^ ^ > >N V.N ^ anN^ \ \ ^x lB(DiK=[Kii[P[I[i!a© ®ilBaJ« iSiBi!) S)sa8>as ®tBS88 IMPLIFIED AND ARKANGED. ACCORDING TO THE PRESENT PRACTICE * > • . ^ » WEILtt. ®E(iWILA^SlS) (Dd/WMTSH® fflO'iffSIgS- IN THE w^a^sj3> s^j4i*sjss» / This Treatise comprises forms of RECEIPTS, DRAFTS, BILLS OF PARCELS, ACCOUNTS CURRENT, and such Accounts as usually occur in actual business. Also, USEFUL CALCULATIONS of Interest, Equation or Average of Payments, and a VocAB CLARY of Commercial Terms, in Mphabetical order. It contains a Series of Lectdres on Double Entry, peculiarly adapted to extensive and complicated business. The Lectures include a variety of Questions concerning Domestic Business — ^Discounting and Renewing Bills — Importing and Exporting — the Purchase and Sale of Bills of Exchange — Commission and Company Accomits, both Domestic and Foreipi. THIRD EDITION. By JOHN H. SHEA, Accountant. BALTIMORE: PUBLISHED BY THE AUTHOR. JOHN MURPHY, PRINTER. 1845. Price, $2. ENTERED ACCORDING TO THE ACT OF CONGRESS, IN THE YEAR EIGHTEEN HUNDRED AND THIRTY-NINE, BY JOHN H. SHEA, IN THE CLERK's OFFICE, OF THE DISTRICT COURT OF MARYLAND. PREFACE. Book-Keeping is a science of daily use, and is of the greatest importance in commercial transactions. To be well versed in it, is an indispensable accomplishment for persons entering upon business, whether as merchants, lawyers, doctors, farmers or mechanics. The object aimed at is a true and correct statement of a per- son's affairs; the recording of his transactions ; the arrangement of his accounts systematically, according to the best and most approved plans now adopted. A perfect knowledge of Book- keeping enables a person to avoid confusion in his accounts, loss of property, and other casualties to which many have been exposed, either from ignorance of the subject, or want of at- tention. To a man in business, Book-keeping is of primary consideration, as it affords a complete illustration of the utility of method. This work commences with Single Entry by two methods, in both of which the terms of Dr. and Cr. and their application are clearly defined. It contains an explanation of the principles of Double Entry ; of the several books used in business ; of the nature of real, per- sonal and imaginary accounts in the Ledger, with appropriate definitions. 3 r-=*-^ /« PREFACE. Forms of receipts, drafts, bills of parcels, accounts current, and such accounts as usually occur in real business, and useful calculations are given, with a vocabulary of commercial terms, in alphabetical order. A course of lectures on Double Entry by the way of question and answer, with a general rule for journalizing and occasional notes, is presented to the student with the view, that from the numerous mercantile transactions therein elucidated, he may derive the desired advantage. The lectures comprise various questions in domestic busi- ness ; discounting and renewing bills ; importing and exporting ; the purchase and sale of Bills of Exchange ; commission and company accounts, both foreign and domestic. The practice of the best regulated counting houses is strictly adhered to, throughout this treatise. He, who has not the advantage of a tutor's instruction, will not fail to perceive that the plan to be pursued is, after having studied one lecture, he should examine himself by the questions adapted to it : and on the following day take the questions only, and write in his own words, the best answers he can devise, and then compare them with the book, without proceeding to a second lecture, till the first is well understood. It is, however, essentially necessary that he should be thoroughly acquainted wath the terms and phrases in use before he can acquire any real benefit from this method. If the learner have only retail business in view, either of the two methods by single entry will suffice. After having finished single entry Book-keeping, he may employ himself in drawing out Bills of Parcels, Notes, Receipts, Drafts, &c. 4 PREFACE. In learning double entry Book-keeping, strict attention must be paid to the general rule for journalizing. While he is writing the Day Book, the opposite, or right hand page of the journal maybe left blank; as, by having always in view the transactions of the Day Book, he will more readily understand the journal entries. After having copied the Day Book, he may journalize a month's business, post it into the Ledger, and so on with the other two months. Having posted the journal en- tries, he may make a trial balance, prepare the profit and loss, and balance accounts, the results of which will, if correct, cor- respond with the book. These exercises, rightly understood, will enable the learner to discharge his duties with ease and propriety, if placed in a counting-room ; although some mer- chants' books will differ in form and number, yet the principles are always the same. It is confidently anticipated that this work will be worthy the acceptance of business men, and persons intended for mercan- tile pursuits. In short, it will be found well calculated for schools, academies, and the counting-room. Digitized by the Internet Archive in 2007 with funding from IVIicrosoft Corporation http://www.archive.org/details/bookkeepingbysinOOshearich PART I BOOK-KEEPING BY SINGLE ENTRY. Book-keeping is the art of recording the transactions of persons in business, in such a manner, as to present a distinct view of the state of their affairs. The mode of keeping books may be varied according to the peculiar nature of the business ; but there are, strictly speaking, only two methods, which materially differ from each other: — Book-keeping by Single Entry and by Double Entry. Book- keeping by Single Entry is simple and concise, and contains personal accounts only. The Ledger kept on this plan, affords to the owner a view or knowledge of the debts due to him, and of those he owes to others. This mode of keeping books is adapted to retail busi- ness. The principal books used are a Day Book and a Ledger. The DAY BOOK records every transaction by whicli new debts are contracted, or former ones discharged. The entries may be made, either in the style of Dr. and Cr., as John Pow- ers, Cr., Nathan Rogers, Dr.; or, in common language, as, Bought of John Powers, and Sold Nathan Rogers. The fol- lowing rule w^ill direct-the learner in distinguishing Dr. and Cr. in any transaction. The person who receives any thing is Dr., and the person who gives or delivers any thing, is Cr. For example: if you sell goods to any person on credit, he being the receiver, is Dr. for the value ; and when he pays you for them, he being the person who gives, is Cr. By the same T DIRECTIONS FOR POSTING, &C. rule, the person from whom you purchase goods on credit, he being the deliverer, is Cr.; and when you pay him for them, he being the receiver, is Dr. The LEDGER contains an account for every person of whom . gpo^s ^€^ boiughx, or to whom goods are sold on credit ; where the articles for which he is accountable to you, and those for ^"^whicb youare acccuntable to him, are placed on opposite pages of the same folio : the Dr. articles on the left, and Cr. articles on the right hand page, in order to show the state of every person's account at one view/ DIRECTIONS FOR POSTING, &c. To post the Ledger, first open an account for every person with whom there are dealings in the Day Book, and allot such a space as you may think sufficient for subsequent entries. The titles of the accounts should be written in a plain round hand,, and entered in an index. Then debit or credit the person for the amount as stated in the Day Book ; that is, write the date of the entry on the margin, and say, To Merchandise or Cash, or By Goods or Cash, as the case may be ; insert in the folio col- umn, the page of the Day Book, from which you are posting, and the amount in the money column. When the space allotted for any person's account is filled up, it must be transferred to another folio. Either the sum or dif- ference of the two sides may be inserted in the new folio. If a customer wishes his account settled before it is posted into the Ledger, examine the Day Book and see where he is first charged or credited, and make the necessary entries on a piece of loose paper, until you can find no more respecting him ; or, if the debits and credits are equal, there is nothing due by you nor to you, credit him in the Day Book for the sum he pays 8 DiaECTIONS FOR POSTING, &,C. you, or debit him, if there is a balance due of you, for what you pay him ; or if the whole balance be discharged by either, mark paid on the margin of the Day Book. If the account were posted into the Ledger, and a balance due to him, or by him, and the whole be now discharged, do not mark it paid on the margin, but debit or credit him, To or By cash, or note, or merchandise, as the case may be; then close the account in the Ledger by posting what was due in the Day Book, in the usual way. If you deliver goods or merchandise to A on B's account, debit or charge B in the Day Book, to merchandise delivered A on his account, stating particulars ; or if you deliver goods to any of his family, or domestics, the per- son to whom the goods were delivered, should be recorded. If you dispose of goods on credit, and receive a note for the amount, debit the buyer in the Day Book for the amount of the goods, and credit him for the note. If a person purchase goods of you, and pay you in part, debit him for the whole amount of the goods, and credit him for the part paid. The first DAY BOOK is named A, the second B, &c. The • first LEDGER is named A, the second B, &c. The auxiliary books must have corresponding letters ; or the books might be numbered 1, 2, 3, &c. When a debtor is entered on the credit side in the Ledger, ^ prefix the word error before it on the margin, and place it on the debtor side, where it is to be entered twice, once for the correction of error, secondly, to balance the error on the credit side ; the same rule holds good with regard to the Dr. side. If an article is entered on the Dr. or Cr. side of an account to which it does not belong, the error is corrected by placing the same once on the opposite side. OF CLOSING THE LEDGER. OF CLOSING THE LEDGER. In order to strike a general balance, begin with the first ac- count in the Ledger, add up the sum of the Dr. and Cr. sides ; if they are equal, it closes of itself; if not, deduct the less from the greater sum, and close it To or By balance for the differ- ence ; that is, if the Dr. is greater, close it By balance on the Cr. side — that is, the sum which the account owes you ; but if the Cr. side is greater, close it To balance on the Dr. side, for what you owe, and proceed in the same manner with the rest of the accounts, until they are all balanced. "^ Collect the several balances into the balance Sccount. Then \ the Dr. side of balance account will show all the debts due to you, and the Cr. side all the debts due by you. If you want to ascertain the amount of your property, or the present state of your affairs, make an estimate of the goods unsold, taken by inventory, to which add the cash in hand, with all your notes and other obligations, together with the amount of the Dr. side of balance account, from which deduct the amount of the several balances due by you, and the difference will be your net stock, or what you are actually worth after paying your debts. This, compared with your former stock, will show the gain or loss in the business since the last balance. 10 DAY-BOOK A, Beginning JANUARY 1, 1839, and ending FEBRUARY 1, 1839. (1) Baltimore, January 1st, 1839. Philip Laurenson, Cr. By 1 hhd. N. O. Sugar, net 1160 lbs. at Scents, - - - - |92 80 " 120 lbs. Rio Coffee, at 11 cts. 13 20 Charles McColgan, Cr. By 10 bbls. N. E. Rum, 350 gals, at 36 cts. 3 Wm. Abbot, Cr. By 10 casks Linseed Oil, 240 gals, at 60 cts. Thomas Andrews, Dr. To 1 bag Rio Coffee, 120 lbs. at 12^, $15 00 " 2 bbls. N. E. Rum, 70 gals, at 40. 28 00 *« 5 casks Linseed Oil, 120 gals, at 80, 96 00 Nathan Rogers, Cr. By 30 bbls. Rye Whiskey, 1080 gals. at 33i, - - - - 360 00 " 15 bbls. Jam. Spts. 542 gals, at 60, 325 20 John Powers, Dr. To 1 hhd. N. O. Sugar, 1160 lbs. at 9, 104 40 " 2 bbls. N. E. Rum, 70 gals, at 42, 29 40 Thomas Andrews, By Cash on account. Cr. 7 ^ John White & Son, To cash lent, Drs. $106 126 144 00 00 00 139 00 685 20 133 100 600 80 00 00 12 Baltimore, January 1th, 1839. John McPherson, Dr. To 6 bbls. N. E. Rum, 210 gals, at 50 cts. • . 8 James Bacon, Dr. To 5 casks Linseed Oil, 120 gals, at 90 cts. • Wm. Boggs, Dr. To 30 bbls. Rye Whiskey, 1080 gals, at 40 cts 9 John White & Son, Crs." By cash returned, - - - . . Eneas McFaul, Dr. To 15 bbls. Jamaica Spirits, 542 gals, at 95 cts, 10 Joshua Dryden, Cr. By 7i cwt. N. O. Sugar, at $8, - 14 Thomas Andrews, Ca. By cash in full, 17 Wm. Boggs, Cr. By 6 chests Y. H. Tea, at $18, - 18 Wm. Campbell, Dr. To 6 chests Y. H. Tea, at $25 per chest, 19 Wm. Campbellft Or. By cash in full, ...... IS (2) $105 108 432 500 514 60 39 108 150 150 00 00 00 00 90 00 00 00 00 00 (3) Baltimore, January 24«/i, 1839. Wm. Campbell, Cr. By 200 yds. Brussels Carpeting, at $1 50, Lorenzo Dorsey, Dr. To 100 yds. Brussels Carpeting, at $2 00, 26 Joshua Dryden, Dr. To 50 yds. Brussels Carpeting, at %2 00, Lorenzo Dorsey, By cash in full, Cr. 28 George Mortimer, Cr. By 40 yds. Superfine Cloth, at $8 00, - 30 Eneas McFaul, Cr. By 10 bbls. Family Flour, at $6 00, George Mortimer, To 5 bbls. Flour, at $8 00, Feb. 1 Dr. Wm. Dawson, To 5 bbls. Flour, at $9 00, Dr. John Parsons, Dr. To 20 yds. Superfine Cloth, at $9 00, - George Peters, > To 10 yds. Sup. Cloth, at |9 50, - 14 f Dr. INDEX TO LEDGER A. SINGLE ENTRY A. Fo. bbott, Wm 1 ndrews, Thos 1 B. aeon, James 1 oggs, Wm 1 C. ampbell, Wm. . . . . .1 D. ryden, Joshua . . . . .2 orsey, Lorenzo 2 awson, Wm 2 I. )hn White & Son, .... 2 L- Fo. Laurenson, Philip . . . . 2 M. McColgan, Chas 3 McFaul, Eneas 3 McPherson, John . . . .2 Mortimer, George .... 3 P. Parsons, John . . . . . .3 Peters, George 1 Powers, John 3 R. Rogers, Nathan . . . . .3 IS (I) LEDGER, BY 1839 Dr. WILLIAM Feb. 1 To balance, - ■ 4 144 00 Dr. THOMAS Jan. 4 To sundries, - 1 139 00 Dr. JAMES Jan. 8 To Linseed 0\\ # 2 108 00 Dr. WILLIAM Jan. 8 To Whiskey, - 2 432 00 Dr. WILLIAM Jan. 18 To y. H. Tea, .... 2 150 00 Feb. 1 " balance. 4 300 00 450 00 Dr. GEORGE Feb. 1 To superfine Cloth 3 95 00 16 SINGLE ENTRY. 0) 1839 Jan. Jan. o 14 Feb. Jan. Feb. 17 1 Tan. 19 24 Feb. ABBOTT, By Linseed Oil, Cr. 144 00 ANDREWS, Cr. By cash on account, - - - " " in full, BACON, Cr. By balance, - - BOGGS, Cr. By Tea, - - - - - " balance, CAMPBELL, Cr. By Cash, . - - . " Brussels Carpeting, PETERS, Cr. By balance, - - - - 100 39 139 108 00 00 00 00 108 324 432 150 300 450 95 00 00 00 00 00 00 00 (2) LEDGER, BY 1839 Jan. 2Q Dr. JOSHUA To Brussels Carpeting, 1 Jan. 24 Feb. Jan. Dr. LORENZO To Brussels Carpeting, Dr. To Flour, Drs. 7 To cash lent. Feb. 1 Jan. Dr. To balance, Dr. To Rum, WILLIAM JOHN WHITE PHILIP JOHN 00 200 00 45 00 500 00 106 00 105 00 18 SINGLE ENTRY. DRYDEN, Ctt. By N. O. Sugar, " balance, - - - - DORSEY, Cr. By cash in full, . . - DAWSON, Cr. By balance, - - . - and SON, Crs. By cash, . . . - LAURENSON, Cr. By sundries, - - - - McPHERSON, Cr. By balance, . - - - 19 (2) 1839 Jan. Feb. 10 1 Jan. 26 Feb. Jan. Jan. Feb. $60 40 100 200 00 00 00 00 45 00 500 00 106 00 105 00 (3) LEDGER, BY 1839 Feb. Jan. Dr. To balance, CHARLES Dr. ENEAS To Jamaica Spirits, Jan. 30 Feb. 1 Feb. Feb. Jan. Dr. To Flour, " balance. GEORGE Dr. JOHN To superfine Cloth, - Dr. To balance, NATHAN Dr. To sundries. JOHN $126 00 514 90 40 280 ^20" 00 00 W 180 00 685 20 133 80 20 » SINGLE ENTRY. McCOLGAN, Cr. By Rum, _ - - . McFAUL, Cr. By Flour, . . - - " balance, - - - - MORTIMER, Cr. By superfine cloth, - - - PARSONS, Cr. By balance, - - - - ROGERS, Cr. By sundries, - - - - POWERS, Cr. By balance, - - - - 21 (3) 1839 Jan. Jan. Feb. SO 1 Jan. 28 Feb. Jan. Feb. $126 00 60 454 00 90 514 90 320 00 180 00 685 20 133 80 w LEDGER, BY 1839 Feb. 1 Dr. BALANCE, To James Bacon, due'to me, " Eneas McFaul, " Joshua Dryden, " Wm. Dawson, " John McPherson, " Wm. Boggs, " John Parsons, " George Peters, " John Powers', Amount of Debts due to me, - " Mdse. in store, as per inventory, - " Cash in hand, as per Cash Book, - Total of Debts, Mdse. and Cash, $108 454 40 45 105 324 180 95 133 1485 215 1489 3189 22 SINGLE ENTRY. (4) Cr. due to him, By Wm. Abbott, " Wm. Campbell, " P. Laurenson, " C. McColgan, " George Mortimer, " N. Rogers, Amount of Debts due by me, - " Cash in hand at the commencement of my business, as per Cash Book, Net gain in one month, 144 300 106 126| 280 685 1641 1000 2641 548 3189 00 00 00 00 00 20 20 00 20 50 70 SIS LEDGER, BY 1839 Dr. cash, Jan. 1 To Stock for money in hand this day, - 5 " Thos. Andrews, received from him on account, ------- 9 " John White & Son,* received from them in full, 14 " Thos. Andrews, received from him in full, - ^ - - 19 " Wm. Campbell, received from him on account, " Lorenzo Dorsey, received from him in full, - - - - - - - - Feb. 1 " Balance from last month. * It is a custom with some Merchants to keep what is termed a " Borrow and Loan Book," in which are recorded the sums borrowed and loaned, &c. Note. — The Cash account exhibits all money transactions ; it is kept in folio form, as above, with the Dr. on the left hand page, and the Cr. on the right. The Dr. contains all the money received from whom, for what, and for whose account ; and on the Cr. all the money paid in like manner. The excess of the Dr. above the Cr. side, will always be the money in hand. $1000 00 100 00 500 00 39 00 150 00 200 00 1989 00 1489 00 24 SINGLE ENTRY 1839 Jan. Feb. Cr. By John White & Son, lent them, " balance, $500 1489 00 00 $1989 00 The Cash Book may be abridged by the help of a Petty Cash Book, which contains an account of trifling charges on goods, of family and other inci- dental expenses. All the money you receive, daily, for Merchan- dise sold, can be entered on the Dr. side of the Cash account. All the money paid for the purchase of Merchandise may be entered on the Cr. side of the Cash Account. Some persons keep a Bill Book, as well as other auxiliary Books, vide. Forms, Ex- planations, &c. on Book-keeping by Double Entry, in this work. CO t' t- CO 05 Ci ir- GO 05 C5 GO T^ iO iO QO Oi o GO ^ ^_^ GO C5 *^ C5 , CO ,_ CO w C>0 GO GO O^ GO GO • -^ ^ CO ^ -ff^ ^— ^ ^^ >> ■ < O o O t- GO C5 O O iO GO ^ lO CO h GO -^ CO CO t- CO CO CO CO << 8 o lO GO 'Tl' '^ "^ ^ GO GO 05 CO 1-^ G5 1— < 1 CO CO t- CO 05 CO 1> 05 ^ GO o S^^ '^ C5 GO ©-1 SQ Q CO iO C5 CO 1— GO CO 05 OQ K GO »o CO GO ''I' I- 05 iO , H Q 8 g 8 «5 1:- CO Oi CO CO GO 1 Q o t' O "^ GO iO 1:- CO ^ iM CO o o 05 CO GO ^ Jr- ««) GO C5 Oi ^M »~< ^^ ^-< ©^ CO t3 »o "^ oo CO t- tr- CO GO H o o o CO o ^ CO CO T}^ CO CO CO 1— < o CO 00 '"^ o CO iO CO 05 t- "^ _ CO Tjl _^ CO «^ < GQ ©^ ^ GQ 1 c CO ^ ^ ^ -g ^ ^ «j t-5 fa Q oi GO V* ^* «« s* »• s» CO ^ ^ ^ *• END OF LEDGER A, BY SINGLE ENTRY. 