 Shares with 15 fo of 1st Call ])aid. 750 Feb. 11 25 Cash, 20^ on 200 Sh., 2nd Call, Cash, 25 ^ on 200 Sh., 3d Call, 4000 5000 March 2 15 1 From Jno. M. Smith, 50 Shares with Cash, 40^ on 250 Sh., 4th Call, 250 Shares, C0<^ of 1st, 2nd & 3d (Jails ])d., 3000 10000 25000 July 25000 Where the payment of subscriptions is made in several installments, the custom is generally to issue what is called " Installment Scrip," to be exchanged eventually for Certificates of Stock. The following will illustrate the forms of Installment Scrip and Certificate of Stock. INSTALLMENT SCRIP. . /. pSaOC. Shate^ iOO, Of $ioo Each. Hopkins Manufacturing Company, OF CEDBRVIUE, N. Y. SO ^^ ««*»/ *«* ^^««Jci'y*.« ^«»J oi tf«*^*z-*. '^^^. .^. ^^.i^.-*. \apitai ^^iwk o/ ihe 'Safikmi "^manufmlutin^ Wo. i^^^a (i^tt-tr^^ ^'fi'^-ieii^ ■eti't' ■I'e4^if9\ ?<»*K^-i?Jff** -i^et^ 'H-» o* -fA'e^ €^ i;t.-yv€t d e^i ■€^/ir€i^'l ^v-i. -/t-P-y^i- -at -/itti- ft,iJ-t-a,^ 't'H-e- ■t€i^'yi4 -o- rf**^rf( t ^^f J^at/, Preaidtnt. THEORETICAL AND PRACTICAL BOOK-KEEPING. 205 SBUkRES, 3va. 01OO K£tob. Hopkins Manufacturing Company, ■'ffrn. .^. .jf//„AAtnA. \ '^/tai. .^aiiei, Secretary. Diltn c::^: .:3^t^; PresldOBt. THE TRANSFER BOOK. This book is used in transferring Stock Ccrtiflciites from one sliareholder to another. It generally consists of printed forms which are filled out in accordance with the conditions of the transaction. It is customary to have these certificates so worded as to be transferable only on the books of the Compfiny, the object being to know at all times who the shareholders are. The following will serve to illustrate the form of the Transfer Book. LF, SO WihateL &^ii^- ^^-u^ LETTER OF RECOMMENDATION. Cakbondale, Aug. 31, 188-. To whom it may Concern: We take pleasure in stating that the bearer, Mr. Ralph E. Rogers, who has been employed by US during the past year, is in all respects a competent and faithful book-keeper, and a young man of the highest qualities of head and heart. Mr. Rogers severs his connection with our house to seek a more congenial climate, and leaves bearing with him the highest regard of all with whom he has been associated. Respectfully, BEDELL & LU8K. 4 LETTER ORDERING GOODS. ROCHESTEK, Oct. 4, 188-. Mk. Geo. P. Osgood, Chicago. Dear Sir: Please ship us as soon as possible, per L. S. & M. S. R. R. and N. Y. C. & II. R. R. R., the following: 20 doz. 2-hoop Pails; 15 doz. C. Pounders; 35 doz. R. Pins; 10 doz. N. D. Z. Wash Boards; 15 doz. 13-in. B. Bowls; 5 doz. No. 3 Wood Scoops; 25 Nests P. Pails; 5 doz. W. Shovels. Resi)ectfully, FULLER & STUDENT. THEORETICAL AND PRACTICAL BOOK-KEEPING. 9,07 BUSINESS FORMS. INVOICE OF SHIPMENT. Invoice of Merchandise shipped to A. G. Niles, Evansville, to be sold on our account and ri'sk. 200 bu. Potatoes, Paid Cartage, Galesburg, Sept. 15, 188-. @ 65c. charges: ACCOUNT OF SALES. Sales of 600 bu. Ked Wheat, on «/<; of Foster Bros. 188- Sopt. 12 6 12 Sold for cash, 200 bu. Ked Wheat, Sold for cash, 300 bu. Red Wheat, Paid Freight, Storage, 2|c. per bu., Commission, 2 ^ of Sales, Foster Bro's Net Proceeds, E. E. GrALESBURG, Sept. 12, 188-. charges: HERBERT G. @ 1.37i @ 1.37i 50. 12.50 13.73 274 411 50 75 G86 76 25 23 b- WILLIAMS. 610 02 g".|^ g No. 1867. ft) O C i' . ^^ ^ a a> 5(J ^ r' xdj^i 'B '^ I'o Hkoadway Bank, \ l-S-g « New York, f BANK DRAFT. MANUFACTURERS AND TRADERS BANK, or MINNEAPOLIS. $96.38. Minneapolis, April 12, 188--. Pay to the order of Erastus W. Cleveland, Ninety-six and ^y^ Dollars. J. K. COMPTON, Casiiii ; FORMS OF INDORSEMENT. -■4-. rij 1 « ?1 %l it o !? H ^ 1 o oj 1-5 do* i i OS C ^ ^ Q < P. O «ement in Full acres k Dratt sent to S.H. Oct. 24, pag-r 140.] order of Scovel FULLER & ST lent Indorsed across note of Oct. 28, page ived on the wi 188-, Two Hun 1 o 'o "^ 1 -fJ o a M 01 o ^ ^" 15 S 1 ^ ^ =« i o O ^ ^ 2^ ^ o o ?;> ^ ^ i g tS 208 THEORETICAL AND PRAOl'ICAL BOOKKEEPING. BUSINESS FORMS. BILL. FULLER & HENDERS9X, A-ISTD GROCERS' SUNDRIES, 165 UAIH STREET. SQCHiSTEB," ://v^ ^OUI FOLIO SALESMAN (^{■■7'7'if^i^-c-e'^ FULLER & HENDERSON. / ^ /7^ ^/.Z 6 ^Jy^cf ^/^ ^ ^^^ ^'^''- c? ^ / / ^ Tfc4 ■?< W - ^ $1475.54. O CERTIFIED CHECK. Syracuse, July 10, 188-. CENTRAL CITY BANK, Pay to Bliss, Goodrich & Co., or order, Fourteen Hundred Seventy-five and ^ Dollars. No. 602. EVANS & KINGSBURY. CERTIFICATE OF DEPOSIT. 1500.00. Detroit, May 9, 188-. SECOND NATIONAL BANK. • Samuel Roberts, Jr., has deposited in this Bank Five Hundred Dollars, payable to himself, or order, on return of this Certificate. „,„»,» xt GEO. HINMAN, Cashier- THEORETICAL AND PKACTICAL BOOKKEEPING. 309 BUSINESS FORMS. JOINT NOTE. 1275. Cedar Falls, Iowa, Oct. 1, 188-. Sixty days after date, we promise to pay Orlando Stevens, or order. Two Hundred and Seventy-five Dollars, for value received, ct Farmers' Bank. E. F. HAYDEN. GEO. N. BROWN. JOINT AND SEVERAL NOTE. $1500. Beightojt, III., June 4, 188-. One year from date, for value received, we, or either of us, promise to pay to the order of Henry H. MofEatt, Fifteen Hundred Dollars. FRANK S. nORTON. M. BORTELLE. NON-NEGOTIABLE NOTE. $100. Trentok, K J., May 15, 188-. On demand, I promise to pay Lyman S. Barber, One Hundred Dollars, for value received, with interest. C. C. BARNARD. DRAFT (Time from Sight). * (See enerraved form on page 41.) ^2000. Baltimore, Oct. 28, 188-. At ten days' sight, pay to Eric Hunter, or order, Two Thousand Dollars, value received, and charge the same to my account. To J. y. rrKSTWORT!!, SIMON DUNCAN. Albany, N. Y. DRAFT (Time from Date). $300. Hamilton, Sept. 5, 188-. Thirty days after date, pay to J. C. Goodrich, or order. Three Hundred Dollars, value received, and charge the same to my account. To Crowley & Leayitt, ALFRED W. HOLLEY. Evaasville, Pa. DRAFT (At Sight). $100. Oleax, Feb. 17, 188-. At sight, pay to the order of Orrin Greenleaf, One Hundred Dollars, value received, and charge the same to our account. To Park Bank, New York. WELLSLEY, HOYT & CO. BUSINESS RECEIPT (To Apply on Account). $175.25. Philadelphia, Jan. 6, 188-. Received of Wm. De Long, One Hundred and Seventy-five -fj^ Dollars, to apply on account. CHAS. G. APGAR RECEIPT (In Full of Account). $200. CoBURG, 0., Mar. IG, 188-. Received of Walter Williams, Two Hundred Dollars, in full of account to date. SMITH & WEIGHTMAN. RECEIPT (Payment on Note). $160. Richfield, Pa., Sept. 27, 188-. Received of Elihu Biddlecom, One Hnndrcd and Fifty Dollars, to apply on his note, in our favor, dated Mar. 27, 188-. GEO. T. CREED & CO. DUE BILL (Payable in Goods). $25. Sardinia, N. Y., Aug. 1, 188-. Due R. F. Bainbridge, Twenty-five Dollars, pay- able in goods from our store. EATON. CROSS & CO. FORMS. DUE BILL (Payable in Money). $47.64. Smith's Hollow, Dec. 9, 188-. Due Cha's Parker, or order, on demand, Forty-' seven and ^„V Dollars. W. II. GORDON. ORDER (To Apply on Account). $50. Chelsea, Mich, Apr. 10, 188-. French & Hagerman, 149 Lagrange Street, will jjlease pay the bearer Fifty Dollars, and charge the same to my account. D. W. EVEREST. ORDER (Payable in Goods). Burlington, Kas., Dec. 6, 188-. E. & S. Campbell will please deliver to bearer groceries, not exceeding in amount Twenty-five Dollars, and charge the same to me. RALPH BARTON. INDIVIDUAL NOTE. (See engraved form, on page 21.) $350. Rochester, X. Y., Feb. 2, 188-. Six days after date I promise to pay W. C. Cooper, or order. Three Hundred and Fifty Dol- lars, value received. Due Feb. 11. 188-. STUDENT. 210 THJEOitETICAL AND PRACTICAL BOOK-KEEPlNO. BUSINESS FORMS. BILL ^ J^-^M^^^j^jZ^ ^^^y^^ -^^^^^r^:^..^^ y^yS. =2^^ C,i*i?-^ -^^i^C^ A/ J2-4^ ^^^Z f/- S' % .^Z^T-^ ^^2^^!Z-1^^.^ '/ ..''T^'Z^e^ '^^i'^'^'tl.'d.^t:^' =^-^v<^^- INDEX. Account Sales, explanation of 55, 56, 57 forms of --- 207 Bonk, rule for journalizing 27 examples in 28 checks, form of- 28, 208 draft, form of 207 Balance Sheet, guide for 32 form of 34 Bill Book, explanation of. . - 67 form of 66 Bill, forms of _ 208, 210 Commission, explanations and examples 55-57 Sales Book, Cash Book and Journal as principal books _. 117-125 Consignments, rules for journalizing 55 examples in journalizing _ 56-57 Cash Book, explanation of 67 form of 64-65 posting from — 69 Cash Method, explanation of 109-112 form of Cash Book.. 110-111 Check Sheets, explanation of and form for 134 Certificate of Deposit, form of 208 Draft, explanation of 41 forms of 41, 79 rules for journalizing 41-42 examples in journalizing .42-44 Due Bill, payable in goods... 