26 ANOTHER METHOD KEEPING ACCOUNTS BY SINGLE ENTRY. The following method of keeping accounts will be found very useful and convenient to Farmers, Mechanics and all whose business is not very extensive. It is so plain that a person of ordinary capacity may acquire a knowledge of it in a very short time. It is intended to do away with the use of a Day Book separate from the Ledger, and the tedious work of posting from particular entries in the Day Book. INDEX. Crook, Joseph Fo. 1,3 M. Murdock, Thomas Purviance, William . W. Fo. . 2 Webb, Henry 21 0) JOSEPH CROOK, Dr. Cb. 2 it cc 4 5 8 9 10 11 12 14 15 17 18 19 22 To 14 yds. superfine cloth, at $6 p. yd. " I chest Y.H. Tea,261bs. at50cts. " 2 doz. Buttons, " 14 lbs. Butter, at 37| cts. - - - " 20 lbs. Crackers, at 10 cts. - - " 5 gals. Malaga Wine, at 85 cts. - By cash on account, - - - - _ " 6 lbs. Sugar, at 10 cts. . - - - '' 14 lbs. Rio Coffee, at 14 cts. - - To 60 lbs. Cheese, at 12| cts. - - « 42 lbs. Butter, at 25 cts. - - - " Amount carried to page 3, - - THOMAS MURDOCK, To 6 bbls. Family Flour, at $T, - - " 50 lbs. St. Dom. Coffee, at IS^cts. " 50 lbs. N. O. Sugar, at 9 cts. - - " 60 lbs. Ground Pepper, at 50 cts, By an accepted order on J. Cox, - - To 60 lbs. Cheese, at 11 cts. - - ■ By Merchandise, as per bill, - - • 28 |84 13 1 5 2 4 7 10 00 00 75 25 00 25 50 50 50 1 00 60 96 128 25 52 56 Dr. Cr. $42 6 4 30 6 00 25 50 00 60 51 •38 00 35 89 35 89 35 (2) WILLIAM PURVIANCE Dr. Cr. 1839 Jan. 23 To 2 bbls. Family Flour, at $8, - - ftl6 00 u (( " 16 lbs. Brown Sugar, at 9 cts. - 1 44 (C 24 " 18 lbs. Lump do. at 18 cts. - 3 24 u (( " 4 lbs. Alspice, at 25 cts. - - - 1 00 u 26 By sundry articles of Merchandise, - " balance to new account, - - - To balance brought down, - - - 17 4 50 18 21 68 21 68 1839 4 18 Jan. 29 " 6 reams Writing Paper, at $2.25, 13 50 Feb. 4 '' sundry items in his account not before charged, - - - - 14 12 u 5 By cash on account, - - - - - 22 00 (.(. 7 " balance brought down, - - - - 9 80 31 80 31 80 1839 Feb. 13 To balance, 9 80 (C 15 " 7 kegs Butter, 82 lbs. at 16 cts. - 13 12 u 18 " 80 lbs. N. 0. Sugar, at 12 cts. - 9 60 (C 19 " 20 gals. Molasses, at 13 cts. - - 2 60 u 21 By cash in full, 35 12 35 12 35 12 29 (3) JOSEPH CROOK, Dr. Cr. 16 18 21 21 22 u (C 23 23 (( 19 25 26 26 28 To and By amount from page 1, " 60 lbs. Tobacco, at 14 cts. " 48 " Sugar, at 10 cts. - " 18 " Candles, at 15 cts. - By cash, " merchandise, as per bill, - To balance, By balance brought down, - - - To 6 lbs. Mustard, at 44 cts. - - " 12 lbs. Raisins, at 11 cts. - - " 2 bbls. Family Flour, at $8, - " 5 gals. Madeira Wine, at |1.25, By balance carried down, - - - To balance of account brought down, "12 gals. Molasses, at 45 cts. - - " 2 reams. Wrapping Paper, at 1.60, " 19 lbs. St. Dom. Coffee, at 13 cts. " 3 lbs. Ground Pepper, at 48, - - By cash, " balance, To balance brought down, " 2 lbs. Nutmegs, at$l, Note. — The preceding account exhibits bal- ances in my favor, and a balance against me. This is done in order to show how a similar one may be kept. 30 128 8 4 16 160 2 1 16 6 26 21 $9 25 40 80 70 73 88 52 60 48 160 56 00 32 88 64 32 00 25 21 48 40 20 47 44 99 99 00 99 16 73 48 26 21 14 7 21 00 99 99 (4) HENRY WEBB, Dr. Cr. 4 a 6 7 9 (( 11 12 a 13 15 18 19 25 u 26 27 a (C 28 a C( cc cc To cc cc cc cc cc By To CC CC cc By To CC CC cc cc cc By To C( CC CC CC By 56 lbs. Bacon, at 13 cts. - - • 19 lbs. Lard, at 14 els. - - - ■ 28 lbs. Brown Sugar, at 10 cts. ■ 16 lbs. Lump do. at 15 cts. ■ 8 lbs. Candles, at 14 cts. - - - 3 gals. Molasses, at 51 cts. - ■ cash on account, - - - - . 15 lbs. Pork, at 11 cts. - - • 62 lbs. Codfish, at 6 cts. - - • 16 lbs. Soap, at 9 cts. - - - • 3 bbls. Flour, at $8.50, - - • sundry articles per bill, - - - cash lent, 1 box Havana Cigars, - - - • 30 lbs. Butter, at 31 J cts. - - - 4 gals. Molasses, at 50 cts. - • 18 lbs. Starch, at 12| cts. - - • 4 lbs. Ground Pepper, at 52 cts. • cash on account, 1 keg Butter, net, 28 lbs. at 30, - 1 keg Raisins, net, 19 lbs. at 12, - 1 quire Writing Paper, - - - 200 Russia Quills, at 65 cts. - • 1 bottle Black Ink, note at 30 days, in full to this date, 2 2 2 1 1 1 3 1 25 5 20 9 2 2 2 8 103 28 66 80 40 12 5S 65 72 44 50 00 00 38 00 25 08 40 28 50 30 38 67 SI 12 22 10 58 50 63 00 54 103 67 END OF PETTY LEDGER, PART II. BOOK-KEEPING BY DOUBLE ENTRY. Book-keeping by double entry is founded on very general principles, and is the most certain and satisfactory in its conclu- sions. By ibis method, for every sum entered on the Dr. side of any account, the same sum must be carried to the Cr. side of other accounts ; and it follows from this, that an error cannot easily pass unnoticed, because the sums of the Dr. and Cr. sides must be equal. The Ledger, 'when correctly kept, shows, in a plain and concise point of view, not only the debts due to, or by the Merchant^ but the amount of Cash and Bills, the amount of the purchases and sales, the value of the quantity on hand, and the gain or loss on each article, or on the whole. This method of Book-keeping is therefore best adapted to extensive business. A Merchant's Books should contain : First. — The debts owing to him, and those which he owes to others. Secondly. — The Merchandise, and other property belonging to him at the commencement of the Books ; the amount sold or otherwise disposed of; and the quantity and value still on hand. Thirdly. ^-His Capital at commencement ; the profits he has acquired, or made, or the losses sustained, and the amount of his stock, at present. E 33 THE PRINCIPAL BOOKS The Principal Books used in Mercantile business are : 1. THE DAY BOOK. 2. THE JOURNAL. 3. THE LEDGER. The AUXILIARY or subsidiary BOOKS are : 1. The Cash Book. 2. Bill Book. 3. Invoice Book. 4. Sales Book. 5. The Book of Accts. Current. 6. Copy Book of Letters. 7. Book of Ships' Accounts. 8. Check, or Bank Book. 9. Memorandum Book. 10. Book of Commissions. Of the auxiliary or helping Books, some Merchants use more, some less than these, according to the peculiar nature of their business. THE DAY BOOK. The Day Book contains an exact statement of the Merchant's transactions as they occur ; it begins with an inventory of all the Cash, Merchandise and property of every kind, of the debts due to him, and of the debts he owes to others. It is carried on with a correct narration of all the money received and paid by him, of all the goods or wares he buys or sells. The date of the Day Book is written at the top of the page, together with the name of the place, where the business is carried on. The articles are separated from each other by a line, in the middle of which is left a space for the day of the month, and sometimes the month. In short, the Day Book records every transaction in business, which produces any alteration in the state of the Merchant's affairs. The Day Book should be written in a plain and simple style suited to the nature of a narrative. — Let it be simple, plain, 34 THE JOURNAL. and perspicuous. But do not let this simplicity of style exclude the use of terms and forms of expressions peculiar to the Mer- cantile community. In all accounts appertaining to business, when written by a person of skill and experience, there is a concise emphatic dic- tion, a certain peculiarity of words and phrases, which is a kind of elegance that runs throughout the whole, and, at the same time, shows the tact and talent of the accountant. There are some Merchants who enter their transactions in a blotter, and afterwards when the hurry of business is over, carefully copy it into the Day Book ; by this means, they keep it neat and ac- curate ; others, again, keep their day book in Journal form. In every transaction in the Day Book, you must bear in mind the following particulars : — 1. The date, say January 4, 1839. 2. The transaction, the article purchased, or sold, being en- tered according to agreement 3. The person. Bought of A. or sold to B. 1 pipe of wine. 4. The payment made or received, say $250 paid, or $250 received. 5. The quantity and quality of the Merchandise Bought or Sold. 6. The price. Bought 1 pipe of wine for $350, or Sold 1 pipe of wine for $250. THE JOURNAL. The Journal contains the entire transactions recorded in the Day Book, with the Drs. and Crs. pointed out, that they may be easily posted into the Ledger. One great design of the Jour- nal is, to prevent errors in the Ledger ; a thing of paramount importance in Book-keeping. The Journal is a middle book 35 OF THE LEDGER, AND AN between the Day Book and the Ledger, it looks back to the one and forward to the other. The rules for distinguishing Dr. and Cr. are inferred from the nature of the accounts in the Ledger. When any entry is to be made in the Journal, we must consider to which accounts in the Ledger, it is proper to be placed, both on the Dr. and Cr. sides. As the whole art of journalizing con- sists in a proper selection of Drs. and Crs., which is considered the most difficult part of Book-keeping, it is essentially neces- sary to be more particular in the rules, examples and notes, and that these may be easily resorted to, they are embodied in the Lectures, in another part of this work, after the manner of ques- tion and answer. THE LEDGER. OP THE LEDGER, AND AN EXPLANATION OF THE ACCOUNTS. The Ledger collects together articles of the same kind, under their respective heads ; and for this purpose it is divided into several accounts, the Dr. and Cr. of each being opposite. The accounts in the Ledger, when the books are kept by double entry, may be distinguished into three kinds, answering to the three objects which a Merchant's books should exhibit, real, personal and imaginary accounts, as previously noticed. Real Accounts, — which are accounts of any kind of property, such as Cash, Merchandise, Ships, Houses, Lands, or the like. Cash, — contains on the Dr. side, the sums of money received and on the Cr. side, the money paid. When the Dr. side exceeds the Cr. side, it is closed By balance for the difference. The Cr. cannot exceed the Dr. side, as you cannot pay more money away than you receive. 36 EXPLANATION OF THE ACCOUNTS. If the ready money found in hand, does not agree with the remainder, or balance of the account, some mistake has been made, which, if considerable, must be looked for and corrected, if found ; if it be inconsiderable, or cannot be found, debit the account To Profit and Loss, for what you have more than the balance of the account shows, or credit the account By Profit and Loss for the deficiency, and then close the account by bal- ance for what you find in cash. Merchandise. — The Dr. side exhibits the cost and charges attending it. The Cr. side, the sales made, if any. If none be sold, Cr. the account By balance for the amount of the Dr. side. When part is sold, the account is closed By balance, and then, To or By Profit and Loss, for the gain or loss made by the part sold. If all be sold, close the account To or By Profit and Loss for the gain or loss, made by the sales. Ship. — The Dr. side shows the cost and charges attending her ; the Cr. side shows what she brings in by freight or sale. If the ship be not sold, Cr. the account by balance for her pre- sent value, or the part or share you own of her. If the vessel be sold, the account is closed, either To or By Profit and Loss. In general, accounts of property contain, on the Dr. side the *X^ value of the property, and all expenses laid out on it ; on the Cr. side the sales, or advantages arising from it, such as freight, &c. House. — It is closed By balance for the cost, and To Profit and Loss for the sum gained by rent; or By balance for the cost, and By Profit and Loss for the money laid out in repairs, &c. Land. — This account can be closed, By balance for its real value, and By Profit and Loss, if the expenses exceed the re- turns by rents, &c. ; it can be closed, To Profit and Loss for the gain, when sold for more than the original cost. And By Profit and Loss, when sold for a sum less than the first cost. Bills Receivable, — contains on the Dr. side, all the bills received for debts due ; and on the Cr. side those of which we 37 OF THE LEDGER, AND AN receive payment or which we otherwise dispose of. The bal- ance is the sum owing in bills on hand. If the notes be all dis- posed of, or passed away, the account will close of itself. Bills Payable, — contains on the Cr. side the bills passed and accepted ; and on the Dr. side those we have taken up, or paid. The balance is the sum we owe in bills not taken up. Shipment. — The Dr. side shows the cost and charges of the goods shipped, the Cr. side shows the net proceeds of the same when the account sales is come to hand. If the account sales is not yet come to hand, the account is credited By balance, for the amount of the Dr. side. If the net proceeds are already en- tered, the account is closed either To or By Profit and Loss, for the gain or loss. If you receive an account sales of a part only, credit the account By balance for the part remaining unsold, valuing it at the rate it stood you in; afterwards close the account To or By Profit and Loss, for the gain or loss made on the part sold. Such a person's consignment, — contains on the Dr. side all charges paid on receiving, or attending such consignment while in your possession ; and on the Cr. side, the sales effected. Merchandise in Co. — contains on the Dr. side your propor- tionate part of the first cost, and the charges attending the goods ; and on the Cr. side the gross sales. Adventure in Co.— The Dr. side of this account shows the cost of the merchandise you have in company with, and under the direction of your partner. The Cr. side the net proceeds when the account sales is received. It is of the same nature as shipment to such a place, — or merchandise account, and is closed in the same way. Debenture, — contains on the Dr. side the bounties or draw- backs due to you on the exportation of certain foreign goods ; and on the Cr. side what you have received in payment. Custom- house debentures entitle the bearer to receive a drawback on the exportation of certain goods, which were before imported. 38 EXPLANATION OF THE ACCOUNTS. Personal accounts. — The Dr. side of any person's account shows what he is indebted to you ; the Cr. side what you are indebted to him. The account is closed By balance, if he be indebted to you ; and To balance if you are indebted to him. If the Dr. and Cr. sides should be alike, the account will close of itself. Imaginary accounts are Stock and Profit and Loss. -"^ Stock, — is used instead of the name of the merchant, or '^ owner of the books ; on the Dr. side is entered the amount of his debts at commencement, and on the Cr. side the amount of cash, debts and other property then belonging to him. The differ- ence, therefore, shows his net stock, or capital ; or in the event of bankruptcy, how much his debts exceed what he is worth. It is closed To Profit and Loss, for his loss when the Dr. side of the Profit and Loss account exceeds the Cr. side, then Profit and Loss account is closed By stock for his loss, and that difference is carried to the Dr. side of stock account. By profit and Loss for his gain on business, when the Cr. side of Profit and Loss account exceeds the Dr. then Profit and Loss account is closed To stock for the gain, and that gain is carried to the Cr. side of stock account. When the Dr. side of balance account exceeds the Cr. side it is closed by stock for his net capital, and that difference is placed on the Dr. side of stock ; when the Cr. side of balance exceeds the Dr. then balance account is closed to stock for his insol- vency, which difference is carried to the Cr. side of stock. Profit and Loss. — The Dr. side of this account shows the articles on which you have lost, and on the Cr. side, the articles on which you have gained, whether posted from the journal, or collected from the closing of the accounts in the Ledger; and the difference of the account will exhibit the net gain or Joss made since the books were opened, and is closed either To or By stock. To abridge the Profit and Loss account, it has been found neces- sary to open several auxiliary accounts, such as the following : 39 OF THE LEDGER, &C. Charges. — On the Dr. side are entered all expenses paid or incurred on the business, which do not belong to any particular account; on the Cr. side usually the sums charged your employ- ers for ware-house rent, postages, or the like. For conve- nience, sometimes this account is first debited with the charges on shipments, and then credited for the same. House Expenses. — The Dr. side of this account shows the sums of money, or the value of any thing taken for private use. There is seldom any thing entered on the Cr. side ; but there may be part of a sum which was withdrawn, and not at all expended, at the time of closing the books. The Dr. side of house expenses contains all money paid for family expenses, such as wearing apparel, butchers' bills, &c. servants' wages and contingent expenses, all money paid for the purchase of horses, carriages, &c. This is entered in the Petty Cash Book and from thence carried to the Cash Book. Interest. — The Dr. side shows all sums paid or incurred, for interest, or discount on bills, or accounts in receiving a settle- ment ; the Cr. side the sums for interest, or discount allowed. Commission. — On the Cr. side are sums you receive as an al- lowance for the trouble of transacting business for others. It is not usual to have entries on the Dr. side ; and if there be any, it must be commission which is due to others ; for instance, persons on whom we may draw bills, charge commission. Insurance. — On the Cr. side are entered the premiums we re- ceive for effecting insurance for others ; on the Dr. side the losses sustained on the same. The balance shows the gain or loss from being concerned in insurance. Frequently this account is made Dr. for the sums insured with others, and Cr. when these sums are charged to the respective accounts on which they are due. Exchange Account, — contains on the Dr. side the loss in- curred by exchange, in the purchase or sale of Bills ; and on the Cr. side the gain. This account is closed To or By Profit and Loss, for the gain or loss made by the rise or fall of Exchange. 40 OF POSTING AND BALANCING. The Posting of the Ledger, is the transferring of the accounts from the Journal entries into the Ledger. The first course to be pursued is to allot a space for each account. The space for every account cannot be exactly known, but must be supposed from the number of the transactions which are likely to follow. The accounts may be opened as they occur in the journal ; or ac- counts of the same class or kind may be placed together. This last arrangement is more expedient in extensive and complicated business; where it is often necessary to look into several of these accounts at the same time. Next an index, in alphabetical order, will be necessary for ascertaining the folios of the Ledger where the accounts are opened. The heads or titles of the accounts are entered in the index ; (which is generally kept in a separate Book, in actual busi- ness^) that is Personal accounts by the first letter of the surname, companies by the surname of the person who stands first in the firm, and every other account by the first letter of the first word. In Posting the Ledger, proceed in the subsequent manner : First, turn, by the help of the index, to the account that is Dr. in the journal post, where it is opened in the Ledger, then, on the Dr. side of the account write the date on the margin, and on the same line say, to the account that is Cr. annexing a short narration, if found necessary; next insert in the reference column, the page of the journal from which you are Posting, and the sum in the money column; then turn to the account that is Cr. in the journal post, and on the Cr. side say. By the account that is Dr. inserting the date, reference, and sum as before : this F 41 OF POSTING AND BALANCING. being done, turn to the journal, and mark on the margin, or in a column allotted for that purpose, the folio of the Ledger where the entry is posted. In complex Posts, that is, where there are several Drs. or Crs. turn to each in their order, and enter the articles according to the preceding directions. When the space allotted for any account in the Ledger is filled up, the account must be transferred or carried to another folio ; for this purpose write on both sides of the account opposite where the sums will be placed, when the account is added or footed, transferred to folio , and insert the folio where the account is opened anew. Then after writing the title of the new account, and entering the new folio in the index, write on the Dr. side to amount brought from folio , and on the Cr. side by amount brought from folio , inserting on each side, the folios where the account was first opened. The sums of an ac- count transferred should be left blank till the books are com- pared ; an error in any of the entries will occasion an alteration in the sum. When either side of an account is full, both sides should be transferred and a diagonal line drawn, to fill up the vacant space on the side which requires it. Having Posted into the Ledger all the articles in the journal, before you close the accounts, it is proper to make a trial Bal- ance, in order to try if the Dr. and Cr. sides correspond. For this purpose prepare two sheets of paper, ruled with two money columns, for Dr. and Cr. ; write Profit and Loss as the title of the one sheet, and Balance as the title of the other ; then leaving stock, and Profit and Loss open till the last ; take the balance, or difference of every account in the following manner : In the Cash Account enter the difference, which is the cash on hand on the Dr. side of the Balance sheet. In Personal Accounts, — if the Dr. be greater, enter the difference on the Dr. side of the balance sheet; but, if the Cr. be greater, enter the difference on the Cr. side. OF POSTING AND BALANCING. In Bills Receivable, — enter the difFerence which is the bills on hand, on the Dr. side of the balance sheet. In Bills Payable, — enter the diiference, which is the sum owing in bills not taken up or received on the Cr. side of the balance sheet. In goods, or other property, if the whole be on hand, enter the amount on the Dr. side of the balance sheet. If all be sold, and the Cr. side of the account be greater, enter the difFerence, which is the gain, to the Cr. side of the Profit and Loss sheet ; but, if the Dr. side be greater, the difference is the loss, and is entered on the Dr. side. If part be on hand, enter the value of it, (estimated at prime cost, or at the current prices,) to the Dr. side of the bal- ance sheet, and then ascertain the gain or loss on the part sold, which enter on the proper side of the Profit and Loss sheet. In accounts of adventures, when no returns have been made, enter the amount which is on the Dr., on the Dr. side of the balance sheet. If returns are made, and the account credited for the pro- ceeds of the sales, enter the gain or loss on the Cr. or Dr. side of the Profit and Loss sheet accordingly. In accounts subsidi- ary to Profit and Loss ; suph as charges. House Expenses, In- terest, Commission, Insurance, &c. enter the difFerence on the proper side of the Profit and Loss sheet. When you have collected all the balances, add the Profit and Loss sheet, including the sums which stand at that account in the Ledger, the difFerence is the net gain or loss : to this add the difl'erence of the Stock account, and the sum exhibits your net stock or capital, and which will correspond with the difFerence of the balance sheet, if the books be correctly posted, and the balances exactly collected. The reason of this appears from what follows : — * The balance account contains on the Dr. side the cash on hand, the value of the Merchandise, or other property, which belongs to you, and all debts due to you. The Cr. contains the sums you owe in open accounts and in bills against you. The 43 OP POSTING AND BALANCING. difference of balance, therefore, exhibits your net capital, at present. The stock account contained your effects and debts at the commencement of the books ; therefore, the difference shows your net capital at the time ; and when your profits are added, or losses subtracted from this sum, it will, also, show your net stock or capital. Hence the proof of Book-keeping by Double Entnj^ consists of two methods of ascertaining what your net stock is : the one from a view of your present effects and debts ; the other, from your former stock, allowance being made for 3^our profits and losses : and both will correspond, if the books be correct. In order to close the several accounts, transfer the sum or difference of each account to its proper place in the Ledger. It is not essential to begin new books after balancing, nor to open the accounts anew, unless the present folios are filled up, the balances may be brought down, and the accounts continued in the same folios ; but it is best to begin a new Ledger, if the present one appear to be insufficient to contain the business till another balance. The articles composing the balance sheet, form materials to begin the new books. 44 DAY-BOOK AND JOURNAL A. 18 3 9 (») Baltimore, 1839. Jan. 1 Deposited in the Bank of Baltimore, - - Bills receivable — for the following bills in hand, viz: Luke Tiernan's, due 4th inst. $2,000 Alex. Brown & Sons', due 18th inst. 1 ,500 $6,000 3,500 5,080 00 00 00 Canary Wine, for 1,008 gals, per inventory, . - - - 1,638 Hops, for 10 bags, net, 3,150 lbs. per inventory, - - - 567 Flour, for 500 ibis, superfine, per inventory, . - . - 2,875 2 • 4 6 8 Samuel G. Hyde owes me, - - 650 William Stewart " " - - 1,200 1,850 2,000 500 1,000 1 150 2,000 472 i 472 00 00 00 00 00 00 50 50 I owe as follows, viz : To William Lorman, - - - - Bills payable — for the following accepted by me, and unpaid, viz : Fielding Lucas, Jr. due 30th inst. $200 Walter Crook, due 6th proximo, 300 Sold for cash, 500 gals. Canary Wine, at $2 per gallon, Bought of Thomas Bell, on my note, at 90 days, 200 yards Irish Linen at 75 cents per yard, Received payment of Luke Tiernan's bill, due this day, Sold to Shaw & Tiffany on Book account, 5 bags Hops, 1,575 lbs. at 30 cts. per lb. Received of Shaw & Tiffany, cash in full of their account, . - - - 46 Baltimore, 1839. Drs. Crs. (I) Sundries to Stock, - - - For the amount of my effects, both real and personal : Cash for, - _ _ - Bills receivable for amount of bills in hand, - - - - Merchandise for, - - - Samuel G. Hyde, William Stewart, Stock to sundries, - - - To William Lorman, due to him, " Bills payable, for the follow- ing notes unpaid, viz : Fielding Lucas, Jr., due 30th inst. - - - $200 W. Crook, due 6th proximo, 300 Cash, to Merchandise, Merchandise, to bills payable, - Cash, to bills receivable, - Shaw & Tiffany, to Merchandise sold them on account, &c. Cash, to Shaw & Tiffany, $6,000 3,500 5,080 650 1,200 2,500 1,000 150 2,000 472 472 00 00 00 00 00 00 00 00 00 50 50 $16,430 00 2,000 506 1,000 150 2,000 472 472 00 00 00 00 00 50 50 47 (3) Baltimore, January Sth^ 1839. Sold to Shaw & Tiffany, 200 yards Irish Linen, at $1.25 per yard, for which received from them their note, at 30 days, from this date. 14 Bought of Samuel G. Hyde, 10 boxes Candles, net 250 lbs. at 14 cts. per lb., for which I gave him an order on Joseph Gushing, 16 Thomas Gough, of Albany, has drawn on me, at 90 days' sight, in favor of William Wirt, which draft I have accepted, - - - 18 Received of Alexander Brown & Sons, cash in full, for their note due this day, - - - 24 Sold to William Smith, 508 gals. Canary Wine, at 4 months, ------ 25 Bought of Thomas Murdock, 2,000 lbs. Bacon, at I2i cts. per lb., and gave him in payment, a note which I hold against Shaw & Tiffany, 30 Paid the amount of my note, to Fielding Lucas, due this day, Bought of Wm. Smith, on Book account, 147 lbs. Rio Coffee, at 12 cts. per lb. Feb. 4 Bought of William Mills, House No. 42, on South Charles st, and paid him in cash, 48 $250 00 35 00 500 1,500 00 00 1,016 00 250 200 17 1,600 00 00 64 00 Baltimore, January Sth, 1839. Drs. Crs. (2) Bills receivable, to Merchandise, Sold Shaw & Tiffany , on their note at 30 days. 14 Merchandise, to Joseph Gushing, For my order on him, favor Sam'l G. Hyde. 16 Thomas Gough, to Bills Payable, For my acceptance of his draft, at 90 days sight, favor Wna. Wirt. 18 Cash, to Bills receivable, - Received payment of A. Brown & Sons' note. 24 William Smith, to Merchandise, Sold him on account, at 4 months. 25 Merchandise, to Bills Receivable, For Shaw & Tiffany's note given Thomas Murdock. 30 Bills Payable, to Cash, For my note to Fielding Lucas, taken up this day. Merchandise, to William Smith, - Bought of him on account. Feb. 4 Property on S. Charles st. to Cash, G 49 $250 00 35 500 00 00 1,500 1,016 250 200 17 1,600 00 00 00 00 64 CO $250 00 35 00 500 00 1,500 00 1,016 250 200 17 ,600 00 00 00 64 00 (3) Baltimore, February 5th, 1839. Paid for repairs on House in Charles street, 6 _ Taken up my note, passed Walter Crook, due this day, ------- Paid William Preston, my clerk, one month's salary, due the 30th ultimo, . - - 7 Sold Nathan Rogers, House No. 42, on South Charles street, for cash, - - - - 11 Lawrence Lavvson has drawn a bill of exchange on me for £250 stg., at 90 days' sight, favor William H. Tiernan, and I accept it, - 12 Bought of William H. Tiernan, the ship. Herald, for $6,000, and paid him in flour, say 500 bbls. at $8 per barrel, - - - |4,000 And gave him my note, at 6 months for the balance, - - - - 2,000 13 Bought of Edward Chassaing, for cash, 1 5 hhds. of Kentucky Tobacco, net 22,000 lbs. at 8 cts. per lb. 16 Bought of John Lawson, on credit, 300 pieces printed Calico, containing 5,600 yds. at 12 J cents, - - 18 Received from Samuel G. Hyde in full, Sold to Wm. Mills for cash, the ship Herald, for 21 Sold to KeaJting Ravvson, for cash, 73| lbs. Rio Coffee, at 15 cents per lb. 50 300 50 2,000 1,111 00 00 00 00 11 6,000 1,760 700 650 6,500 11 00 00 00 00 00 02i Baltimore, February bth^ 1839. Drs. Crs. (3) Property on Charles st. Dr. to cash 6 Bills Payable Dr. to Cash, - William Preston Dr. to Cash, Cash Dr. to Property on South Charles street, - - - 11 L. Lavvson, Dr. to Bills Payable, For my acceptance of his bill on me, favor William H. Tiernan. 12 Ship Herald Dr. to Sundries, To Merchandise, for 500 bbls. Flour, at $8 per bbl. To bills payable, for my note, for the balance, . _ - 13 Merchandise Dr. to Cash, 16 Merchandise Dr. to John Lavvson, 18 Cash Dr. to Samuel G. Hyde, - Cash Dr. to Ship Herald, 21 Cash Dr. to Merchandise, - 51 300 50 2,000 1,111 6,000 1,760 700 650 6,500 11 00 00 00 00 11 00 00 00 00 00 02^ 300 50 2,000 1,111 00 00 00 00 11 4,000 2,000 1,760 700 650 6,500 00 00 00 00 00 00 02i / Ct) Baltimore, February 2lst, 1839. Sold on credit to John Lawson, 731 lbs. Rio Coffee, at 15 cts. per lb. - ^ 22 Shipped on board the Jupiter, White, and con- signed to Lawrence Lawson, London, to be sold for my account, 15 hhds. Ky. Tobacco, net 22,000 lbs. at 8 cents per lb. $1,760 5,000 gals. Rye Whiskey, at 50 cts. per gallon, bought of John Cox, on book account, - - - - - 2,500 Paid charges at shipping, - - - 150 27 Received from John Lawson, in full, what he owed me for Coffee sold him, the 21st inst. Received from William Stewart in full, March 1 Received by the Great Western, from Lawrence Lawson, London, £2,000 worth of Merchan- dise, to be sold on his account. Passed my bonds, at the Custom House, at 6 and 10 months for the duties, - $1,000 Paid freight, &c. in cash, - - 150 Sold to William Mills, a quantity of Lawson's consignment, for Sold to Michael Clancy on Book account, a por- tion of Lawson's consignment, - - - Sold to William Baxley, 150 pieces Calico, 2,800 yards, at 16 cents per yard. Received from him his note, at 60 days for $348 And casb, for the balance, - - - 100 12 4,410 11 1,200 1,150 1,000 1,100 448 Baltimore, February 2\st^ 1839. John Lawson Dr. to Merchandise, $11.02-|, Sold him on credit. • 22 Shipment to London, Dr. to Sundries, $4,410, For the cost and charges of the following per the Jupiter: — To Merchandise, for 15 hhds. Kentucky- Tobacco, - - - - $1,760 To John Cox, for Whiskey, bought of him on account, - _ - - 2,500 To cash paid charges at shipping, - 150 27 Cash Dr. to John Lawson, $11.02 J, Received from him in full for Coffee sold him. I Cash Dr. to William Stewart, $1,200, > March 1 L. Lawson's consignment Dr. to sundries, $1,1 50 For the following charges paid on his goods: — To Bills Payable, for bonds passed for duties, $1,000 To cash paid Freight, &c. - - 150 Cash, Dr. to Lawson's consignment, $1,000 M. Clancy Dr. to Lawson's consignment, $1,100 Sundries Dr. to Merchandise, $448. Bills Receivable, for Wm. Baxley's note at 60 days, $348 Cash for the balance, - - - - 100 53 $n 4,410 11 1,200 1,150 1,000 1,100 448 (4) (5) Baltimore, March Qth, 1839. Repaid William Mills, for defect in Lawson's goods, formerly sold him, - - - - 11 Borrowed from John Adams $200 in cash, and gave him my note for $212, payable in twelve months, ------- 15 Bought of Eli R. Plowman, on Book account, 120 pieces Ger. Oil Cloth, containing 2,880 yards, at 50 cents per yard, _ - - , 18 Shipped by the brig, Louisa, Dumont, for Ja- maica, and consigned to John Fox, there, to be sold for account Co. 1, viz : 120 pieces German Oil Cloth, 2,880 yds. at 50 cents per yard, - $1,440 00 2,000 lbs. Bacon, at 12i cts. per lb. 250 00 600 bbls. Flour, at $6 per bbl. bought of N. Rogers, on my note, 30 days, 3,600 00 Paid Shipping expenses in cash, - 60 00 Commission on the whole at 2J per cent. William H. Tiernan's 133 75 half is. My half is, - $2,741 87J - 2,741 87i 21 Sold the remainder of Lawson's consignment, to Wm. Munroe, on Book account, for 25 Closed Lawson's consignment, and sent him an account sales. (Charges already posted, $1,150,) Charge for storage, - - - $30 00 Commission at 2^ per ct. on the sales, 240 00 Lawrence Lawson for the net proceeds 8,1 65 00 54 00 212 1,440 00 00 5,483 75 7,500 00 8,435 00 Baltimore, March 9th^ 1839. (5) 5 L. Lawson's consignment Dr. to Cash, $15, $15 GO 1 Repaid for defect on Lavvson's goods, sold 3 Wm. Mills. 11 Sundries Dr. to Bills Payable, $212, 1 Cash for the money received, - - $200 6 Profit and Loss, for the interest, - 1 2 212 00 6 15 1,440 00 Merchandise Dr. to Eli R. Plowman, $1,440 18 Sundries Dr. to Sundries, $5,483.75. For amount Invoice per brig, Louisa, consigned to John Fox. 5 Shipment to Jamaica, in Co. 1, for my half, - - - $2,741 874 5 William H. Tiernan for his half, 2,741 87i 2 To Merchandise, viz : — For 120 ps. Ger. oil cloth, $1 ,440 00 " 2,000 lbs. bacon, - 250 00 3 To Bills Payable for the amount of the flour, - 3,600 00 1 " cash paid shipping ex- penses, - - - 60 00 6 " Commission on the whole, at 2i per cent. 133 75 / ■"V 5,483 75 6 5 9.1 7,500 00 W. Munroe Dr. to Lawson'sconsignment,$7,500 5 ^5 ^ Lawson's consignment Dr. to sundries, $8,435. For the following to close that account. 6 To Profit and Loss, for storage, - - 30 6 *' Commission, at 2^ per ct. on the sales, 240 6 " L. Lawson, for the net proceeds, - 8,165 8,435 GO 55 (6) Baltimore, March SOth, 1839. Paid William Preston, my clerk, two months' salary, due this day, _ - . _ Paid sundry expenses incurred these 3 months, as per cash book, ----- $100 150 00 00 Previous to the balancing of the Ledger, I have this day taken an inventory of the goods in store, and have on hand : — 5 bags hops, 1 ,575 lbs. at 1 8 cts. per lb. $283 50 150 pieces printed calico, 2,800 yards, at 12 1 cents per yard, - - - 350 00 10 boxes candles, 250 lbs. at 14 c€nts per lb. 35 00 $668 50 56 BALTiMoaE, March SOth, 1839. (6) William Preston Dr. to Cash, $100, Paid him two months' salary, due this day. Charges Dr. to Cash, $150, - For sundry expenses incurred these 3 months. END OF JOURNAL A. $100 150 00 00 H 57 LEDGER A. 18 3 9 INDEX TO LEDGER A, DOUBLE ENTRY B. Fo. Bills Receivable, 2 Bills Payable, 3 Balance, 7 C. Cash, 1 Gushing, Joseph, 1 Clancy, Michael, 6 Commission, 6 Cox, John, 2 Charges, 6 G. Gough, Thomas, 4 H. Hyde, S. G 3 L. Lorman, William, .... 3 Lawson, Lawrence, .... 6 Lawson, John, 5 Lawson's Consignment, . . .5 M. Fo. Merchandise, 2 Munroe, William, .... 6 P. Preston, William, 4 Plowman, Eli R 6 Profit and Loss, . • . . . 6 Property on S. Charles street, 4 S. Stock, 1 Stewart, William, .... 3 Shipment to London, . . , . 5 Ship Herald, 5 Shaw & Tiffany, 4 Smith, William, 4 Shipment to Jamaica Co. I, .5 T. Tiernan, Wm. H 5 Trial Balance, 8 59 0) Dr. STOCK. To Sundries, " Balance, 1 7 |2,500 16,756 00 16 19,256 16 Dr. CASH. 1 To Stock, 2 " Merchandise, - - - - 4 " Bills Receivable, - - - 8 " Shaw & Tiffany, 18 " Bills Receivable, 7 " Property on South Charles street, 18 " Samuel G. Hyde, - ' Ship Herald, - - - - 21 " Merchandise, - - - - 27 " John Lawson, - - - - ' William Stewart, - - - 4 " L. Lawson's Consignment, 7 '• Merchandise, - - - - ' Bills Payable, - - - - $6,000 1,000 2,000 472 1,500 2,000 650 6,500 11 11 1,200 1,000 100 200 22,644 60 Cr. (1) 1 By Sundries, - " Profit and Loss, I 6 $16,430 2,826 00 16 19,256 16 1 — i Cr. 30 4 5 6 13 22 1 9 18 30 By Bills Payable, - Property on South Charles street, Bills Payable, - William Preston, Merchandise, - Shipn[)ent to London, L. Lawson's Consignment, Sundries, - - - William Preston, Charges, - - - Balance, - - - $200 1,600 60 300 50 1,760 150 150 15 60 100 150 18,049 22,644 61 (2) Dr. BILLS 1839 ' Jan. 1 To Stock, - _ - - 1 #3,500 00 u 8 " Merchandise, - - - - 2* 250 00 Mar. 7 u u 4 348 00 4,098 00 Dr. MERCHANDISE. 