161 payable in money 161 Errors in Trial Balance, how found 21 Envelope, form of 80 Executor of a Will, books of 99 Inventory, explanation of ^ 31 liability 67 Interest, how computed, 365 days basis 25 how computed, 360 days basis 68 time for, how found 51 on partners' accounts 141 Indorsement, forms of 207 Journalizing, general rules for 6 special rules for. 6 examples in 7-12 directions for 16 Journal, combined with Day Book, form of 45 explanation of 45 Ledger, rules for closing 35 guide for closing 36 closed form of 88 partially closed 48-49 closed directly to proprietor's account 70 Letters, forms of 80, 206 Miscellaneous Accounts, form of 108 Manufacturing, explanation of books used 151 forms of books used 152-153 Note, ordinary promissory, form of 21 joint 209 joint and several 209 non-negotiable 209 Order, payable in money. 209 payable in goods 209 Posting, explanation of 17 guide for 17-18 with Ledger explanations 64-65, 69 Partnership, explanation of 44 profits, division of 48 interest on partners' accounts 141 Protest Fees, how charged. 52 Petty Ledger, explanation of 103 form of 106 Receipt for payment on accotmt 209 for payment on note 209 Retail Business, explanation of books used 143 forms of books used 144-147 inventories, how treated 150 Shipments, rules for journalizing 55 examples in journalizing 55-56 inventory of 60 invoice of 207 . Single Entry, explanation of 81 changing to Double Entry 85 CashBook 89 Special Column Journal, explanation of 93 form of 94-98 Trial Balance, explanation of 20 errors in 21 Ledger balances 40 continued form . 185 Wholesale Business, explanation of books used 128 forms of books used 128-132 INDEX TO BANKING AND CORPORATIONS. Banking Books, description of 159-160 Balance Ledger, description of 199 advantages of... 199 form of 200-201 Collection Register, form of 195-196 Collection Tickler, form of 197 Corporations, description of 202 records of 203 forms of books used 203-205 Division of Profits. 182-183,205 Discount Register, form of 190-191 Deposit Ledger, balances, Jvme 15. 161 how proved. 182 forms of 198, 200, 201 Discount Tickler, form of 196 General Ledger, balances, June 15 161 how proved... 182 Journal, form of. 184-189 Memoranda of Business.. 165-183 New York Draft Register, form of 192-193 Organization of Banks 158 Statement, June 29 182 APPENDIX. SUPPLEMENTARY EXERCISES. The following transactions are designed, primarily, to afford additional drill in determining the proper debits and credits in recording business transactions, and may bo performed npon pajjcr or used as exercises for class drill in the elements of bookkeeping. The latter plan will be found productive of most excellent results, and is recommended by t!ie authors, as it adds the aid of tlie teacher to tlie effort of the pupil, thus securing to the pupil thorough knowledge in the shortest possible time. It is advised that those pupils who are engaged upon a particular part of the work in bookkeeping — initiatory, intermediate or advanced — be taken in classes into a recitation room and required to give the debits and credits of all parties in the transactions in this work that are of tlie same general character as those upon which they are engaged at their desks. In addition to the entries of all parties, it is recom- mended that the pupils be required to give the forms of all commercial paper introduced, with their proper indorsements. It is believed that this class drill will rivet the principles of debit and credit, and the forms and requisites of commercial paper upon the mind of tlie jjupil as no other process can do, and will effect a great saving of time and labor upon the part of the teacher Such class work should closely resemble the following: January 8. Bought of H, C. Franklin, Chicago, on "/c, at 30 days, 200 bbls. Pork, @ 13.00, 2400.00. Ques. What should be your debit and credit for this transaction, and why ? Ans. Mdse. should