1839 i Jan. 1 To Stock, 1 $5,080 00 (( 2 " Bills Payable, - - . - 1 150 00 cc 14 " Joseph Gushing, - - - 2 35 00 (C 25 " Bills Receivable, 2 250 00 cc 30 " William Smith, 2 17 64 Feb. 13 " Cash, 3 1,760 00 « 16 " John Lawson, - - - - 3 700 00 Mar. 15 " Eli R. Plowman, 5 1,440 00 " Profit and Loss, 6 1,894 41 11,327 05 . Dr. JOHN To balance, 7 1 i ! $2,500 00 62 RECEIVABLE. Ca. (2) 1839 Jan. 4 18 25 By Cash, - - - - - 44 tC _ . - _ - " Merchandise, - - - - " Balance, 1 2 2 7 $2,000 1,500 250 348 00 00 00 00 4,098 00 COX. Cr. 1839 Jan. 2 By Cash, 1 $1,000 00 (( 6 " Shaw & Tiffany, 1 472 50 (( 8 « Bills Receivable, 2 250 00 fcC 24 " William Smith, 2 1,016 00 Feb. 12 " Ship Herald, - - - - 3 4,000 00 (( 21 " Cash, 3 11 02 i C( '« " JohnLavvson, - - - - 4 11 024 « 22 " Shipment to London, 4 1,760 00 Mar. 7 " Sundries, - - _ - 4 448 00 (C 18 '< " _ - - - - 5 1,690 00 " Balance, 7 668 50 11,327 05 Cr. 22 By Shipment to London, $2,500 63 (3) Db. SAMUEL G. 1839 Jan. 1 To Stock, 1 $650 00 Dr. WILLIAM 1839 Jan. To Stock, $1,200 00 Dr. WILLIAM 1859 To Balance, $2,000 00 Dr. BILLS 2 3 7 8 ^200 300 ,573 00 00 11 9,073 11 1 1839 Jan. Feb. 30 6 To Cash, " Balance, 64 HYDE. 18 By Cash, Cr. $650 (3) STEWART. Cr. 27 By Cash, $1,200 LORMAN. Cr. 1839 Jan. 1 By Stock, ■ 1 $2,000 00 PAYABLE. Cr. 1839 Jan. (( Feb. (( Mar. u 1 2 16 11 12 1 11 18 By Stock, " Merchandise, - - - - " Thomas Gough, " L. Lawson, - - - - " Ship Herald, - - - - " L. Lawson's Consignment, " Sundries, - - - - - "do. 1 1 2 3 3 4 5 5 $500 150 500 1,111 2,000 1,000 212 3,600 00 00 00 11 00 00 00 00 9,073 11 65 (4) Dr. SHAW AND 1839 Jan. To Merchandise, - $472 50 Dr. Dr. JOSEPH 1839 To Balance, - - 7 $35 00 Dr. THOMAS 1839 Jan. 16 To Bills Payable, . - - - 2 $500 00 WILLIAM 1839 Jan. 24 To Merchandise, $1,016 1,016 00 00 Dr. PROPERTY ON 1839 Feb. 2 $1,600 00 3 60 00 6 340 00 2,000 00 D R. WILLIAM 1839 Feb. Mar. 6 30 To Cash, - " do. - 3 6 $50 100 00 00 150 00 66 TIFFANY. Cr. (4) 1839 Jan. 8 By Cash, 1 $472 50 GUSHING. 'Cr. 1839 Jan. 14 By Merchandise, - - - - 2 $35 00 GOUGH. Cr. 1839 By Balance, 7 $500 00 SMITH. Cr. 1839 Jan. 30 By Merchandise, - - - - " Balance, 2 7 $17 998 64 36 1,016 00 S. CHARLES STREET. Cr. 1839 Feb. 7 By Cash, 3 $2,000 ! i 00 1 2,000 00 PRESTON. Cr. 1839 By Charges, 6 $150 00 150 00 67 (5) Dr. SHIP 1839 Feb. 12 To Sundries, " Profit and Loss, 3 6 $6,000 500 00 00 6,500 00 Dr. JOHN 1839 Feb. 21 To Merchandise, " Balance, - $11 700 711 023 00 02i Dr. SHIPM EN T 1839 Feb. 22 To Sundries, - - - - 4 $4,410 00 Dr. SHIPMENT 1839 Mar. 18 To Sundries, $2,741 871 Dr. WILLIAM H. 1839 Mar. 18 To Sundries, 5 $2,741 87i Dr. L. LAWSON'S 1839 Mar. 1 (C 9 (( 25 To Sundries, " Cash, " Sundries, 4 $1,150 00 5 15 00 5 8,435 00 9,600 00 68 HERALD. Cr. (5) 1839 Feb. 18 By Cash, 3 $6,500 00 6,500 00 LAWSON. •Cr. 1839 Feb. 16 27 By Merchandise, - - - - " Cash, 3 4 $700 11 00 02i 711 02| TO LONDON. Cr. 1839 By Balance, 7 $4,410 00 TO JAMAICA, Co. 1. Cr. 1839 By Balance, 7 $2,741 871- TIERNAN. Cr. 1839 By Balance, 7 $2,741 87i CONSIGNMENT. Cr. 1839 Mar. u 4 5 21 By Cash, ----- " Michael Clancy, - - - " William Munroe, - - - 4 4 5 $1,000 1,100 7,500 00 00 00 9,600 00 69 (6) Dr. WILLIAM 1839 Mar. 21 To Lavvson's Consignment, $7,500 00 Dr. MICHAEL 1839 Mar. To Lawson's Consignment, $1,100 00 Dr. ELI R. 1839 To Balance, - i 7 $1,440 00 Dr. LAWRENCE 1839 Feb. 11 To Bills Payable, - " Balance, - . 3 7 $1,111 7,053 11 89 8,165 00 Dr. COMMISSION. 1839 To Profit and Loss, - 6 $373 75 - 373 75 Dr. CHARGES. 1839 Mar. 30 To Cash, " William Preston, - 6 4 $150 150 00 00 300 00 Dr. PROFIT AND 1839 Mar. 11 To Bills Payable, - " Charges, - " Stock, - . 5 6 1 $12 300 2,826 00 00 16 3,138 16 70 MUNROE. Cr. (6) 1839 By Balance, 7 $7,500 00 CLANCY. Cr. 1839 By Balance, 7 $1,100 00 PLOWMAN. Cr. 1839 Mar. 15 By Merchandise, - - - - 5 $1,440 00 LAWSON. Cr. 1839 Mar. 25 By Lawson's Consignment, 5 $8,165 00 8,165 00 Cr. 1839 Mar. 18 25 1 By Sundries, . . . - " Lawson's Consignment, 5 5 $133 240 75 00 373 75 Cr. 1839 By Profit and Loss, $300 300 00 00 LOSS. Cr. 1839 Mar. 25 By Lawson's Consignment, 5 $30 00 « Ship Herald, - - - - 5 500 00 " Commission, - - - - 6 373 75 " Property on S. Charles street, - 4 340 00 " Merchandise, - 2 1,894 41 3,138 16 71 0) Dr. BALANCE. To Cash, - . . - " Bills Receivable, " Merchandise, - - - " Thomas Gough, - - - " William Smith, - " Shipment to London, - " Shipment to Jamaica Co. 1. - " William H. Tiernan, - " William Munroe, " Michael Clancy, Note. — Merchants usually balance their books once, and sometimes twice a year, in order to as- certain whether they have gained or lost in trade, since the former balance. 18,049 348 668 500 998 4,410 2,741 2,741 7,500 1,100 55 00 50 00 36 00 87 -J- 87 i 00 00 39,058 16 72 Ce. (7) By John Cox, - " William Lorman, « Bills Payable, - " Joseph Gushing, - " John Lawson, " L. Lawson, " Eli R. Plowman, " Stock for my net capital, $2,500 2,000 8,573 35 700 7,053 1,440 16,756 00 00 11 00 00 89 00 16 39,058 16 73 (8) TRIAL BALANCE. Dr. Cr. Stock, - . . . . 1 $2,500 00 $16,430 00 Cash, - 1 22,644 55 4,595 00 Bills Receivable, - - - 2 4,098 00 3,750 00 John Cox, - - - 2 2,500 00 Merchandise, - - - - 2 9,432 64 10,658 55 William Lorman, - - - 3 2,000 00 Bills Payable, - - 3 500 00 9,073 11 Joseph Cushing, - . . 4 35 00 Thomas Gough, - - - 4 500 00 William Smith, 4 1,016 00 17 64 Property on S. Charles street, - 4 1,660 00 2,000 00 William Preston, - - - 4 150 00 Ship Herald, - - - - 5 6,000 00 6,500 00 John Lawson, - - - - 5 11 02| 711 02i Shipment to London, 5 4,410 00 Shipment to Jamaica Co. 1, 5 2,741 87|- Wi liam H. Ti ernan. 5 2,741 87i William Munroe, - - - 6 7,500* 00 Michael Clancy, - - - 6 1,100 00 Eli R. Plowman, - - - 6 1,440 00 Lawrence Lawson, - - 6 1,111 ii 8,165 00 'Commission, - - - - 6 373 75 Charges, 6 150 00 Profit and Loss, 6 12 go 30 00 $68,279 07i 68,279 071 Note. — For the information of the stu- dent, a Trial Bal ince is here given, al- though it is nfever ( jntered on the Books of the Merchant. It should be made at the ■ end of every month. Independent of the above plan for the making out of a Trial Balance, the learner may pursue the directions given under this head. Vide pj ige 42. i 1 ! 74. ^ -H - ^ o o a -§ A H H 02 02 O Oh S O PL, in m Q ^-^ H q ^ o^ o i^ O a ns o S T3 ^ s ^ . ■ .'cO 8<=" \a i« N< V« V« "TJ< W CO A •-> fc^ S d d 13 -TD « o Thomas Bell, Wm. Wirt, W. H. Tierna do. United States, do. do. John Adams, Nathan Roger M a hI HI o c CO a; cl Hi HI as n 1 «2d n ^ § >, >! am S >^ is ca S<*J ?«^ n ;?: t- — ^1 ^ es 3 C CO 1 .Si ? < 02 . o S 2:> .csgg . . . . S Is S O O . rt o o o o Q ^ffl Q ffi"^ ns § ^ h; -a -a Ts 13 ^< ^^ •-i 1 --0? cc^ 6 ^o< CO T^ K5 O t^ 00 Ci O .iOO^" . oo^t^.' .-^'^oo" . of CO -T (>f -T -h" -T oo" •< 00 ^Oi S 183 Dec. Nov. 183 Jan. Mar. ZQ-;?- fcfcg" 75 END OF LE DGER A. ' } FART III. LECTURES. The Rule for Journalizing is: — All things received, or the receiver, must b« made debtor, to all things delivered, or to the deliverer — or the rule may be expressed in these words: — Whatever is received, or ought to be charged, is Dr. and whatever is delivered, or ought to be discharged, is Cr. LECTURE I. >iora What will be your Journal entry — Question. If you begin business with cash, $4,000 ? Answer. Cash Dr. to Stock, $4,000. Q. If you commence business with a capital, - $6,000 Merchandise, per inventory, - - - - 2,000 The ship MinerVa, valued at - - - 3,000 Notes which you hold against others, - - 2,000 And Luke Tiernan & Son owe you on book acc't, 1,500 A. Sundries Dr. to stock, $14,500. For the amount of my effects. Cash for, - ' - $6,000 Merchandise for, 2,000 Ship Minerva for her present value, - - 3,000 Bills Receivable for notes you hold against others, 2,000 Luke Tiernan & Son for what they owe me on book account, " i' 1,500 77 LECTURES. Q. Why do you credit Stock in the two preceding entries ? Ji. Because it represents the merchant in his own set of books. Q. If you owe at the commencement of business, on your note to Alexander Brown, - - - Jl ,000 To Timothy Kelly on book account, - - 800 '^ William Dorsey, " " - . 400 A. Stock Dr. to Sundries, |2,200. For the amount of what I owe. To Bills Payable, due A. Brown on my note, $1,000 *' Timothy Kelly, due him on account, - - 800 " William Dorsey, <' « . . 400 Note. — ^Journal entries are either simple or complex. A simple entry has but one Debtor and one Creditor. A complex entry has one Debtor and two or more Creditors ; or two or more Debtors and one Creditor ; or when there are several Debtors and several Creditors, the entry is said to be complex in both its terms. Q. Give me an example of a simple entry .^ Jl. Cash Dr. to Merchandise, $50. Q. Give me an example of a complex entry, with one Dr. and more than one Cr. } A. Cash Dr. to Sundries, $100. To Merchandise for 50. " Bills Payable ^' 50. Q. Give me an example of a complex entry, with more Drs. than one, and one Cr. } A. Sundries Dr. to Cash, $100, , Merchandise for $50. Bills Receivable 50. Q. Give me an example of an entry complex in both its terms ? d. Sundries Dr. to Sundries, $8,000. Cash for $4,000 Bills Receivable for 4,000 Cis. are. To Merchandise, 4,000 " ship Swan, 4,000 Q. What does the Day Book contain.^ Jl. It contains or records every transaction in business, which produces any alteration in the state of the merchant's affairs. Formerly only one book was used for this purpose, but modern 78 LECTURES. practice divides this book into the following: The Invoice Book ; the Book of Shipments ; the Sales Book ; the Cash Book ; the Bill Book. The books just named, when no others are kept, contain the materials from which the Journal and Ledger are composed, and therefore should be kept with* the greatest precision and accuracy, and every calculation in them should be closely examined before it is journalized and posted ; to prevent a mistake running through the Journal and Ledger. Q. If you sell to Daniel Hoffman a quantity of merchandise for cash, $600 ? A. Cash Dr. to Merchandise, $600. Q. If you sell Daniel Hoffiiian, on account, a quantity of mer- chandise amounting to $600 ? A. Daniel Hoffman Dr. to Merchandise, $600. Q. What will be said Hoff'man's Journal entry } J2. Merchandise Dr. to J. H. S. $600. Q. If Daniel Hoffman paid you the amount of what he bought from you in cash, $600 } Jl. Cash Dr. to D. Hoff'man, $600. Received from him in full. Q. What will be his Journal entry } A. J. H. S. Dr. to Cash, $600. Q. Suppose you buy merchandise from D. Hoffman for a debt due to you, the value of which being more than the debt, the overplus paid in cash. The debt is $400. The amount of mer- chandise bought, $600. A. Merchandise Dr. to Sundries, - - - - $600 To D. Hoffman for amount due me, - - $400 " Cash paid, 200 Q. Sold D. Hoffman, at 30 days, merchandise, amounting to $200.? A. D. Hoffman Dr. to Merchandise, $200. Q. Suppose you made an abatement of $10 on the above, after they were entered, on account of defect.'^ A. Merchandise Dr. to D. Hoffman, $10. For abatement allow^ed him. Q. If the account of merchandise were closed, what would be your Journal entry .? A. Profit and Loss Dr. to D. Hoff'man, $10. 79 LECTURES. Q. But if D. Hoffman had given you his note, at 60 days, in payment of his last purchase ? A. Bills Receivable Dr. to D. Hoffman, $200. Received his note, at 60 days, to balance his account. (J. What will be D. Hoffman's entry ? Jl. J. H. S. Dr. to Bills Payable, $200. Q. Define to me, the purport of Bills Payable and Bills Re- ceivable. Ji. Notes that I pass, or Drafts I accept, are termed Bills Payable, and those received from others, are called Bills Re- ceivable. Q. If D. Hoffman afterwards pay you the amount of his note in cash, $200 ? Ji. Cash Dr. to Bills Receivable, $200. Received of D. Hoffman in full for his note. Q. What will be his Journal entry ? S. Bills Payable Dr. to Cash, $200. Q. If you pay D. Hoffman, cash, in full for your account, $100? JI, D. Hoffman Dr. to Cash, $100. Q. If you buy of D. Hoffman, on your note, at 30 days, a quantity of merchandise, $400 ? A. Merchandise Dr. to Bills Payable, $400. Bought of D. Hoffman on my note, at 30 days. Q. What will be his Journal entry ? A, Bills Receivable Dr. to Merchandise, $400. Q. If you afterwards take up the same note.^ JI. Bills Payable Dr. to Cash, $400. Q. If you had paid the same note in merchandise.? A. Bills Payable Dr. to Merchandise, $400. Q. What would be D. Hoffman's entry, in that case ? A. Merchandise Dr. to Bills Receivable, $400. Q. If you buy of D. Hoffman, $1,000 in merchandise, and give him your note, at 60 days, for $600, and cash for the balance, $400.? Ji. Merchandise Dr. to Sundries, $1,000. To Bills Payable for my note, favor Daniel Hoffman, $600 <« Cash for balance, 400 80 LECTURES. Q. What would be D. Hoffman's Journal entry ? A. Sundries Dr. to Merchandise, $1,000. Bills Receivable for the note received, - - $600 Cash, for the balance, ----- 400 Q. Suppose at the end of 60 days, you take up your note in favor of D. Hoffman, and pay him in cash, $400 And sell him 50 yards black cloth at $4 per yard for the balance ? 200 Jl. Bills Payable Dr. to Sundries, $600. To Cash, paid in part, my note, favor D. Hoffman, $400 " Merchandise sold him 50 yards black cloth, at $4 per yard, for balance, - - - 200 Q. What will be D. Hoffman's entry > A, Sundries Dr. to Bills Receivable, $600. Cash, for the money received, - - - $400 Merchandise for the cloth, . - - - 200 Q. Lent D. Hoffman, $200, to be repaid in twenty days ? Jl. D. Hoffman Dr. to Cash, $200. Note. — ^The person to whom you deliver any thing is Dr. to the thing delivered him, when nothing is given in return. Q. If a legacy of $2,000 is bequeathed you by John Grant, who appoints D. Hoffman, his executor } A. D. Hoffman Dr. to Profit and Loss, $2,000. Gained by the will of John Grant. Note. — It is plain that D. Hoffman is debited, and that no real or personal account can be credited; therefore, the imaginary account. Profit and Loss, is credited. Q. When D. Hoffman pays you the legacy, what will be your Journal entry .? A. Cash Dr. to D. Hoffman, $2,000. Received of said Hoffman in full of the will of John Grant. Q. If you received the legacy before you made an entry of it, in your books } A. Cash Dr. to Profit and Loss, $2,000. Note. — Whatever is received is Dr. to the thing delivered ; and as nothing was given by you, it being a legacy, it is evident that John Grant is not to be credited, for you cannot credit a person who is dead: therefore, you Debit Cash, and Credit Profit and Loss. L 81 LECTURES. Q. If you buy merchandise of D. Hoffman for $800 cash, but he afterwards accepts your note, at 6 months, with interest added, at 6 per cent. ? A. Sundries Dr. to Bills Payable, $824. Merchandise for amount D. H's bill, - - $800 Profit and Loss for the interest, - - - 24 Q. What would be D. Hoffman's entry .? Jl. Bills Receivable Dr. to Sundries, $824. To Merchandise for $800 " Profit and Loss for interest, - - - 24 Q. When you made D. Hoffman Dr. to Merchandise sold him, on Book account, in this lecture, what did you infer from this Journal entry ? A. That D. Hoffman is the Dr. and Merchandise the Cr. for a certain sum, the amount of the Dr. being equal to that of the Cr. this is the purport of the application of Dr. and Cr. Q. Suppose A. B. of Mobile owes you $3,250 for Merchan- dise, and he gives you a draft, at sight, on C. D. of Philadel- phia, from whom you receive a check on the United States Bank, at 60 da3^s, at one per cent. Exchange } Q. Suppose you had a debt of $800 against A. B. who is dead, and in the course of some time, his executor pay you, with interest thereon, what will be your Journal entry } Note. — Creditors are always written with the word To before them; but Debtors are expressed simply, without any word prefixed. 82 LECTURE II. What will be your Journal entry — Q. If you buy goods of J. Hart, for the use of your store^ and give him your note, at 2 months for $1,200 ? Jl. Merchandise Dr. to Bills Payable, $1,200. Q. What entry will J. Hart make ? A. Bills Receivable Dr. to Merchandise, $1,200. Q. Suppose you bought said goods for the use of your fac- tory ? Jl. Factory account Dr. to Bills Payable, $1,200. Q. If you bought goods to the amount of $100, for the use of your house, on Book account, from J. Hart ? Jl. House expenses Dr. to J. Hart, $100. Q. If your drayman, Wm. Smith, furnish you with a bill of $20 for drayage } Jl. Charges Dr. to Wm. Smith, $20. Q. If you sell Merchandise to the amount of $500, belonging to the Factory, on Book account, to John Grundy } Jl. John Grundy Dr. to Factory account, $500. For amount of goods sold him, as per bill rendered. Q. Suppose you allow an abatement of $12 for defect, on said goods? A. Factory account Dr. to John Grundy, $12. Q. If you sell J. Grundy, $500 worth of merchandise and receive from him, his note, at 90 days, for $250 And cash, for the balance, ----- 250 A. Sundries Dr. to Merchandise, $500. Bills Receivable, for J. Grundy's note, - - $250 Cash, for the balance, 250 Q. AVhat will be his Journal entry? A. Merchandise Dr. to Sundries, $500. To Bills Payable, for my note, - - - $250 " Cash, for the balance, - - - - 250 83 LECTURES. Q. If J. Grundy afterwards, give you, in payment, a note he holds against Robert Colder for - - $125 And Merchandise, for the balance, - - - 125 w3. Sundries Dr. to Bills Receivable, $250. Bills Receivable for R. Golder's note, - - $125 And Merchandise, for balance, - - - - 125 Q. Accepted John Grundy's draft, at 60 days' sight, in favor of Robert Golder, $300? A. John Grundy Dr. to Bills Payable, $500. For my acceptance of his draft, at 60 days' sight, to Robert Golder. Q. Matthew Carey has remitted me his draft on Patrick Tiernan, dated January 14th, at 30 days, for $1,500? A. Bills Receivable Dr. to M. Carey, $1,500. For his draft on P. Tiernan, January 14th, at 30 days. Q. If you discount Charles Williams' bill of $500, due the 8th inst. Discount thereon ? A. Sundries Dr. to Bills Receivable, $500. Cash, for net amount of note discounted. Profit and Loss, for discount. Q. Charles Williams having failed, you have taken up his note, due this day ? A, Charles Williams Dr. to Cash. Paid his note, he having failed. ^ Q. Lost my pocket book containing Bank notes to the amount of $50. Paid for advertising, $2 ? A. Profit and Loss Dr. to Cash, $52. Q. If you receive for rent of your house in Baltimore st., $800? A, Cash Dr. to Property on Baltimore street, or to House in Baltimore street, or Real Estate, $800. NofE. — When rents, freights, or the like, are owing, it will readily occur to make the person accountable Dr. instead of Cash — or, when any other article is received, to make the article received Dr. to the property. Q. If you pay John Hogg for repairs to house in Baltimore street, $80? A. Property in Baltimore street Dr. to Cash, $80. 84 LECTUEES. Note. — Paying charges on account of Property. The Property Dr. to Cash, for the repairs, duties, or the hke. If the charge be owing at taking a balance, the property is made Dr. to the person to whom it is due ; or if we discharge it by giving merchandise, the property is Dr. to the article delivered. Q. If you buy of John Grundy, $2,000 worth of merchandise, and give him your order on D. Hoffman.? j3. Merchandise Dr. to D. Hoffman, $2,000. For my order on him, in favor of J. Grundy. Q. What will be D. Hoffman's Journal entry, if he pay your order in Cash } A. J. H. S. Dr. to Cash, $2,000. Note. — Observe whenever you draw on any person on your own account, you must credit him, and he will debit you. 8& LECTURE III What will be your Journal entry — Q. If you buy of Wm. Mayhew & Co. $4,000 wortb of mer- cbandise, and give ihem, in part payment, a note you hold against them for, |2,000 And your note for the balance, - - - 2,000 Jl. Merchandise Dr. to Sundries, $4,000. To Bills Receivable, for Mayhew & Go's note given up, $2,000 " Bills Payable for my note, . . - - 2,000 Q. If you buy of Mayhew & Co. $4,000 worth of merchandise, and give them in part payment, your note at 60 days for $2,000 The balance, in cash, 2,000 Ji. Merchandise Dr. to Sundries, $4,000. To Bills Payable, for my note, - - - $2,000 " Cash, for the balance, ... - 2,000 Q. What will be their Journal entry .'' Jl. Sundries Dr. to Merchandise, $4,000. Bills Receivable for the note received, - - $2,000 And Cash for the balance, . - - - 2,000 Q. If you buy of Mayhew & Co. $400 worth of merchandise, at one month's credit ? j3. Merchandise Dr. to Mayhew & Co. $400. Bought of them on account, at one month. Q. If Mayhew & Co. gave you the $400 worth of goods, to balance an account they owed you ? A. Merchandise Dr. to Mayhew & Co. $400. Q. Suppose you lose the $400 worth of goods, you bought from Mayhew & Co. by fire ? A. Profit and Loss Dr. to Merchandise, $400. Q. Suppose you give a donation of $10 to a charitable insti- tution ? A, Profit and Loss Dr. to Cash, $10. Q. Suppose you buy a lottery ticket for $5 } A. Profit and Loss Dr. to Cash, $5. 86 LECTURES. Q. Suppose sometime afterwards you drew a prize, amount- ing to $600, all expenses deducted ? A. Cash Dr. to Profit and Loss. Q. Suppose you gave $50 worth of goods as a present.^ Jl. Profit and Loss, Dr. to Merchandise, $50. Q. Suppose you bought at the auction store of Hoffman & Co. ^2,000 worth of merchandise, for cash, and sold them, before you entered them in your books, for $2,500 } A. Cash Dr. to Profit and Loss, $500. Q. Suppose you sold them, and lost by the sale, before entry, $100.? A. Profit and Loss Dr. to Cash, $100. Q. Suppose you receive from D. Hoffman on account of James Blackwood, $200? S.. Cash Dr. to J. Blackwood, $200. Received from D. Hoffman on account of J. B. Q. If D. Hoffman owes me $500, and he fails, and the debt becomes a total loss .'' A. Profit and Loss, Dr. to D. Hoffman, $500. Note. — When the bankrupt pays a composition, make Profit and Loss Dr. to the bankrupt, for the deficiency ; and when a dividend is received, or a final settlement made, enter the article received, or person accountable for it. Dr. to the bankrupt, if the bankrupt should pay up the balance. Cash Dr. to Profit and Loss for the sum received. Q. If you sell to Mayhew & Co. $200 worth of merchandise and receive their draft, at sight, on James Ryan, of New York, for that amount, which you charge to said Ryan's account, being in his debt, $200? A. James Ryan Dr. to Merchandise, $200. Sold Mayhew & Co. merchandise, and received their draft on James Ryan, $200. Q. What will be James Ryan's Journal entry, when you advise him of the transaction ? A. Mayhew & Co. Dr. to J. H. S., $200. Q. If you sell to Mayhew & Co., on their note, at 90 days, $1,000 worth of goods? A. Bills Receivable Dr. to Merchandise, $1,000. Sold to Mayhew & Co., on their note, at 90 days. Q. If you purchase at Hoffman & Co's auction store, for cash, 87 LECTURES. f 1,000 worth of Irish linen, and sell it before you enter it on your books, for $1,200 cash, and gain by the transaction, $200? A. Cash Dr. to Profit and Loss, $200. Q. Suppose you had sold the same linen, on a note, at 30 days, for $1,200? A, Bills Receivable Dr. to Sundries, $1,200. To Cash paid, $1,000 " Profit and Loss for the gain, - - . 200 Q. Suppose Mayhew & Co. had owed you $400 on their note, and you compromised with them for $200 ? A. Sundries Dr. to Bills Receivable, $400. Cash, for money received, - - - . $200 And Profit and Loss, for the loss, - - - 200 Q. Suppose Mayhew & Co. had owed you, on their note, $400 and had given you a new endorsed note, at 60 days, for 200 And you had to lose the balance, ... 200 A. Sundries Dr. to Bills Receivable, $400. Bills Receivable for the new endorsed note received, $200 Profit and Loss, for the loss, - - - - 200 Q. Suppose Mayhew & Co. owed you, on their note, $600, and in payment, gave you your note, passed to D. Hoffman, for the same amount, $600 ? A. Bills Payable Dr. to Bills Receivable, $600. Passed Mayhew & Co's note in payment for mine, favor D. H. for $600 Q. Suppose James Blackwood, who owed you, on book ac- count, $400, has failed, and he secure you $200 of the debt payable in six months, and you sign his release for the balance ? A, Profit and Loss Dr. to J. Blackwood, $200. Released him this amount on account. Q. If you borrow D. Hoffman's note, at 30 days, for your accommodation, for $800 ? A. Bills Receivable Dr. to D. Hoffman, $800. Borrowed his note, at 30 days, for my accommodation. Q. If, when D. Hoffman's note, which you borrowed, becomes due, you give him your check on the Merchants' Bank for the amount, $800? A. D. Hoffman Dr. to Cash, $800. Paid him for his note, borrowed for my accommodation. 88 LECTURE IV What will be your Journal entry — Q. Suppose you get Lorenzo Dorsey's note discounted at the Merchants' Bank, and receive in cash — Discount for 64 days, being ? A, Sundries Dr. to Bills Receivable. Cash for the net amount of Dorsey's note discounted. Profit and Loss for the discount. Q. If, when L. Dorsey's note becomes due, it is protested for non-payment, and you repay the bank, with cost of protest, &c., in cash ? A. L. Dorsey Dr. to Cash. For his note, with cost of protest, &c., which 1 had dis- counted. Q. Suppose L. Dorsey give you his note, at 90 days, for $500, with interest added, at 6 per cent., to pay a debt he owes you ? A. Bills Receivable Dr. to Sundries. To L. Dorsey, for amount of his account, $500. " Profit and Loss, for interest. Q. Suppose you give L. Dorsey your note at 60 days, for $500, with interest added, to pay a debt which you owe him? A. Sundries Dr. to Bills Payable, $500. L. Dorsey, for the amount of my account. Profit and Loss, for the interest. Q. Suppose you received of L. Dorsey, for his note of $500, a new one, at 60 days, with interest added, for $300. $303 And Cash for the balance, - - - - 200 A, Sundries Dr. to Sundries, $503. Bills Receivable, for the new note, - - - $303 Cash, for the balance, . - - - 200 Crs. are. To Bills Receivable, for his old note given up, $500 " Profit and Loss for the interest, - - - 3 M 89 LECTURES. Q. If you draw a bill of $2,000, on M. Carey, of Philadel- phia, at 30 days sight, in favor of Stephen Girard, to pay a debt you owe the latter ? Jl, Stephen Girard Dr. to M. Carey, $2,000. For my draft on the latter in favor of the former. Q. If you. buy a house of A. Golder, situated on Fayette street, and pay him in cash, $3,000 And pass your note, at 3 months, for the balance, 2,000 A. Property on Fayette street. Dr. to Sundries, $5,000. To Cash, paid A. Golder in part, - - - $3,000 " Bills Payable for my note, for balance, - 2,000 Q. If you effect insurance, with the Firemen's Insurance Company, on $5,000, at one per cent, premium, and pass your note, at 30 days, for $50? A. Property on Fayette street Dr. to Bills Payable, $50. For my note passed the Firemen's Insurance Company for premium. Q. Suppose your house is consumed by fire, and you receive from the Firemen's Insurance Company, your note passed to them for the premium, $50 And Cash for the balance, - - - - 4,950 Jl. Sundries Dr. to Property on Fayette street, $5,000. Bills Payable, for my note received, - - $50 Cash received from the Firemen's Insurance Company for 4,950 Q. Suppose your house is destroyed by fire, and that no Insurance was effected, worth $5,000.^ A. Profit and Loss Dr. to Property on Fayette street, $5,000 Q. If you go to Boston, on business, and spend $90 ? w3. Charges Dr. to Cash, $90. Paid expenses to Boston. Q. Suppose you received of Ignatius Boarman, $800, being the amount of twelve months' rent due to you on property in Fayette street ? Jl. Cash Dr. to Ignatius Boarman, $800. Note. — At the closing of the books, Ignatius Boarman's account is closed To Property on Fayette street, which is immediately transferred to the Cr. side of Property on Fayette street, by saying: By Ignatius Boar- man, for twelve months' rent, and Property on Fayette street is afterwards 90 LECTURES. closed like Ship or Bank Stock account. In place of crediting Ignatius Boarman for the twelve months' rent already referred to, you may credit Property on Fayette street, which will produce the same resuh ; as Pro- perty on Fayette street, as a matter of course, should be credited for what it brings in. Q. Suppose you owe your clerk, John McGrevy, for three months' services, $200 ? Jl. Charges Dr. to John McGrevy, $200. Q. Suppose you afterwards pay him $200.^ A. John McGrevy Dr. to Cash, $200. Note. — If any charge, such as clerk's wages, interest, or the like, be due at taking a balance, the account of Charges, Profit and Loss, or In- terest, is made Dr. to the person to whom it is owing. Q. Suppose you buy 200 shares Franklin Bank Stock, at 5 per cent, advance, each share amounting to $50 10,500.^ Jl. Franklin Bank Stock Dr. to Cash, $10,500. Q. If you afterwards receive a dividend of 4 per cent, on Franklin Bank Stock, $420.? A. Cash Dr. to Franklin Bank Stock, $420. Q. If you sell Franklin Bank Stock, for cash, at the rate of $98 to the $100 Stock, $9,800.? Jl. Cash Dr. to Franklin Bank Stock, $9,800. Q. Suppose you had sold to A. Golder & Co., the 200 shares Franklin Bank Stock, at 8 per cent, advance, each share $50, $10,800, and receive in part payment, merchandise to the amount of $9,000, and their note, at 30 days for balance, $1,800.? A. Sundries Dr. to Franklin Bank Stock, $10,800. Merchandise for $9,000 Bills Receivable, for A. Golder & Co's note, 1,800 Q. If you exchange notes with A. Golder & Co. for your mutual accommodation, for $1,500.? A. Bills Receivable Dr. to Bills Payable, $1,500. Note. — A. Golder & Co. will make the same Journal entry. Q. Suppose you borrowed A. Golder's note, at 60 days, for your accommodation, $2,000 .? A. Bills Receivable Dr. to A. Golder, $2,000. Q. If you lose on merchandise by fire, and no insurance effected .? Jl. Profit and Loss Dr. to Merchandise. 91 LECTURES. Q. If you insure, with the Firemen's Insurance Co., $5,000 pn your merchandise, in store, at one per cent, premium, and pay it in cash, $50 } Jl. Merchandise Dr. to Cash, $50. For premium paid on goods in store. Q. If you allow $20, in cash, for defect on goods formerly sold? j2. Merchandise Dr. to Gash, $20. For defect allowed on goods formerly sold. Q. If you borrow of A. Golder, $200 in cash, and give him your note for $212, payable in 12 months.? Ji. Sundries Dr. to Bills Payable, $212. Cash for the money received, - - - - $200 Profit and Loss for the interest, - - - - 12 Q. What will be A. Golder's Journal entry .? Jl, Bills Receivable Dr. to Sundries, $212. To Cash, for the money lent, - - - - $200 " Profit and Loss, for the interest, - - - 12 Q. If A. Golder owe you, on account, $1,000, and he pay you in cash, with interest, at 6 per cent., for two months.? A. Cash Dr. to Sundries, $1,010. To A. Golder, for amount of his account, - $1,000 " Profit and Loss, for the interest, - - - 10 Q. What will be A. Golder's entry? Jl, Sundries Dr. to Cash, $1,010. J. H. S. for what I owed him on account, - $1,000 And Profit and Loss, for the interest, - - 10 Q. Suppose A. Golder had paid you, before the debt became due, in cash, $990 And you had allowed discount, for the balance, 10 A. Sundries Dr. to A. Golder, $1,000. Cash, for the sum received, - - - - $990 Profit and Loss, for the discount, - - - 10 Q. If you lend to Richard Walker, on his Bottomry Bond, $1,500 in cash, to be repaid, with 20 percent, premium, to Peter Lacroix, of Havre, on account, ten days after the arrival of his ship, Venus, in that port ? Jl. Bills Receivable Dr. to Cash, $1,500. Q. If Peter Lacroix, of Havre, write to you that he has re- 92 LECTURES. ceived from Richard Walker, $1,800, on your account, in fiiU for principal and premium of $1,500, lent to said Walker on his Bottomry bond ? Jl. Peter Lacroix Dr. to Sundries, $1,800. To Bills Receivable, for Richard Walker's bond given up, ----- $1,500 To Profit and Loss, for the premium, - - 300 Note. — Bottomry and Respondentia. — ^The contract of bottomry is in the nature of a mortgage of a ship, when the owner of it borrows money to enable him to carry on the voyage, and pledges the keel or bottom of the ship, as a security for the repayment : and it is understood, that if the ship be lost, the lender loses his money ; but if it return in safety, then he shall receive back his principal, and also the premium or interest stipu- lated to be paid, however it may exceed the usual, or legal rate of interest. When the ship and tackle are brought home, they are hable, as well as the person of the borrower, for the money lent. But when the loan is not made upon the vessel, but on the goods and merchandise laden thereon, which, from their nature, must be sold or exchanged in the course of the voyage, then the borrower only is personally bound to an- swer the contract ; who, therefore, in this case, is said to take up money at respondentia. In this consists the difference between bottomry and respondentia; that the one is a loan upon the ship, the other upon the goods ; in the former the ship and tackle are liable, as well as the person of the borrower ; in the latter, for the most part, recourse must be had to the person only of the borrower. Another observation is, that in a loan upon bottomry, the lender runs no risk, though the goods should be lost, and upon respondentia, the lender must be paid his principal and interest, though the ship perish, provided the goods are safe. But in all other respects, the contract of bottomry and that of respondentia are upon the same footing. 9S LECTURE V What will be your Journal entry — Q. If you pay freight of merchandise from Boston, in cash, f 50? Ji. Merchandise Dr. to Cash, $50. Q. Suppose you had passed your note for the freight, $50? A. Merchandise Dr. to Bills Payable, $50. Q. If you gave a note you hold against James Blackwood, for the freight, $50 ? Jl. Merchandise Dr. to Bills Receivable, $50. Q. If you pay notes, you had formerly passed, in cash, viz : ToA. Golder, $500 « James Blackwood, - - . - 1,000 " Daniel Hoffman, 1,500 w3. Bills Payable Dr. to Cash, $3,000. Paid note favor A. Golder for - - - - $500 " " J.Blackwood, - - - 1,000 « " Daniel Hoff'man, - - - 1,500 Q. If you receive from the following persons, cash, in full, of their accounts, viz : From James Bacon, $100 " Thomas Dillaway, 80 A. Cash Dr. to Sundries, $180. To James Bacon, received from him in full, - $100 " Thomas Dillaway, 80 Q. Suppose you had insured $1,000 on the ship Peacock of Philadelphia, bound to London, belonging to William Patterson, and received the premium at 10 per cent. ? A, Cash Dr. to Insurance, $100. Q. If you receive cash, in part for a note you hold against James Blackwood? A. Cash Dr. to Bills Receivable. Q. If you pay cash, in part for a note held against you, by James Bacon ? j2. Bills Payable Dr. to Cash. 94 LECTURES. Q. Suppose you had endorsed a note for J. Blackv^ood, and had to pay it ? *B.. James Blackwood Dr. to Cash. Q. If Matthew Carey, of Philadelphia, draw a bill on you at sight, in favor of A. Golder, and you pay it in cash, $1,000.'* A. M. Carey Dr. to Cash, $1,000. Paid his draft on me, at sight, favor of A. Golder. Q. If Matthew Carey, of Philadelphia, draw on you, at 30 days sight, in favor of A. Golder, and you accept it, for $1,000? A. M. Carey Dr. to Bills Payable, $1,000. Q. If you afterwards pay your acceptance, in favor of A. Golder, in cash, $1,000? Jl. Bills Payable Dr. to Cash, $1,000. Q. If you draw a bill of $1,200 on Matthew Carey, of Phil- adelphia, in favor of R. Golder, to pay ad ebt you owe said Golder? w2. R. Golder Dr. to M. Carey, $1,200. For my draft on the latter, in favor of said Golder. Q. If James Brown, of Liverpool, draw a Bill of Exchange on you for £250 sterling, at 90 days sight, favor of A. Brown & Sons, and you accept it, for $1,111.11? Jl. James Brown Dr. to Bills Payable, $1,111.11. Accepted his bill on me, favor A. Brown & Sons. Q. If you buy of A. Brown & Sons, their set of Exchange of £200 sterling, at 60 days sight, on James Brown, of Liverpool, at par, $888.88? A. Bills Receivable Dr. to Cash, $888.88. Q. If you buy for cash, A. Brown & Sons' set of Exchange of £200 sterling, at 60 days sight, on James Brown, of Liver- pool, at two per cent, premium ? A, Sundries Dr. to Cash, $906.64. Bills Receivable, for the draft, - - - $888.88 Exchange acct., or Profit & Loss for the premium, 17.76 Q. Suppose you had bought of A. Brown and Sons, their set of Exchange, at two per cent, discount ? A. Bills Receivable Dr. to Sundries, $888.88. To Cash, for the sum paid, - - - $871.12 " Exchange account for the discount, - - 17.76 95 LECTURES. Q. Suppose you sell for cash, A. Brown & Sons' set of Ex- change of £200 sterling, on James Brown, of Liverpool, at par, $888.88 ? ^. Cash Dr. to Bills Receivable, $888.88. Q. If you sell to A. Golder for cash, your Bill of Exchange of £200 sterling, at 90 days sight, on James Brown, of Liver- pool, at par } A. Cash Dr. to James Brown, $888.88. Sold my bill on him, favor A. Golder, at par. Q. If you received of Vanpelt, of Rotterdam, his bill on Shaw & Tiffany, at sight, who paid you, being in full of said Vanpelt's account, $600.