Ijc debited because merchandise has been bought — comes into my possession; and H. C. Franklin should be credited, because I have become indebted to him. Ques. What debit and credit will Franklin make, and why ? Ans. He will debit me, the purchaser, because I have become indebted to him, and will credit Mdse. because he lias disposed of merchandise. Ques. What entries will you make thirty days hence, upon payment in cash of the amount due H. C. Franklin, and why ? Ans. Debit H. C. Franklin, because I have got out of his debt, and credit Cash because I lyivc paid out cash. Ques. What entries will H. C. Franklin make upon receiving from you cash, in settlement of your account, and why ? Ans. He will debit Cash, because he has received cash, and credit me, because I have got out of his debt. Again, April 3, bought of Granger & Co., Minneapolis, 2000 bbls. Flour, @ 5.25 per bbl., 10500.00. Gave in payment our clieck on German-American Bank for 4000.00. J. C. Keid's note, 5000.00, discount to maturity allowed Granger & Co., 72.50, and cash for balance, 1572.50. Ques. What debits and credits will you make for this transaction, and why ? Ans. Debit Flour, because flour has been purchased; debit Discount, because discount has been allowed Granger & Co.; credit Bills Eeceivable, because J. C. Reid's note has gone out of our posses- sion; and credit Cash for the amount of the cash, because we have paid out cash; and credit German- American Bank, because we have drawn a check on them. Ques. What entries will Granger & Co. make, and why ? Ans. Debit Bills Receivable, because J. C. Reid's note has been received; debit cash for the amount of the check and currency, because so much cash has been received; credit Flour, because flour has been sold; and credit Discount because discount has been allowed them. Ques. What entry will the German-American Bank make when the check is paid, and why ? Debit Preston & Co., makers of the check, because the check is drawn by them — lessening their deposit that amount — and credit Cash because cash has been paid out. 11 THEORETIOAL AND PRACTICAL BOOK-KEEPING. Ques. Give the form of J. (J. Keid's note as originally received by B. F. Preston. Ans. 5000.00. , Mnrch 1, 18-. July 1, after date, I promise to pay B. F. Preston, or order. Five Thousand Dol- ■ lars, at First National Bunk, value received. J. C. REID. Ques. What will be necessary for B. F. Preston to do upon investing that note in the business of Preston & Co. ? Ans. Write his name on the back of the note, or write. Pay Preston & Co., or order, and sign his name. Ques. In case the latter form is adopted how will the firm of Preston & Co. transfer it to Granger S; Co. ? Ans. They will write on the back, under the present indorsement, the firm name, or Pay Granger & Co., or order, and add the firm's signature. • Ques. Give the form of the check on German-American Bank on April 3. Ans. 4000.00. ■ ., , Aprils, 18— . German-American Bank. Pay to Granger & Co., or order, Four Thousand Dollars. No. PRESTON & CO. JANUARY. 1. The Student commenced business this day, and invested cash, 5000.00. 2. Bought for cash of E. H. Fellows; Albany, 100 bbls. Flour, @ 8, 800.00. 3. Sold W. H. Stern, Baltimore, on afc, 25 bbls. of Flour, @ 10, 250.00. 4. Sold for cash to S. B. Alverson, New York, 50 bbls. of Flour, @ 9.50, 475.00. 7. Received cash of W. H. Stern, to apply on a/c, 100.00. 8. Bought of II. C. Franklin, Chicago, on "/c, at 30 days, 200 bbls. Pork, (^ 12, 2400.00. 9. Bought of P. Armour & Co., for cash, 100 bbls. Lard, @ 25, 2500.00. 12. Sold Jas. Garrison, on % 50 bbls. Pork, @ 15.00, 750.00. 17. Sold H. D. Jones, on % 50 bbls. Lard, @ 27, 1350.00. 19. Bought of A. P. Barnes, on "fe, 200 bbls. Flour, @ 7.50, 1500.00. 21. Sold for cash, 50 bbls. Lard, @ 26.75, 1337.50. 23. Sold W. H. Stern, on o/c, 100 bbls. Flour, @ 8.25, 825.00, 25. Received cash of II. D. Jones, on «/c, 1000.00. 27. Sold for cash, 75 bbls. Flour, @ 8.10, fi07.50. 29. Bought for cash, 200 bbls. Flour, @ 7.25, 1450.00. 31. Paid A. P. Barnes 1000.00, on «/c. Inventory— 250 bbls. Flour, 7.25 - - 1812.50 150 " Pork, 12.00 - ....... 1800.00 3612.50 Cash ... - 2700.00 Net Gain 557.50 FEBRUARY. 1. Increased my capital by an additional investment of 3000.00. 2. Bought of Johnson & Co., on my note at 15 days, 100 bbls. Salt, @ 1.25, 125.00. 4. Sold D. B. Davis, on his note at 10 days, 50 bbls. Pork, @ 13.50, 675.00. 6. Received of W. H. Stern his note, at 10 days in full of "/c, 975.00. 7. Paid H. C. Franklin 2400.00, in full of account. THEORETICAL AND PUACTICAL BOOK-KEKPING. Ill 8. Sold for cash, 50 bbls. Suit, @ 1.60, 75.00. 10. Sold Jas. Garrison, on "jc, 50 bbls. Pork, 13.75, 687.50. 12. Bought of P. Armour & Co., for cash, 50 bbls. Lard, @ 24.00, 1200.00. 14. Eeccived cash of Jas. Garrison, 1000.00 on "/c. 17. D. B. Davis has paid his note of 4th instant in cash, 675.00. 18. Sold Jas. Garrison, on "jc, 25 bbls. Lard, @ 26.00, G50.00. 19. W. II. Stern has paid his note of 6th inst. in cash, 975.00. 20. Paid our note of 2d inst. in cash, 125.00. 22. Sold James Payne, on his note at 10 days, 50 bbls. Pork, @ 13.25, 662.50. 24. Bought of E. B. Ashley & Co., on my note at 30 days, with interest, 100 bbls. Pork, @ 11.50, 1150.00. 26. Sold for cash, 25 bbls. Lard, @ 27.00, 675.00. 28. Bought of P. Armour & Co., on my note at 30 days, 100 bbls. Lard, @ 23.50, 2350.00. Inventory— 250 bbls. Flour, @ 7.25, 1812.50 100 " Pork, @ 11.50, 1150.00 100 " Lard, @ 23.50, 2350.00 50 " Salt, @ 1.25, 62.50 5375.00 Net Gain, 362.50 Cash, 5445.00 MARCH. 1. Paid two months' rent of store in cash, 200.00. 3. Sold Jas. Garrison, on his note at 10 days, with interest, 200 bbls. Flour, @ 8.00, 1600.00. 5. Paid clerk's salary for two months, in cash, 100.00. 7. James Payne has paid his note in cash, 662.50. 9. Bought of James Willis ou our acceptance at 30 days, payable at German-American Bank, 500 bbls. Flour, @ 7.00, 3500.00. 11. Sold C. JI. Benton, on his acceptance at 10 days, payable at Third National Bank, 200 bbls. Flour, @ 7.75, 1550.00. 13. Bought of J. "W. Whitney, on our note at 30 days, payable at German -American Bank, with interest, ^00 bbls. Salt, @ 1.25, 250.00. 15. Sold H. L. Haskins, on his check on First National Bank, 200 bbls Flour, @ 7.80, 1560.00. 16. James Garrison has paid his note of 1600.00, due to-day, with interest, 3.47. 18. Paid our acceptance due April 11th, 3500.00, in cash, less discount for time it has yet to run. Discount, 24 days, 14.00. 20. Sold S. G. Davis, on his note at 30 days, payable at Merchants' Bank, 75 bbls. Lard, (S 24.50, 1837.50. 22. Sold M. J. Iliggs, ou his check on Merchants' Bank, 50 bbls. Pork, @ 12.25, 612.50. 24. G. M. Barton has paid his acceptance of lltli inst., 1550.00, by his check on Third Niitional Bank. 26. S. G. Davis has paid his note of 20th inst., 1837.50, less discount to maturity — 27 days — by his check on Merchants' Bank. Discount, 8.27; amount of check, 1829.23. 28. Bought of P. Armour & Co., on our acceptance at 30 days, payable at German-American Bank, 100 bbls. Lard, @ 22.75, 2275.00. 29. Paid our note, favor R. B. Ashley & Co., 1150.00, with interest for 33 days, in cash. Interest, 6.33. IV THEORETrCAL ANB PKACTICAL KOOK-KEEPlNG. 31. Sold Mason & Brown, on their note at 10 days, payable at First National Hank, 150 bbls Salt, @ 1.40, 210.00. Inventory — 150 bbls. Flour, @ 7.00, - 1050.00 50 " Pork, @ 11.50, 575.00 125 " Lard, @ 22.75, 2843.85 100 " Salt, (a 1.25, • - 125.00 4593.75 t Cash, 8320.38 Net Gain, 260.88 APRIL 1. Student and B. F. Preston have this day formed a copartnership for the purpose of conduci ing a General Produce business, under the firm name of Preston & Co., each to invest 20000.00. Student's investment consists of Warehouse and Lot, valued at 15000. 00, upon which there is a mortgage of 5000. 00, having two years yet to run from this date; an account against B. H. Manning, St. Louis, 2963.50, due April 15th ; a note against Samuel Drake, Chicago, for 5800.00, payable at Live Stock National Bank, at one month, from Marcli 4th, with interest, now worth 27.35, in addition to its face, and horses, wagons, harnesses, scales, trucks, etc., for use of warehouse, valued at 1149.15. B. F. Preston invests cash, 14400.00, J. C. Rcid's note for 5000.00, dated March 1st and payable at First National Bank, due June 30th, without interest. Discount allowed, 75.00; an account against C. W. Norton, New York, due May 7th, 1792.87. B. F. Preston owes W. S. B:incroft, Cincinnati, on his note, payable at Third National Bank, due May 9th, without interest, 1125.00. Discount to maturity, 7.13. 