^ A. Cash Dr. to Vanpelt, Note. — A Bill of Exchange is a written order from one person to another, requiring him to pay a certain sum of money to a third person, or to his order, and that either on demand, or at a specified time. It is by means of Bills of Exchange, that money is usually remitted from one country to another. The term of a bill varies according to the agree- ment of the parties, or the custom of the countries. Some bills are drawn at sight, others at a certain number of days after sight, or after date ; and some at usance. Bills of Exchange are mostly drawn in the money of the places where they are to be paid. As a security against accidents or delays, merchants frequently make out three or four bills at the same time, all of the same tenor and date, which are called a set of Exchange. These are transmitted by different mails, and when one of them is paid, the others are of no force. In drawing the Second Bill, write my first and third not paid. In drawing the Third Bill, write my first and second not paid. The incidents to which bills are subject are: Endorsement, Accept- ance, Payment and Protest. Note. — Foi'eign Bills of Exchange. — It seems extremely doubtful at what period, or by whom. Foreign Bills of Exchange were first in- vented. The elementary writers on the subject differ. It is said by Pothier, that there is no vestige among the Romans of Bills of Exchange, or of any contract of exchange ; for, though it appears that Cicero di- rected one of his friends at Rome, who had money to receive at Athens, to cause it to be paid to his son at that place, and that friend accordingly wrote to one of his debtors at Athens, and ordered him to pay a sum of money to Cicero's son, yet it is observed that this mode amounted to nothing more than a mere order, or mandate, and was not that species of pecuniary negociation which is carried on through the medium of a Bill of Exchange j nor docs it appear that the commerce of the Romans was carried on by means of this instrument ; for we find by one of their laws, 96 LECTURES. that a person lending money to a merchant who navigated the seas, was under the necessity of sending one of his slaves to receive of his debtors the sum lent, when the debtor arrived at his destined port, which would certainly have been unnecessary, if commerce, through the medium of Bills of Exchange, had been in use with them. Most of our modern writers have asserted (probably on the authority of Montesquieu), that these instruments were invented and brought into general use by the Jews and Lombards when banished for their usury, in order, with the secrecy necessary to prevent confiscation, to draw their effects out of France and England, to those countries in which they had chosen, or been com- pelled to reside. But Mr. Justice Blackstone says, this opinion is erroneous, because the Jews were banished out of Guienne in the year 1287, and out of England in the year 1290; and in the year 1236 the use of paper credit was introduced into the Mogul empire in China. Other authors have attributed the invention to the Florentines, when, being driven out of their country by the faction of the Gebehngs, they established themselves at Lyons and other towns. On the whole, however, there is no certainty on the subject, though it seems clear. Foreign Bills were in use in the fourteenth century, as appears from a Venilian law of that period ; and an inference drawn from the statute 5 Rich. 2 st. 1, 2, warrants the con- clusion, that Foreign Bills were introduced (into England) previously to the year 1381. Q. Suppose you received from on board the Mermaid, Rich, 10 hhds. Sugar, consigned to you by L. Lawson, of London, to be sold for your account. The amount Invoice is £200 at 6 per cent. £212 or $942.12 Charges thereon, - - - - 60.00 $1,002.12 Sold the above Sugar, for cash, before you had entered it, for $250 per hhd., $1,500.? A. Cash Dr. to Sundries, $1,500. To L. Lawson, for the amount Invoice, - $1,002.12 " Profit and Loss, for - - - - 497.88 Q. Suppose you sold said Sugar, for a sum less than the amount Invoice .'' «6I. Sundries Dr. to L. Lawson. Cash for the sum received. And Profit and Loss, for the loss. Q. Suppose you received from on board the George, of Boston, Anderson, 10 hhds. Madeira Wine, the advice letter N 97 LECTURES. t being mislaid, you took the Wine, to be sold for his account, and paid charges thereon, $120. After making your proper entry, you discovered the advice letter, and found the Wine was to be sold for your account, and that the amount Invoice was $1,400.? Q. Suppose you had received Lawson's merchandise on the wharf, and passed your note for the charges, and as they were damaged, you sold them immediately for another man's note, equal to the charges .'* A. Bills Receivable Dr. to Bills Payable. And afterwards, L. Lawson Dr. to Commission. 98 LECTURE VI. Q. If you ship to London, by the Columbia, and consign to Lawrence Lawson, of said place, to be sold on your account, viz: — 500 bbls. Flour from your Store, at $8 per bbl. $4,000 And pay charges, &c., in Cash, - - - 100? Jl. Shipment to London Dr. to Sundries, $4,100. For the cost and charges of the following, per the Co- lumbia. To Merchandise, for 500 bbls. Flour from Store, $4,000 " Cash paid charges, at Shipping, - - 100 Q. What will be L. Lawson's Journal entry when he receives said flour to be sold on your account, admitting he pays the freight, duties, &c. in Cash, $500 ? A. J. H. S's Consignment Dr. to Cash, $500. Q. If you afterwards receive from L. Lawson, London, an account sales of the same flour, without any remittance for the net proceeds, $7,000? A. L. Lawson Dr. to the former Shipment, $7,000. For net proceeds, per account sales rendered of flour consigned to him to be sold on my account. Q. How would Lawson close your consignment, sales fin- ished, and he consign you a net return in Beef, just bought for ready money ? Ji. J. H. S''s Consignment Dr. to Sundries. To Cash, paid for Beef and charges. '* Commission, for two commissions. Qi Suppose said Lawson closed your consignment, and sent you a cargo just bought for ready money greater than the net proceeds ? 99 LECTURES. Ji. Sundries Dr. to Sundries. J. H. S's Consignment for the closing. Ditto for the excess shipped. Crs. are, To Cash paid for Beef and charges. *' Commission, for two commissions. Q. Suppose said Lawson had your consignment closed, and sent you a cargo, in Beef, less than the net proceeds, just bought for cash ? A. J. H. S's Consignment Dr. to Sundries. To Cash paid for the Beef and charges. " Commission, for two commissions ; that is, for his commission on the inward cargo, as well as his commission on the outward bound cargo. And to J. H. S. for the deficiency. Q. If you ship, by the brig Minerva, to Peter Lamotte & Co., of Havre, by their orders and for their account, 100 bales South Carolina Cotton from Store, 200 bbls. Flour, bought of J. Bacon, on your note, Pay Charges, in Cash, Your Commission on the whole at 2\ per cent. ^. Peter Lamotte & Co. Dr. to Sundries. For the cost and charges of the following, by the Minerva : To Merchandise, for 100 bales S. C. Cotton from Store. " Bills Payable for my note, passed for the Flour. " Cash, paid charges. " Commission, at 2\ per cent. Q. What will be Peter Lamotte & Co's entry on receiving the foregoing invoice. And paying the duties, &c. ? Ji. Merchandise Dr. to Sundries. To J. H. S. for the amount of invoice. " Cash paid duties, freight, &c. Q. What would Lawson's Journal entry be, if he sold your consignment for a sum equal to the charges and commission ? Q. And your entry to correspond therewith ? Q. What would be Lawson's entry, if he had but one-half your consignment sold, and ship you the other half for want of sales } 100 LECTURES. /^ /. : : ^^';^ r^^ >. Q. And your entry to correspond therewith ? Q. If you buy of James Lucas, the brig, Patrick Henry, for $4,000, and pay him in merchandise, - - - $2,000 Pass your note for 1,000 And owe him the balance, - - - _ 1,000 Ji. Brig Patrick Henry Dr. to Sundries, $4,000. To Merchandise sold James Lucas, in part, $2,000 " Bills Payable for my note, - - - 1,000 " James Lucas for the balance, - - 1,000 Q. What will be James Lucas' Journal entry ? A. Sundries Dr. to brig Patrick Henry, $4,000. Merchandise for, $2,000 Bills Receivable for J. H. S's note, - - 1,000 And J. H. S. for the balance, - - - 1,000 Q. Suppose you received $1,000, of Robert Oliver, for the freight of your ship, Patrick Henry ? A. Cash Dr. to ship Patrick Henry, $1,000. Note. — As the ship is always debited for her cost and charges, she must likewise be credited for the money or return received by her. Q. Suppose L. Lawson, of London, had sold your consign- ment, — part for Cash, Part for another person's note. Had taken up his note with part. Had kept part for the use of his own house. Had taken part to his own store to sell. And made a present of the remainder ? Ji. Sundries Dr. to J. H. S's consignment. Cash, for the part sold. Bills Receivable, fo. part. Bills Payable, for my note, taken up, for part, House Expenses, for part taken for the use of my house. Merchandise, for part taken for the use of my store, And Profit & Loss, for the part given away, or bestowed. Q. Suppose the cargo you shipped L. Lawson, to be sold on your account, was lost, after making your proper entry ? A. Profit and Loss Dr. to the former shipment. Q. But, if the cargo were insured by the Neptune Insurance Company ? A. Neptune Insurance Company Dr. to the former shipment 101 ::: ^::'- '^ .: r :■ :\ " ^- lectures. Note. — It is evident that you can charge the Insurance Company with the cargo insured, for the amount, as they are bound, by the poHcy delivered you, to cover the losses sustained. Q. If L. Lawson advise you that he was obliged to make abatement on your consignment ? A. Make the account of shipment if open, if not Profit and Loss Dr. to L. Lawson. Q. Suppose you shipped merchandise to the amount of $8,000, and insured them, at the Neptune Insurance Company, at a pre- mium of 6 per cent., which you paid } Jl. Shipment to such a place, naming it. Dr. to Cash, $480. Q. But if you insure the Merchandise, and do not pay the premium, at the same time } A. Shipment to , Dr. to Neptune Insurance Co. $480. Q. If you pay the premium upon the safe arrival of the mer- chandise ? w3. Neptune Insurance Company Dr. to Cash, $480. Q. If the above merchandise that was insured, by the Nep- tune Insurance Company, was lost ? A. Neptune Insurance Company Dr. to shipment to , for $8,000. Q. If the merchandise had been lost at sea, and not insured ^ Ji, Profit and Loss Dr. to shipment to , For your loss, $8,000. Q. What was your entry when you received an account sales from L. Lawson, without any remittance for the net proceeds } Jl. L. Lawson Dr. to shipment to London. Q. What will be L. Lawson's Journal entry ? Q. If L. Lawson, of London, allow an abatement, on account, to John Ogden, for defect on your merchandise formerly sold him? A. J. H. S. Dr. to J. Ogden, For abatement made the latter. (J. H. S's consignment being closed.) Q. Suppose your consignment were not closed, Lawson's entry in that case will be ? Jl. J. H. S's consignment Dr. to John Ogden. Q. If said Lawson, of London, had omitted a charge of $50, 102 LECTURES. paid in cash, on account of your consignment, (which is now closed) ? Jl. J. H. S. Dr. to Cash, $50. Q. How will you Journalize the Cash Book. A, 1. Cash Dr. to Sundries, viz : — To the different accounts which appear on the Dr. side; specifying from whom, for what, and for whose ac- count received. 2. Sundries Dr. to Cash, viz: — For all sums paid, for what, and for whose account. Note. — The Cash Book may be balanced either daily, weekly, or monthly. Q. What will be your Journal entry, if you pay discount on your note, and also, on another person's note ? A. Profit and Loss Dr. to Sundries, viz: — To Bills Payable for disc't pd. on my note, " Bills Receivable, '' " on the other person's note. BILL TRANSACTIONS. Bills Receivable is Dr. - - - for all bills received. Bills Payable is Cr. - - - - for all bills passed or drafts accepted. DISCOUNTING BILLS. Method First. — Sundries Dr. to Bills Receivable, Cash, for the net sum of note received, Profit and Loss, for the discount. Method Second. — Cash Dr. to Bills Receivable, For the sum of the Bill, And then, Profit and Loss Dr. to Cash, for discount. BILLS PAYABLE. Bills Payable is Cr. for my note, or obligations given, and Bills Payable is Dr. when taken up and paid. DRAWING AND REMITTING BILLS. 1. A. B. (to whom remitted) Dr. to C. D., on whom drawn. 2. Bills Receivable Dr. to C. D. and then A. B. - - - Dr. to Bills Receivable. 103 LECTURES. Note. — If we purchase Bills for cash, to be remitted, we enter A. B,, to whom remitted. Dr. to Cash, and when we pay away or endorse a bill, which we had entered, we make A. B., (to whom paid or endorsed,) Dr. to Bills Receivable. RENEWING BILLS. First. — If the bill be in our own hands. A. B. (the acceptor) Dr. to Sundries. To Bills Receivable, for the amount of the old bill. To Profit and Loss, for the interest added to the new bill. And then Bills Receivable, Dr. to A. B. for the new bill. Note. — These Journal entries suppose that interest is allowed for the time the bill is renewed, and included in the new bill. If the interest be paid in Cash, 6nter Cash Dr. to Profit and Loss, for the interest. Secondly. — If the bill be discounted or paid away. A. B. - Dr. to Cash, when you pay his bill. A. B. - - Dr. to Profit and Loss, for interest. Then Bills Receivable Dr. to A. B. for the new bill. Note. — In these entries we have supposed that interest is included in the new bill for the time it is renewed, as is usually done. PROTESTING BILLS. First. — If the bill be in your own hands. A. B. (on whose account it was received) Dr. to Sundries. To Bills Receivable, for the bill. " Charges, for expenses of Protest. Secondly. — If the bill be discounted or paid away. A. B. - - Dr. to Cash, paid his bill with expenses, — or, A. B. - - Dr. to Sundries. To C. D. (to whom the bill was given) for the amount of the bill, with expenses paid by him. To charges, for additional expenses paid by us. Note. — The Bill Book exhibits all Notes or Bills of Exchange, whether Receivable or Payable. In actual business they are commonly kept in the same book — with the word Receivable on one side of the cover, and the word Payable on the other. When Bills Receivable, or other obhgations are received by the mer- chant, he places them in the Bills Receivable book, and when he passes his own note or any other obligation, he enters it in ihe Bills Payable 104 LECTURES. book, specifying particulars, such as date, drawer's name, when due, &c., and afterwards records the entry in the Day Book. Note. — When a merchant exports merchandise to a foreijgfn market, on his own account and risk, it is called an adventure or shipment, for- merly it was termed voyage. When you ship goods on your own account and risk, enter Shipment to such a place , Dr. to Sundries. To Merchandise (if already entered, or to whatever con- sideration you gave) for its amount. To Cash, for charges at shipping. When you ship goods to be sold for another person's account, enter Such a person (naming him) Dr. to Sundries. To Cash for charges paid. " Commission, for your agency. " Whatever you gave them, for their amount. When you become agent, and have merchandise consigned to 5'ou, by your employer, and received it, and have paid $200 charges on it, in all cases you are to charge the consignment for all expenses attending it, until you remit the net proceeds : then as cash is to be credited for the sum paid, so is your em- ployer's consignment to be debited for the same. Your employer's consignment Dr. to Cash, for $200. If you sold a part of your employer's consignment, on book account, you would make the person to whom you sold a part Dr. to your employer's consignment. As you received nothing in return from the person to whom you sold a part of your employer's consignment, therefore you must debit him, and credit your employer'^s consigment for the same amount. When your employer's consignment is closed, and you send him an account sales. As you credited your employer's consignment, so now you have to debit it for the charges, commission and net proceeds. The net proceeds is found by subtracting the charges and commission from the gross sales. QUESTIONS FOR EXERCISE. Q. Can any thing appear on the credit side of merchandise account without disposing of any part of it ? Q. Suppose in the account of cash in your Ledger, there o 105 LECTURES. appear a balance in hand, $1,000, and you find by going to your chest, $1,200. — Query, the management of said account? Q. Can you keep a regular set of books without any of the imaginary accounts? Q. How will you close Lawson's consignment, sales finished, and taken away by robbers, or destroyed by fire? Q. How will you close Lawson's consignment, sales finished, one-half the net proceeds you keep at interest for your own account, the other half you lend Robert Oliver, on Lawson's account ? Q. How will you close Lawson's consignment, sales being finished, the net proceeds you employ, before entry, in tobacco, which you ship said Lawson for his account. Query, the man- agement and Journal entry ? 106 LECTURE VII. What will be your Journal entry — Q. If you buy at auction, for your note, at 60 days, $4,000 worth of merchandise, to be sold on the joint account of Charles Tiernan and yourself, each one-half? A. Sundries Dr. to Bills Payable, $4,000. C. Tiernan, for his half, - . - - $2,000 Merchandise in Co. A, for my half, - - 2,000 Q. What would be Tiernan's Journal entry ? Jl. Adventure in Co. A, Dr. to J. H. S., for his half, $2,000. Q. What would be C. Tiernan's entry, if he purchased the goods for cash, $4,000 ? A. Sundries Dr. to Cash, $4,000. Adventure in Co. A, for my half, - - - $2,000 J. H. S. for his half, - . . - 2,000 Q. If you receive from C. Tiernan, $1,000 worth of mer- chandise, to be sold on joint account .'