1. Deposited cash in German- American Bank, 5000.00. 2. Bought for cash, 6 carloads No. 1 Red Wheat, 2375 bush., @ 85c., 2018.75, and 10 carloads Canada Barley, 3960 bushels, @ 66c., 2613.60. Total 4632.35. Note. — Instead of keeping a general Merchandise account, you will keep an account with each kind of produce, as Wheat, Corn, Barley, etc. 3. Bought of Granger & Co., Minneapolis, 2000 bbls. Flour, @ 5.25 per bbl. Gave in payment our check on German-American Bank for 4000.00. J. C. Reid's note, 5000.00, discount to maturity, allowed G. & Co., 73.33, and currency for balance, 1573.33. 5. B. H. Manning, St. Louis, has failed, and, in common with other creditors, we have decided to accept 80 per cent, of our claim, for which a draft on New York has been received. Student having guaranteed the account, he must bear the loss. Account, 2963.50, discount, 592.70, amount of draft, 2370.80. 7. Sold Guernsey & Co., Brooklyn, on their acceptance at 30 days, 500 bbls. Flour, @ 5.75, 2875.00. 9. Received draft on New York, from Live Stock National Bank of Chicago, for jiroeecds of Samuel Drake's note of 5860.00, due on the 7t]i inst. Interest collected, 32.23, Bank charges 5.00 for collection and 5.00 for exchange on draft. Amount of draft, 5882.23. 11. Sold Prescott & Smith, Newark, 2 carloads Red Wheat, 1152 bushels, @ 92c., 1059.84, and 3 carloads Canada Barley, 1180 bushels, @ 72c., 849.60. Total, 1909.44. Received Ballard & Jones' 'note, favor P. & S., and indorsed by them for 1500.00, dated March 17th, at two months, payable at Manufacturer's Bank, Newark, less discount to maturity, and their check on Newark National Bank, for balance. Discount, 9.75, check, 419.19. 14. Bought for cash, 8 carloads Oats, 3864 bushels, @ 41c., 1584.24. 16. Sold Nichols & Co., Boston, at 60 days, 1000 bbls. Flour, @ 5.90, 5900.00. 18. Wishing to pay the mortgage on the warehouse, which will not mature until two years from the 1st inst., we offer 50.00 in addition to the face and interest to date, which is accepted. Interest, 15.00, Cash payment, 5065.00. 22. Received from Wilson & Rockwell, Monroe, 5 carloads, 1964 bush. Wheat to be sold on commission. Paid freight, 61.65, drayage, 25.00 in cash. THEORETICAL AND PBAOTICAL BOOKKEEPING. V 29. Stiuleufc invests 593.70 in cash, the amount of the discount on B. H. Manning's account. Inventory— 1223 bu. Wheat, @ 85c., - 1039.55" 2780 bu. Barley, @ C6c., 1834.80 500 bbls. Flour, @ 5.25, 2625.00 3864 bu. Oats, @ 41c., 1484.24 Horses, Wagons, Scales, etc., 1149.15 Warehouse, ---■-. 15000.00 Cash on hand, 5723.35 Cash in bank, 1000.00 Net Gain, 985.61 MAY. 1. Mr. F. E. Thomas is this day received as partner in the business, giving each of the present proprietors his note at six months, with interest, for such an amount as will equalize the investments; to Student, 6830.94, and to B. F. Preston, 6830.93. 3. Sold for cash, the 5 carloads, 1964 bushels, Wheat, received from Wilson & Rockwell, @ 93c. per bush., 1826.52. 5. Deposited cash in German- American Bank, 4500.00. 6. C. W. Norton, being unable to pay his account, 1792.87, due to-morrow, sends us a joint and several note, made with interest at two months, payable at Ninth National Bank, Philadelphia, signed by himself and VV. S. Newcomb, which we receive in settlement. 8. Remitted by our check on German-American Bank, for amount due to-morrow on B. F. Preston's note, favor W. S. Bancroft, 1125.00. 10. Received cash for Guernsey & Co.'s acceptance, due to-day, 2875.00. 13. Shipped Randall & Reed, New York, to be sold on our account, 4 carloads Red Wheat, 1333 bush., invoiced, @ 85c., 1039.55. Paid insurance in cash, 5.00. 15. Rendered Wilson & Rockwell an account sales of the 5 carloads Wheat, received from them to be sold on commission. In addition to freight, 61.65, and drayage, 35.00, paid when the Wheat was received, we charge 3 i)er cent. Commission, 36.53, Storage, 35.00, and Insui-ance, 9.00. Remitted consignors our check on German-American Bank for net proceeds, 1669.34. 18. Sold Strong &Wood, Fairport, 4 carloads Barley, 1539 bush., @ 77c., 1186.03, on their accept- ance at 60 days, indorsed by W. L. Pinson, payable at DeLand National Bank, Fairport. 20. Ballard & Jones' note due to-day has been protested for non-payment. Protest fees, 1.60, paid by us in cash. 23. Ballard & Jones ha^'e paid their note due the 20th, 1500.00, protest charges, 1.60, and three days interest, 75c., by new note at GO days, with interest, payable at Manufacturer's Bank, Newark, for 750.00, balance in cash, 752.33. 27. Sold Jones & Co., on their check on Trader's Bank, 4 carloads Oats, 1931 bushels, @ 45|c., 874.06. 30. Received from Randall & Reed, New York, an account sales of wheat shipped them on com- mission, on the 13th inst. Our net proceeds, 1224.15, due by equation. June 15th. Inventory— 1241 bu. Barley, @ 66c, 819.06 500 bbls. Flour, @ 5.25, 2625.00 1943 bu. Oats, @ 41c, - 796.03 Warehouse, ■ 15000.00 Horses, Wagons, Scales, etc., ------- 1149.15 Cash on hand, 7544.68 Cash in bank, - 2705.66 Net Gain, 506.63 VI THEORETICAL AND PRACTICAL BOOKKEEPING. JUNE. 1. B. F. Preston, wisliing to retire from the business, proposes to sell his interest to the other two partners, receiving one half cash and note for balance, which is accepted. The note for such balance will be signed by the new firm; the style of which is, Thomas & Co. Cash, 6915.38; Note, 6915.37. 4. Nichols & Co., propose to pay their account, 5900.00, due 15th, providing we will allow them one-quarter per cent, discount on its face, which is accepted. Discount, 14.75, cash, 5885.35. 7. Paid insurance for one year from April 1st, on warehouse, valued at 11000.00, in cash. Premium 1 j^er cent., 110.00. Also paid premium for one year, obtained April 1st on an open policy of insurance on contents of warehouse. Policy, 10000, Premium, 100. 10. Received from Pillsbury-& Co., 1000 bbls. Flour, invoiced at 5.10, to be sold on their "jc, and risk. Paid freight in cash, 213.00; our cartage, 30.00. 13. Bought of Cook & Co., on our acceptance at 30 days, payable at German-American Bank, 5 carloads Eed Wheat, 3116 bushels, @ 93c., 1967.88. 15. Eeceived from Randall & Reed, cash for proceeds of shipment due to-day, 1334.15. 18. Owing to the unfavorable appearance of the wheat market, we have determined to sell the 2116 bushels, now on hand, at present price, 89c., for which we receive cash, 1883.34, 21. Messrs. Pillsbury & Co., being in need of funds, notify us that they liave drawn on us for 3500.00, at 14 days from the 18th inst., on account of the invoice of Flour received from them on the 10th inst. Accepted the draft, payable at German-American Bank. 23. Sell D. Collins, Winchester, for cash, 3 carloads Barley, 813 bushels, @ 77c., 636.01 26. Sold, for cash, 500 bbls. Flour, Pillsbury & Co.'s consignment, @ 5.90, 3950.00. 30. The warehouse and contents were last night, totally destroyed by fire. The insurance compa- nies have this day adjusted the losses which were paid in cash, as follows: Warehouse, 11000.00; Scales, Trucks, etc., 200.00; Contents, 6763.63—3600.00 of which was on ajc of 500 bbls. Flour, belonging to Pillsbury & Co., which were stored in the warehouse, and covered by the open policy of insurance; and the remaining 4163.63 was ai)portioned as follows: Flour, 2950.00; Oats, 884.07, Barley, 339.50. 30. Deposited in German- American Bank, 10000.00. 