* ./3. Merchandise in Co. Dr. to C. Tiernan. For my half furnished by C. Tiernan. Note. — You don't credit C. Tiernan for his half of the goods, until they are sold. Q. Suppose you and C. Tiernan purchase $5,000 worth of goods for cash, on your joint account, and each pay his own half in cash } A. Merchandise in Co. A, Dr. to Cash, $2,500 For your half. Q. What would be Tiernan's entry .? A. Adventure in Co. A, Dr. to Cash, $2,500 For his half Q. If you and Tiernan purchase goods to the amount of 107 LECTURES. $1,000, oil your joint account, and C. Tiernan pay $400, and you pay the balance in cash, $600? v3. Sundries Dr. to Cash, $600. Merchandise in Co. A, for my half, - - $500 C. Tiernan, for 100 Q. What will be Tiernan's Journal entry ? A, Adventure in Co. A, Dr. to Sundries, $500. To Cash, for the sunn paid, - - - - $400 " J. H. S., for his advance, - - - 100 Q. If you receive from C. Tiernan, to be sold on joint ac- count, merchandise to the amount of $400, and you put in from store $200 worth, in all $600.? JL Merchandise in Co. A, Dr. to Sundries, $300. To Merchandise for what I put into the concern, $200 " C. Tiernan, for his advance, - - - 100 Q. What will be C. Tiernan's entry .'' Ji. Sundries Dr. to Merchandise, $400. Adventure in Co. A, for his half, - - - $300 J. II. S., for his advance for him, - - 100 Q. If you receive by the ship Herald, from L. Lavvson, London, on credit, a quantity of hardware, to be sold on joint account of C. Tiernan and yourself. Invoice being $4,000.? A. Sundries Dr. to L. Lawson, of London, $4,000. Merchandise in Co. A, for my half, - - $2,000 C. Tiernan, for his half, - - - - 2,000 Q. What will be Tiernan's entry, when you furnish him with a copy of the invoice } Ji. Adventure in Co. A, Dr. to J. H. S., for $2,000 For his half of the amount invoice. Q. If you ship by the brig Minerva, to Boston, and consign to William Boggs, to be sold on account Co. A, 500 bbls. flour, from store, at $8, $4,000 And pay shipping expenses in cash, - - 200 Charge 2 J per cent, commission on the whole, 105 JI. Sundries Dr. to Sundries, $4,305. For amount invoice, per brig Minerva, consigned to W. Boggs. Shipment to Boston, Co. A, for my half, - $2,152.50 ., ,,C. Tiernan, for his half, - - - 2,152.50 108 LFXTUUES. The Crs. are: To Mercliandise, for 500 bbls. flour from store, $4,000 " Cash paid shipping expenses, - - - 200 " Commission on the whole, at 2| per cent. 105 Q. What will be Tiernan's Journal entry, when he receives an invoice of the above ? A. Adventure in Co. A, Dr. to J. H. S., for $2,152.50 Q. If you receive from William Boggs, of Boston, an ac- count sales of the flour shipped him on account Co. A, and his draft on Shaw, Tiffany & Co. at 30 days sight, which is accepted by them for the net proceeds? Jl. Bills Receivable Dr. to Sundries, $3,000. To Shipment to Boston, Co. A, for my half, - $1,500 " Charles Tiernan, for his half, - - 1,500 Q. What will be C. Tiernan's entry when you furnish him with a copy of the account sales } A. J. H. S. Dr. to Adventure in Co. A, for $1,500. Note. — Accounts in which other persons are concerned, are closed by an entry on the Day Book, referring, at the same time, to the Ledger for particulars. A joint adventure is a speculation between two or more persons, either to export or import merchandise, on certain conditions, by which they consent to divide equally the profits and losses, in proportion to the share each individual has in the adventure. Company Concerns. — The private account of each partner exhibits, on the Dr. side, the cash or merchandise which he takes from the firm. It is closed by stock, the amount of which, at every general balance, is carried to the Dr. side of the stock account. This account shows on the credit side the amdunt of the company's capital, with the gain; and on the Dr. side the amount of their debts at the commencement of business, with the loss, if that exceed the gain, with the amount of each partner's private account carried to it, at every general balance ; consequently the difference will give the amount of the company's present capital. Q. How will you close Merchandise in Co. A, all sold and a gain, and furnished your partner with an account sales.? Q. How will you close Merchandise in Co. A, all sold and a loss, and furnished your partner with an account sales } Q. How will you close Merchandise in Co. A, half sold and a gain, and furnished your partner with an account sales .'' Q. How will you close Merchandise in Co. A, half sold and a loss, and furnished your partner with an account sales.'* 109 LECTURES. Q. How will you close Merchandise in Co. A, all sold equal to half the prime and after charges, and half the commission ? Q. Suppose you receive from L. Lawson, London, to sell on the joint account of said Lawson, William Magruder, Madrid, and yourself, ^6,000 worth of merchandise ? Ji. Merchandise in Co. B, Dr. to L. Lawson, $2,000. For my one-third of the amount invoice. Note. — This being a new, or second concern, it goes under the appel- lation of Co. B, to distinguish it from Merchandise in Co. A, carried on by J. H. S. and C. Tiernan^ in the preceding part of this lecture. Q. If you pass your bond, at six months, at the custom house, for duties on the same merchandise, for $500, and pay cash, as charges, $10. A. Merchandise in Co. B, Dr. to Sundries, $510. To Bills Payable for my bond, - - - $500 " Cash paid charges, - - - - 10 Q. Suppose you sold for cash, to Shaw & Tiffany on account of Co. B, $800 worth of merchandise } A. Cash Dr. to Merchandise in Co. B, $800. Q. Suppose you sell to Walter Farnandis, on his note, at 60 days, the remainder of merchandise in Co. B, for $7,200? J. Bills Receivable Dr. to Merchandise in Co. B, $7,200. Q. Close Merchandise in Co. B, and transmit to each partner an account sales, the total sales being $8,000, suppose the charges were already posted, $510. Your commission on $8,000, at 2| per cent. - $200 L. Lawson's third net proceeds is, - - 2,430 Wm. Magruder's third is, - - - _ 2,430 Your third is ^'^SOj ^^^^^^ ^3^ " " first cost is, 2,000 3 A. Merchandise in Co. B, Dr. to Sundries, $5,490. To Commission on $8,000, at 2i per cent. - $200 " L. Lawson, for his one-third net proceeds, 2,430 " Wm. Magruder, " " 2,430 " Profit and Loss, for my net gain, - - 430 Q. What will be L. Lawson's entry, when he receives from you an account sales, without any remittance for his third net proceeds ? A. J. H. S. Dr. to Shipment to Baltimore, in Co. B, $2,430. 110 LECTURES. Q. What will be Wm. Magruder's entry ? Jl. J. H. S. Dr. to Shipment from London to Baltimore in Co. B, for $2,430. Q. If you ship by the Great Western, for London, to L. Lawson, to be sold for account Co. B, Merchandise to the amount of - - - $7,240.00 Paid insurance and shipping expenses, in cash, 136.00 Your commission on the whole, at 2| per cent., 184.40 L. Lawson's one-third is $2,520.13 ^ Wm. Magruder's " " 2,520.13 V $7,560.40 My one-third " 2,520.13 3 Ji. Sundries Dr. to Sundries, $7,560.40. For amount invoice per the Great Western, consigned to L. Lawson. L. Lawson, for his one-third, - - - ^2,520.13 Wm. Magruder " " - - - 2,520.13 Shipment to London, in Co. B, for my one-third, 2,520.13 Crs. are. To Merchandise, if already entered, - $7,240.00 " Cash paid Insurance, &c. - _ - 136.00 " Commission on the whole - - - 184.40 Q. What will be L. Lawson's Journal entry when he receives the merchandise, to be sold for Co. B, his one-third invoice being, $2,520.13.? A. Merchandise in Co. B, Dr. to J. H. S., for $2,520.13. Q. What will be Magruder's entry, w^hen he receives from you a copy of the invoice of the merchandise shipped Lawson } A. Shipment from Baltimore to London in Co. B, Dr. to J. H. S., $2,520.13. Q. Suppose Lawson send you an account sales of the mer- chandise consigned to him for account Co. B, and his bill of exchange, at sight, on John White, for your third net proceeds, $3,000.? A. Cash Dr. to Shipment to London, in Co. B, $3,000. Q. Bought for account Co. B, 30 hhds. N. O. Sugar, at $60 per hhd. Paid charges thereon, $12. Sold for account of said Co., said Sugar, at $70 per hhd. Close Sugar in Co. B, all sold and a gain, the sales being $2,100; L. Lawson, Wm. Magruder and yourself having each one-third .? Ill LECTURES. Q. How will you close merchandise in Co. B, all sold and a loss, and furnished each partner with an account sales. The sales being ^4,200? Q. What will be Lawson's Journal entry, should he receive from you an account sales, without any remittance ? Also Magruder's ? Q. How will you close merchandise in Co. B, one-half sold and a gain, and furnished each partner with an account sales ? Q. How will you close merchandise in Co. B, one-half sold and a loss, and furnished each partner with an account sales ? Q. How will you close merchandise in Co. B, all sold equal to the prime charges and commission ? 112 A SERIES OF COMMERCIAL FORMS. A RECEIPT FOR MONEY RECEIVED ON ACCOUNT. Received, Baltimore, January 8, 1844, from Keating Rawson, Jifty dollars, on account. $50.00 A. B. A RECEIPT FOR MONEY IN FULL. Baltimore, January 9, 1844. Received from James Lucas, the sum of one hundred and twenty dollars and Jifty cents, in full. $120.50 A. B. FOR RENT. Received, Baltimore, January 17, 1844, of A. B., two hundred and fifty dollars, in full for rent and all arrearages on property in Paca street, up to the 20th ultimo. $250.00 For Timothy Kelly, C. D., ^gent. FOR A LEGACY. Received, Baltimore, January 29, 1844, from Thomas Gough, Esq,., executor of the last will and testament of William Crawford, deceased, the sum'of one thousand dollars, in full of a legacy bequeathed to me in and by the last will and testament of the said William Crawford, deceased. $1,000. A. B. ON A MORTGAGE. Received, Baltimore, February 9, 1844, of G. H., three hundred and seventy dollars, agreed to be in full for principal and interest of the second payment mentioned in a bond and mortgage, I hold against him of lot No. , situated in Saratoga street, Baltimore. $370.00 A. B. p 113 COMMERCIAL FORMS, K H •—1 ^ \i^ ^ r^ M H ^ ^ V PC ^ K Si J O 1-1 1 vT ?? ^ fo ^ ^ i ^ 1 ^ H 1 ^ Si 1 < < Q 1 t-» Q "« ^ ^ §^ ^^ S i 1 PS ^ is> o t 1 ^ Pd ^ a CO ? ^ H ^ ^ s^ O i ^ '^^ i J J ~~l ^ 1 ^ , ? ^ l!"^ i S h Mm ^^m\ aj^5XC 0)6Xg!§f(51 94^©^ '©i^SlS Ql®(5;^ [S^SSXSC m§^ 3CK®®Ig ?^5^ )^m^^ yf^'^wo^^w^^^ ^?5?y^)^^ 114 COMMERCIAL FORMS. e ^ \^ 1 V "S4 V t. 1 IN i w2 o 2 ^^ ^ H ^ id ^ m >t c ^ s? H ^^ ^ ^ P^ 1 o Q o 1 fa o £ <51 -x -*-* ^ i « ^ •8 4 c^ 1- i CO n ^ 8 2s BQ J 4J ^ ^ 1^ (tf .4 o i h^ ^ ■^ i^J ^ Vi o Ki "Si h ^^§2^ oyi)C9\ 5(9i:y© ^3©^ fS^^ )^V^otKm< ^Ws^^fl ^Slfol'n' j^g ^©^(3 P|v^©|co5C ?t?)®i( 2)@ff© 1^)® ©aj^ 1^^ @l^;t°)|^5)L |K H|| s ^1 ^^^olc X5X5<5X^ 5^^ ^^M !1^ ^ii lid COMMERCIAL FORMS. A BILL OF PARCELS, Mr. JOHN FOX3 Baltimore, March 5, 1844. Bmght of MARTIN LEWIS. 10 yards Super Black Cloth, at $7 00, - - - - - $70 00 16 " Irish Linen, " 1 00, - - - - - 16 00 20 " do. ' " 75, ----- 15 00 (At 3 mcmths.) $101 00 Baltimore, August 16, 1844. Messrs. JOHN SIMMS & Co. Bmght of J. H. SHEA. 10 quarter casks Sicily Madeira Wine, gauging as follows, viz 29 301 28^ 29^ 271 281 291 29 27 i 27^ 286^ galls, at 80 cts. - 10 hhds.jy. 0. Molasses: 90 3 111 7 115 19 112 10 124 7 126 6 122 6 132 4 128 9 144 6 \,\27 galls, at 30 cts. - - $229 20 338 10 $567 30 22 per cent, off, - - 14 18 $553 12 Received Payment in full. For J. H. S., 116 L. O. MiLLESS. COMMERCIAL FORMS. A GENERAL ACCOUNT AND ACKNOWLEDGMENT. Baltimore. Mr. JOHN FOX, 1844. To MARTIN LEWIS, Dr. March 5. — To Merchandise — Bill at 3 months, as per account rendered, - - - - - - - $101 00 " 26. — By your acceptance of my draft at 3 montla, - 101 00 For Martin Lewis, William Brown. PROMISSORY NOTES. $200.00 Baltimore, March 28, 1844. Thirty days after date, I promise to pay WM. G. STORK, or order. Two Hundred Dollars, for value received. S. O. Love. $200.00 Philadelphia, March 28, 1844. Thirty days after date, I promise to pay JOHN F. KING, or order, Tivo Hundred Dollars, without defalcation, for value received. Joseph Newell. Note — The words "without defalcation," are used in all promissory notes drawn in the state of Pennsylvania. A JOINT NOTE. $230.00 Baltimore, ^pril 4, 1844. Sixty days after date, we jointly and severally promise to pay WM. FOXCROFT, m- order. Two Hundred and Thirty Dollars, far value received. John H. Young. L. O. MiLLESS. RECEIPT FOR A NOTE. Baltimore, March 30, 1844. Received of S. O. LOVE, his note, at thirty days, for Two Hun- dred Dollars, dated 28th inst. $200.00 Wm. G. Stork. TWO FORMS OF DUE BILLS. 1. Baltimore, April 16, 1844. Due Richard Cotter, or bearer, Thventy Dollars and Fifty Cents, value received. $20.50 Socrates Smith. 2. Baltimore, April 16, 1844. Due David Ring, or order. Sixty Dollars and Thirty Cents, value received. $60.30 John Carroll. in COMMERCIAL FORMS. (JO ] 118 COMMERCIAL FORMS, p< o ID o o o < o o o 6 n o M H ^^ 00 CO t) lz; •< c4 [^ i w o Ph >^ Eh H a: ? BS & o Eh 2i t3 o O Q ■< n ■i. A PS u H 2 19 45 18 22 21 01 27 15 - 6.29 5.17 5.00 D 558 50 654 80 840 40 494 81 130 30 So 1 cf By net proceeds of ship- ment per brig Ocean, due as Cash, Febru- ary 3d, 1839, « Amount invoice of Merchandise ship- ped to us per the schooner Glide, on our account, due as Cash, March 15th,.. " Net proceeds, sales of Flour, per the brigSumpter,dueas Cash this day, •« Do. of Sundries, per schooner Edwin, as Cash this day, " Balance of interest per contra, " Balance due us as Cash this day, i u H 28 00 19 08 21 37 17 38 5g © Cd 8.00 7.19 5.21 4.29 ^ 700 00 500 00 750 00 700 00 1 66 27 15 CO 00 To our acceptance of your draft at sixty days date, favor E. F., paid January 1, 1'839, for " Cash paid your do. at sight, favor G.H. & Co. this day, '• Do. paid your draft, this day, " Our acceptance of your draft at ten days after date, fa- vor J. K., paid 3d April, " Postage to date,.. . « Balance of interest 1 2 y October 30 1839. January 13 March 11 21 Sept'r 1 119 COMMERCIAL FORMS. ^ H P$ P« t) O ^ P O O O <1 o % o p^ « E< o < d 117.285 131.316 128.581 41.069 •I— 1— 1 CO Qi o- o X I t c < 'k (S <» § i i 1 If 11 11 ^§ 1| Oo f& 2c si 1 t IS !z; ■< Pi « H O Pi H ■< Eh (« CO © © CO CO 1 p- J> iO OD C^l 1-H p-l 1 D O § ^ ^ 00 o - - s s ^ s s . . lO O CD -* 00 50 By net proceeds of ship- ment per the Lelia, due 3d Feb'y, 1839, « Do. of do. per the Ocean, 15th March, " Do. of do. per the Glide, 1st April,... " Do. of do. per the Sumpter, 23d Nov., " Do. of do. per the do. 1st September,. " Balance of interest, (in red,) « Dn nf fin is 1838. Nov'r 23 28 1839. April 1 August 25 Sept'r 1 © © © © lO © © © © t- g s 1 • 1 t QO s n H C^f lO i-<" ko" o »o i-T 1-1 r-< (N (M eO c ANK O ^2, , , , , S - 1 2 u 1 m y o « oo oo ©t^t^^ O 1< t^ oo OUOQO^ 00 CO — 5 -^ «5 8 ^ o o CO c^o jnioo)!:: in CO c < O r-i n'*^i «f -h' C^" r-T * C 1 N i 1 ^ a o H Sj c c s t>. l-H - >^ CC o O 1^ F-l >o >0 QC CO ^ -5l (M 1-1 CO Tt CO iM (M -* 't »o 10 ♦0 ITS Tf Ci s o o ^ . " V, V. <- «. .. .. « M H- H- 1 ^ ■ ^ » ^^ t>r p- >0 00 »»>•>- »- w 1-1 pi (M - - if c^b ^ eo c3 oj CO 5 «. - - "3 5 J - Q r-l c 1-5 I21i COMMERCIAL FORMS. FORM OF A CHECK. No. 5. UNION BANK OF HARYLAND, "^^^j, n M4,y €0 SMITH, BROWN & Co. ^P SBcazc^, •>^^rs &w-a (SMouitanc/ anc^ (2/eue?tfy - -/ci/e^ ^ot/azd, j0ieiLw^ JONES, THOMPSON & Co. FORM OF A BILL OF LADING. 0l)ippcb in good order and condition, by JOHN H. SHEA, on board ike good Brig, Gen. Pinckney, whereof BENJAMIN FORD is Master for the present voyage, now lying in the port of Baltimore, and bound for Charleston, S. C. To say : < s ' uy?^ (S/AoiMci/ic/ ^^azte/d o/ (^/owf^ . Being marked and numbered as in the margin, and are to be delivered in the like good order and condition, at the aforesaid port of Charleston, {the dangers of the seas only excepted,) unto Messrs, jas. adger & Co. or to their assigns, they paying freight for the same at the rate of Thirty Cents per Barrel, with pei' cent, primage and average accustomed. ^n Witncsa W\)ext0fi the master of said vessel hath affirmed to three Bills of Lading, all of this tenoi- and date; one of which being accomplished, tJie others to stand void. Dated in Bai^ttmore, this fifth day of August, 1844. benjamin ford. 122 COMMERCIAL FORMS. FORM OP AN INVOICE. INVOICE of 1,000 BARRELS Flour, shipped on hoard the. Brig, Gen. Pinckney, Ford, /or Charleston, and consigned to Messrs. James Adger &. Co., Merchants, there, on my account. < ^ \/ / 1000 bbls. Howard st. Superfine Flour, at $5 p. bbl. C H ARGES . To Cash, paid Drayage, $31 25 " " " Wharfage and Lining, 46 00 " " " Insurance on Invoice, valued at ^5,500, at | per cent. premium, and policy, $l,A2 25 Errors excepted. Baltimore, August 5th, 1844. #5,000 118 #5,118 00 50 50 JOHN H. SHEA. FORM OF AN ACCOUNT SALES. SALES of 100 BAGS Rio Coffee, received per Brig Louisa, from Bal~ timwe, on account of S. G. Richardson, Merchant, there. PURCHASERS. NET WEIGHT. 1844. I Mar. 28 ! Farrar & Robinson, « " Taylor & Cannaday, " " John C. Jeannerett, 10 days do. do. 10,100 lbs. 3,982 " 1,544 " 12cts 12 " 12 " $1,212 00 477 84 185 28 100 CHARGES. 15,626 lbs. $1,875 12 To Cash, paid Freight, as per Bill of Lading,.. .$30 00 " Wharfage, 4 00 " Drayage and Weighing, 6 62 " Advertising, 3 90 *« Commission, at 6 per cent 93 75 138 27 Net proceeds at the Cr. of S. G. Richardson Errors excepted. Charleston, 28th March, 1844. 123 $1,736 85 HIGHAM, FIFE & Co. PART IV. USEFUL CALCULATIONS. FOUR MODES OF ADDING UP ACCOUNTS. The following methods of fooling or adding up accounts are pursued in well regulated counting houses: FIRST METHOD. SECOND METHOD. THIRD METHOD. FOURTH METHOD. $46,784 29 4 4 44 36 34,568 34 3 3 29 33 67,842 45 3 2 29 38 68,432 68 3 1 28 28 71,324 59 4 1 38 29 46,835 43 3 7 33 29 61,324 56 3 9 36 44 $397,112 34 $397,112 34 $397,112 34 3,433 34 The^rs^ method is performed thus: — 6 and 3 are 9, 9 and 9 are 18, and 8 are 26, and 5 are 31, and 4 are 35, and 9 are 44, put down 4, and place 4 underneath, the number to be carried, and proceed as above. The second method is performed thus : — 6 and 3 are 9, 9 and 9 are 18, and 8 are 26, and 5 are 31 , and 4 are 35, and 9 are 44, put down 44 in full, and carry 4 to the next column ; 4 and 5 are 9, and 4 are 13, and 5 are 18, and 6 are 24, and 4 are 28, and 3 are 31, and 2 are 33, which sum place under 44, and so on, until the entire sum is added, then cut off the figures on the left hand side, except the bottom figures and those on the right. In the third method, you add up each column and carry nothing, when the entire sum is added in this way, then add and carry, and the result will be the same as above. The third method is performed by adding each column from the right hand to the left, and the fourth method by adding from the left to the right. 124 USEFUL CALCULATIONS. The following general rule for finding the number of days in each month of the year, is herein annexed, in order that the learner may be enabled to ascertain when a note will become due in bank. Rule. — ^The mqnths of September, April, June and November, have 30 days each, the rest have 31, except February which has 28, in leap years 29. Example. — Bought goods on the 21st March, on my note, at 60 days, at what time will it fall due ? Unexpired time March 10 April 30 20 60 — 40= /23 May. Another Example. — Sold merchandise on the 27th May, and received the purchaser's note, at 90 days, when will it become due 7 ; •; Unexpired time May 4 if'-f' June 30 V^ July 31 90 .— 65 == /as August. Illustration. — Ascertain the unexpired time in the month of purchase, add the number of days in the following month, if for 60 days, or the two following months, if for 90, and subtract this number from the credit given, then, the remainder with the days of grace added, will be that day of the subsequent month, when either will become due. Note. — stands for less. = " " equal. INTEREST OR DISCOUNT. It is usual for merchants and banking institutions to compute the months of the year at 30 days each. The most speedy plan of calculat- ing interest is by a divisor resulting from the interest of one dollar, at the given or proposed rate. For Example. — At 5 per cent, per annum. As 100 : 5 : : 1 : ^V> and as 360 : ^V : • i ^ tAtt* ^he divisor of 5 per cent. By pursuing this plan, divisors may be found for any other rate of interest, or by having one divisor, any other may be known by inverse proportion : Fm- Example. — As 5 : 7200 : : 6 : 6000, the divisor for 6 per cent. The greater the rate the less must be the divisor, and vice versa. Hence the reason of inverse proportion. Note. — The divisor for 365 days at 5 per cent, will be 7300, and at 6 per cent. 6083, and a trifling fraction, which is rejected. 