30. Closed Pillsbury & Co.'s consignment, and rendered consignors an account of sales. Our charges, in addition to freight and cartage already entered, are: Commission, 3 per cent, on 500 bbls. sold, 59.00; Storage, 5.00; Insurance, 13.75. Pillsbury & Co.'s net proceeds, 3741.35, remitted by our check on German-American Bank. The books will now be closed, preparatory to closing out the business. Inventory — Warehouse Lot, valued at, 4000.00 Horses, Wagons, etc., valued at, 900.00 Net Gain, - - 367.18 Students present worth, 13964.32 B. F. Thomas present worth, 13904.33 Cash in bank, 9964.41 Cash on hand, - - 20719.58 RETURN CIRCULATION DEPARTMENT TO— ► 202 Main Library LOAN PERIOD 1 — HOME USE 2 3 4 5 6 1 All BOOKS AAAY BE RECALLED AFTER 7 DAYS 1 -month loans moy be renewed by calling 642-3405 6-month loons may be recharged by bringing books to Circulation Desk Renewals and recharges may be made 4 days prior to due dale DUE AS STAMPED BELOW MAR 2 5 1983 .... rec'd arc. MAR V 1963 UNIVERSITY OF CALIFORNIA, BERKELEY FORM NO. DD6, 60m, 12/80 BERKELEY, CA 94720 rE 02756 INSTRUCTIONS TO STUDENTS. % I. The rooms will be A. M. to 4 P. M. 2 Students should Street, between Kearnr 3. i tie d'tors foIIowA : :a ■►'oloi udy every week day, except Saturday, from 8J o'clock iir time as not ti) be present at the College or on Post icry Streets, before tlie opening' o! the school-rooms. 1 be closed at the commencement of each session, as . M. after the dodrs are closed. 5. Recitatioi)- ing until 12 o'cly 6. Pupi)-' will observV reach ilird ' 235965 ciliately after roll-call, and will continue in the morn- I until 4 o'clock P. M. •■nn-call, either at the forenoon or afternoon sessions, lerence to deportment, as after roll-call. , iiiu' by boat or rail, when it is impossible for them to .)il r;ill at the morning session, will' have appointed a spec- A at time, they will not be considered tardy. After that tlir» --''-■' ut)t present they will be marked tardy. ,. ith his parents or guardian, or within reach of them, shall be lie allowed until the following morning to present his excuse if . I'f being tardy. ,vith parents or guardians, or within reach of them, if absent any one t,-, must brinjf written note or excuse for such absence from them before ame their stuiiies. ■ivinu- parents or guardians, but not residing with them, if absent from any - ..c tardy at any session, must write out their excuse in proper form, forward it TO parent or j^uardian to be countersigned, and return it to their teacher at the earliest possi- ble moment. 11. Pupils having no parents, or being in charge of no person, will be held personally responsible, and U absent or tardy at any session, must write out their own excuse in proper form, and present it to their teacher before resuming work. 12. If pupils are absent from school at any time without having given a written notice of such intended absence, the time they are thus out of school will be their own loss. 13. Absence from bchoul for two consecutive days will subject the student to the loss of his seat, unless an excuse is sent to the College within that time. 14. A pupil when writing an excuse to leave his seat, will write it in ink, and give the date and time of day, state where he wishes to go, and give the number of minutes he wishes to be out of his seat. 15. Apunil when writing an excuse to communicate, will write it in ink, and give the date, time of day. the number of minutes he wishes to communicate, to whom, and for what purpose ; and during such communicatiun, he must refrain from all loud talking. 16. Pupils ai e required to be orderly and prompt in passing to and from classes. 17. Students are requested, as far as possible, to procure books and stationery in the morning before the commencement of school, at noontime, or at the close of school. 18. Any student cutting, or in any way disfiguring, any article ot furniture belonging to the College, njarking (>r writing on the desks, walla, or woodwork, in any of the rooms or passages of the institution, will be subject to expulsion. 19. Ignorance of the rules and regulations of the institution will in no case serve as an excuse for non-observance. 20. Pupils are particularly reminded that the school-rooms are open for work only, this being for their best interests; therefore, pupils not at work, are out of their line of duty, and must expect correction for their own good. Note. — The word "guardian," as used in all rules and regulations of the College, is un- derstood to mean any person who may, directly or indirectly, have charge of any pupil.