125 USEFUL CALCULATIONS. What will be the interest or discount on a note of $1,250, drawn at 60 days after date, at 6 per cent.? Banks generally advance cash for 64 days, including those of grace.* $1250 I Or by Practice, 64* 1250 5000 7500 6|000) 810000 13.33i 1 per cent, for 60 days, 12.50 4 days are yy (of 60 days) 83' 13.33^ A general rule for calculating interest, at 6 per cent, per annum for any number of years, months and days. Bring the years and months to months, take one-sixth of the days, which annex to half of the months, multiply that number by the prin- cipal, and point out three decimal places in the product, one for mills and two for cents, which will give the correct answer. Find the interest of $400, for 3 years, 8 months and 18 days? Years. Months. Days. $400 for 3 8 6)18 12 — — 3 2)44 223 400 89.20.0 Find the interest of $850, for 9 years, 9 months and 27 daysl Years. Months Days. $850 for 9 9 6)27 12 4h 2)117 58.5 Ah 5891 850 • 29450 4712 425 501.07.5 126 USEFUL CALCULATIONS. Find the interest of $196, for 5 years and 9 months ? Or thus : Years. $196 for 5 345 12 Months. 9 $196 for 69 Years. 5 12 Months. 9 980 784 588 2)69 34.5 1764 1176 69 2)13524 tfvr fi9 n $67.62 Find the interest of $2860.52 cts., for 2 years, 9 months and 11 days? Years. Months. Days. $2860.52 for 2 9 6)11 If 1716312 2)33 1716312 286052 16.5 238376! If 477.23.0.081 I66f Find the interest of 46 cents, for 12 years, 9 months and 9 days ? Cents. Years. Months. Days. 46 for 12 9 6)9 12 11 2)153 76.5 U 766^ 46 4596 3064 23 Cents 35.2.59 127 USEFUL CALCULATIONS. Find the interest of $675, for 75 days Days. $675 for 6 ) 75 12^ 12i 8100 337 i 8.43.7i Another Example. Days. $564 for 6 ) 72 12 _ 12 6.76.8 * Rule for finding the interest of any sum of money for any number of days, at any rate per cent., allowing 365 days to the year. Multiply 274 by the principal, that sum by the number of days, and the result by the rate per cent., and from the product, cut off five figures from the right hand, those on the left will be the interest in cents. Required the interest of $126, for 175 days, at 6 per cent.? Or thus : $126 6 Days. Days. If 365 — 756— 175 175 3780 5292 756 365) 132300 (362iH $126 274 504 882 252 34524 175 172620 241668 34524 6041700 6 $3.62|50200 * The preceding rule is found thus :— Find the interest of one dollar for one day at one per cent, per annum. The interest of $1, for one year, being $.01, or 1 cent, we have 1 cent -r- 365 = .00274 the interest of $1 for one day in cents; therefore to find the interest of any sum in cents, at one per cent, per annum for one day, multiply the given sum by 274, and cut off" five figures from the right hand of the product, the left hand figures will be the answer or interest in cents, and for any other rate, multiply the interest at one per cent., by that rate, the product will be the interest required for one day, and for any number of days multiply the last product by the number of days. It may be observed that any divisor may be converted into a multiplier by dividing unity by the said di- visor, and using the decimal obtained thereby for a multiplier. For example — let 987 be divided by 365, the quotient, by the ordinary mode of division, will be 2.704, &c. 987 X -00274 produces 2.70438. 128 t USEFUL CALCULATIONS. Equation of payments, or the average time for the payment of pur- chases and sales, as it is understood by merchants. The following example is calculated three different ways : 1st, Later than the maturity of the first purchase or sale. 2d, Earlier than the ma- turity of the last purchase or sale. And lastly, by the table. EXAMPLE I. 1841. August 6, $59 "^^" (t 12, 87 X 6 = 522 December 10, 47 X 126 = 5922 (( 16, 194 X 132 == 25608 (( 30, 50 X 146 = 7300 1842. January 6, 51 X 153 = 7803 March 2, 107 X 208 = 22256 Si 3, 47 X 209 = 9823 ti 12, 52 X 218 = 11336 (t 14, 123 X 220 == 27060 April 11, 49 X 248 = 12152 ce 18, 297 X 255 -= 75735 St 23, 48 X 260 = 12480 ss 26, 1299 X 263 — 341637 2510 ) 559634 (223 days lat«r 5763 than Aug. 6, 7434 1841, will be JIfarc/i 17,1842. 1841. 1842. EXAMPLE II. Days. August 6, $59 X 263 = 15517 ss 12, 87 X 257 = 22359 December 10, 47 X 137 = 6439 ss 16, 194 X 131 = 25414 ss 30, 50 X 117 = 5850 January 6, 51 X 110 = 5610 March 2, 107 X 55 = 5885 ss 3, 47 X 54 == 2538 ss 12, 52 X 45 = 2340 ss 14, 123 X 43 = 5289 April 11, 49 X 15 = 735 ss 18, 297 X 8 = 2376 ss 23, 48 X 3 = 144 ss 26, 1299 2510 ) 100496(40 days earlier 96 than the date of the last purchase which will be t /^ r\ March 17, 1842. 129 USEFUL CALCULATIONS. EXAMPLE III. Days. . August 6, $59 X 218 = 12862 (f 12, 87 X 224 = 19488 December 10, 47 X 344 = 16168 te 16, 194 X 350 = 67900 te 30, 50 X 364 - 18200 !. January 6, 51 X 371 = 18921 March 2, 107 X 426 = 45582 (e 3, 47 X 427 — 20069 tt 12, 52 X 436 = 22672 (( 14, 123 X 438 = 53874 April 11, 49 X 466 «= 22834 f( 18, 297 X 473 = 140481 te 23, 48 X 478 = 22944 te 26, 1299 X 481 62481*9 By the Table, 2510 ) 1106814 ( 440, nearly 441 10281 365 2414 76 Is opposite to March 17, 1842. EXAMPLE IV. Purchased several parcels of goods at different times, and on various credits. March 8, A bill amounting to $184.70 on 4 months credit. " 25, " " " 95.40 '' 5 do. April 16, " " " 68.45 " 6 do. May 12, " '' « 86.64 '' 7 do. Due July 8, " Aug. 25, " Oct. 16, '' Dec. 12, STATEMENT. , $185 ^^^" 95 X 48 — 4560 68 X 100 = 6800 87 X 157 x= 13659 435 ) 25019 (57|H I shall call it 58 days, as the fraction is a little more than half. This will extend the credit beyond the 8th July, which number will carry it to the 4th September, the time $435 will become due by equation. The learner will perceive that nothing is annexed to $185, because there is no credit on that sum beyond the 8th July, the intervening days between July the 8th, and August the 25th are 48, which is placed opposite to $95 in the 2d hne. On $68 due October 16th, the number between the 8th July and the 16th October is 100. On $87 the credit is extended be- yond the 8th July, 157 days. 130 USEFUL CALCULATIONS. EXPLANATION OF EXAMPLE IV. 58 days from July 8th, will give the equated time to Sept. 4. Days. From July 8th, to Aug. 25th, are 48 X 95, as above. From July 8th, to Oct. 16th, are 100 X 68, as above. From July 8th, to Dec. 12th, are 157 X 87', as above. It may be here perceived that we reckon from the first date, finding the number of days intervening between July the 8th, and each successive date, making no use of the first amount, except adding it to the other amounts for a divisor. EXAMPLE V. Sold Merchandise at different times, and on various terms of credit. May 6, $125 at 1 month, will be due June 6th. " 14, 150 at 2 " (< a July 14th. June 6, 200 at 4 " a (t October 6th. « 20, 182 at 6 " (( ti December 20th. Due June 6, $125 X 197 — 24625 " July 14, 150 X 159 — 23850 '' Oct. 6, 200 X 1^ = 15000 " Dec. 20, 182 657 ) 63475 (96 5913 , 4345 3942 403 657 Due by average 97 days earlier than the 20th December, being the 14th September. The Last Example calculated by interest : — May 6, $125 at 1 month, due June 6th. " 14, 150 at 2 months, " July 14th. ine 6, 200 at 4 *iooi^ooa)0-HO?co cococococococococococococococococo OiO^OlOlOiOiOiC^Ol^COCO ' >OOt^C0aiOT-H(^?C0'^U^Ot^C0a5O'-;0^C0;j^^cOl>-000^O-HG2M OOOOO— <-H-H-H^^-<-H-H— (— w(NC^(NC^OiG^C^(>?G^OiCOCOCOCOCO COCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCO -HC^CO^lOOt^OOaiO--c(>^CO-r)HiCON.OOaiO-^0?CV3;^»CCOt>.000^0 (:N(>i^(>iG^G^O?G^G^O^S?C^SSG^G^G^S§J(:OCOCOCOCO -HCNCO'^VOtOt^OOOO— ^C^CO'^lOOlr^OOasO-^G^CO^lOCON.OOCiO— < T-fr-H-H— ^i-H-H^— l,-H^C^G^C^(>JC^G^C^G^(N^COCO Td*iooi>.GoaiO^(Nco^iocot^c»05 co'^iooi>.ooa50— iG^co'^i0 50r:^ooa50-Hc^co'*ioot>-ooa50-HO?co r-H,-H— 1^— .— H— iG^G^C^G^C^G^(>?G^O?G^COCOCOCOCOCOCOCOCOCO'^'^'rJ.oooiO— <(>?co'^iocDb*ooaiOr-H(>?co'rti»ooi^ooc})0»-HO? ^c^co'«^iocDi>.ooa!0^o?co'*»oob^ooaio^c^co^ioot^oog50'-^ "•^ r-H-iT-H-H— .^-.^.-.^CNCNC^CNC^g^G^C^C^a^COCO (>?C0'*»OOt>-000^O---0?C0'^V0Obr00aiO'-.ooaiO-^o?co'<*w:iOi^ooaiO— io?co'^icnDN.ooa50 ^c^co^ioot^oooO'-H(N(:o'^ioot^oooo--i(>?co'>;t»ooa50'-HO?co'^iooi^ooc50 OICO-"* K^^Ob^OO 05 0-^0?CO'<^lOtO 1^0005 O'-^C^C0'^»0 CO 1^00 Oi COCOCOCOCOCOCOCO-^-^'sf'^'^-^'^'^'^'^'^'OOlOlOOlOlOiOlO 133 USEFUL CALCULATIONS. TABLE II. 1 1 32 60 > g ^ c s £ •< 1 f 1 1 91 121 152 182 213 244 274 305 335 2 33 61 92 122 153 183 214 245 275 306 336 3 34 62 93 123 154 184 215 246 276 307 337 4 35 63 94 124 155 185 216 247 277 308 338 5 36 64 95 125 156 186 217 248 278 309 339 6 37 65 96 126 157 187 218 249 279 310 340 7 38 66 97 127 158 188 219 250 280 311 341 8 39 67 98 128 159 189 220 251 281 312 342 9 40 68 99 129 160 190 221 252 282 313 343 10 41 69 100 130 161 191 222 253 283 314 344 U 42 70 101 131 162 192 223 254 284 315 345 12 43 71 102 132 163 193 224 255 285 316 346 13 44 72 103 133 164 194 225 256 286 317 347 14 45 73 104 134 165 195 226 257 287 318 348 15 46 74 105 135 166 196 227 258 288 319 349 16 47 1^ 106 136 167 197 228 259 289 320 350 17 48 76 107 137 168 198 229 260 290 321 351 18 49 11 108 138 169 199 230 261 291 322 352 19 50 78 109 139 170 200 231 262 292 323 353 20 51 79 110 140 171 201 232 263 293 324 354 21 52 80 111 141 172 202 233 264 294 325 355 22 53 81 112 142 173 203 234 265 295 326 356 23 54 82 113 143 174 204 235 266 296 327 357 24 55 83 114 144 175 205 236 267 297 328 358 25 56 84 115 145 176 206 237 268 298 329 359 26 bl 85 116 146 177 207 238 269 299 330 360 27 58 86 117 147 178 208 239 270 300 331 361 28 59 87 118 148 179 209 240 271 301 332 362 29 88 119 149 180 210 241 272 302 333 363 30 89 120 150 181 211 242 273 303 384 364 31 90 151 212 243 304 365 The reader will here perceive that' each day in the year is numbered from the first day of January to the thirty-first of December, beginning from 1 to 365. Suppose you wish to find the average of the last exam- ple. Find the date on which the first sum will fall due, which will be 30 days from the 10th of March, making the 9th of April, and refer to the table for the 9th of April and you will find opposite to it 99, which is multiplied by the sum $325, making 32175 ; the second sum is for March 18th, at 60 days, due the 17th May ; find this date and opposite to it you will find 137, which, multipHed as before by the sum $160, will make 21920, and so on with the next two dates and sums which will corre- spond with the following operation : * This table is similar to No. 1, in its application 134 USEFUL CALCULATIONS. March 10, |325 at 30 days, due April 9 is 99 X 325 =» 32175 " 18, 160 « 60 " " May 17 " 137 X 160 = 21920 April 20, 82 " 3 mos. " July 20 « 201 X 82 -= 16482 May 16, 96 " 6 " " Nov. 16 " 320 X 96 = 30720 663 663)101297(152 663 3499 3315 1847 1326 521 663 The quotient, 152f |^, or 153, shows (by reference to this number in the table) the 2d of June. EXAMPLE VIII. I will now present an example showing the several sums that will fall due, from one year to another, by the table, making the sales become due, at the following dates : Due Nov'r 12, $70, opposite the date, stands No. 316 =■ 22120 " Dec'r 26, 109, " " " 360 = 39240 " *Jan'y 15, 83, " '' " 380 == 31540 " March20, 302, " « « 444 = 134088 *' April 22, 91, " - " " 477 — 43407 655 655)270395(412 2620 839 655 1845 1310 535 655 * By this date, January 15th, you will observe opposite to it, number 15, to which you add 365 and you will have number 380, and opposite March 20th, you will find* 79, to which add 365 and you wiJl have 444, and the same way with the next date. You will now find the quotient of the several dates to be number 412, (nearly 413,) from which deduct 365, and you will find the result 48, for which number refer to the table, and it will leave the several sums due by average the 17th February. 135 USEFUL CALCULATIONS. Note. — The preceding table will be very useful for finding the number of days between any two dates. For Example— Suppose you want to find the number of days between the 4th February and the 6th September. Look for the number opposite to the 4th February, which is 35, and for that opposite to the 6th September, which is 249, subtract 35 from 249 and the remainder will be 214 days. It is also useful for finding the time when a note falls due. For Example — Suppose you passed your note on the 20th February, 1843, for 113 days, when will it fall due? Look for the number opposite the 20th February, which is 51, to which add 113 days, which will make 164 ; opposite 164 is the 13th June, which is the time the note will fall due. The same plan will hold good for all cases that may occur If the same note had been dated February 20, 1844, (being a leap year,) it would have fallen due on the 14th June. EXAMPLE IX. To average an account in which the credit and debit are of unequal amounts, and the total of each due at different periods so that neither the creditor nor debtor shall be entitled to balance of interest. Rule. — Having found the average time of the Dr. and Cr. sides, mul- tiply the smaller sum by the difference of the time, divide by the balance of the account, and the quotient will be the number of days which must be carried back or forward as the question may require. If the balance be in favor of the earlier sum, count back from the maturity of that sum ; if in favor of the latter, carry forward. For Example, — Sold A. goods at different dates, due by average 10th July, amounting to $500. Bought of A. goods at different dates due by average 6th August, $800. Required the time of payment of the balance ? $500 smaller sum. 27 days difference of dates. Difference of amounts 300)13500(45 days later than the 6th August, 1200 or the 20th September. 1500 1500 Days. Proo/*.— From July 10th to September 20th = 72 X 500 = 3600 " August 6th " " = 45 X ^00 = 3600 Another Example : B. owes me $500 due 6th August. I owe him 800 due 10th July. 500 27 3|00)135]00 45 days earlier than the 10th July, or 26th May. 136 USEFUL CALCULATIONS. EXAMPLE X. A. . B. Due May 17, 1841, $2,000 $2,500 due August 21, 1841. 96 diff. of dates. 2,000 5|00 ) 19201 00 500 Bal. of the two accts. 384 days added to August 21st, gives the time to pay $500, September 9th, 1842. Proof: — Days. From May 17, 1841, to Aug. 21, 1841, are 96 int. on $2,000 = $32.00 '' Aug. 21, 1841, to Sept. 9, 1842, " 384 " 500= 32.00 Rule. — If the latest date be affixed to the largest amount, the quotient is counted forward from that date. Vide general rule under Example IX. EXAMPLE XI. B. A. Due August 21, 1841, $2,000 $2,500 due May 17, 1841. 96 diff. of dates. 2,000 5|00 ) 1 920|00 500 bal. of the two accls. 384 days counted back from May 17th, gives the equated time, April 28th, 1840. Proof. Days. From May 17, 1841, back to April 28, 1840, are 384 X 2500 — 960000 " Aug. 21, " " " 28, " " 480x2000 = 960000 Rule. — If the earliest date be affixed to the largest amount, the quotient is counted back from that date. Vide general rule under Example IX. A FURTHER ILLUSTRATION OF EXAMPLE X. A. wishes the $2,000 which he owes B. on May 17th, 1841, to remain unpaid till the 21st of August, 1841, which will then be cancelled by the $2,500 that B. will then owe him. B. agrees to this proposal, on condition that the balance of the two accounts, $500, will remain unpaid till the interest on it, ($500,) shall be equal to the interest on the $2,000, from the 17th May, till the 21st August. EXAMPLE XII. By account current with Caleb Cope & Co., of Philadelphia, they owe me $2,500, which will be due August 21st, 1841, and I owe them $3,000, due May 17th, 1841. When am I to pay the balance of the two accounts, so that neither party be entitled to balance of interest ? .ins. 480 days earlier than May 17, 1841, which will be Jan. 22, 1840. s 137 USEFUL CALCULATIONS. VALUE OF THE POUND STERLING IN FEDERAL MONEY. Kat^. Above Par. Rate. Above Par. Par, 4.4444 5 per cent. . . 4.7333 i per cent 4.4555 4 . . 4.7444 h ' .... 4.4666 7 " . . . . 4.7555 3 i 4 .... 4.4777 1 " . . . . 4.7666 1 .... 4.4888 ^ - . . . . 4.7777 4 .... 4.5000 i " . . 4.7888 h ' .... 4.5111 8 " . . . . 4.8000 4 .... 4.5222 1 it 4 . .4.8111 2 * .... 4.5333 1 " . . . . 4.8222 i * .... 4.5444 i " . . . . 4.8333 1 * .... 4.5555 9 •' . . . . 4.8414 2 i 4 .... 4.5666 1 " . . 4.8555 3 .... 4..sm ^ " . . . . 4.8666 i s 4 .... 4.5888 I " . . . . 4.8777 t ( 3 .... 4.6000 10 . . 4.8888 1 ' .... 4.6111 1 if 4 . . 4.9000 4 .... 4.6222 2 " . . 4.9111 i ' .... 4.6333 i " . . 4.9222 1 ' .... 4.6444 11 . . 4.9333 1 * .... 4.6555 i " . . . . 4.9444 5 .... 4.6666 ^ " . . . . 4.9555 i t 4 .... 4.6777 1 " . . 4.9666 3 .... 4.6888 12 . . 4.9777 4 .... 4.7000 1 • CO a CO r-l 2 ?2 a; a o P o CO Ci "^ eo. JO "3 ►>> CO ~ CO CO S s>> &)5 CO O (N CO O » CO CO CO -^ ci i> ^ CO CO CO t>« QO Oi ;© O CO C?3 C 3- a s 00 CO O CO £^« QO rt =_ ^bC 140 USEFUL CALCULATIONS. PROOF OF THE LAST RULE AND CALCULATION. The average time of the Cash charges is June Uth, 1839. " " " Gross sales is February 3d, 1840. The difference is 237 days, for which the factor is entitled to interest for his advance of $6,290. Which at 6 per cent, would be $248.45. $6290 for 6 ) 237 days at 6 per cent. 391 56610 18870 3145 $248,455 Which sum is equal to the extension of 293 days beyond the maturity of the gross sales. QUESTIONS FOR EXERCISE. 1. Sold on April 20th, Merchandise for Cash $41, May 3d, $5 worth more, and the remainder amounting to $160 at 4 months, A. B. the purchaser, wishes to give me a note for the whole, the average or equated time is required ? 2. Bought of C. D. Merchandise as follows : — 1838. June 10, A bill amounting to $177.10, at 4 months. '' 28, " " " 126.35, for Cash. 1839. Feb. 5, " " " 455.76, at 3 months. March 13, " " " 222.7.5, at 6 months. When will the whole be payable, by equation ? 3. Bought of C. D. on June 2d, 1839, $400 worth of goods at 12 months, and June the 3d, same year, $400 worth at 24 months, required the average time when this bill will be due as Cash ? 4. Received a consignment of goods on the 1st January. Paid Freight and other charges, $800. Sold them on the same day, at 8 months credit, for $4,000. At what time will the net proceeds be due to the Shipper, as Cash? PROFIT AND LOSS. W^hen goods are purchased and sold at certain prices, to find what you gain or lose per cent. Rule. — Find the difference between the buying and selling price and add two cyphers to that difference and divide it by the buying price, and the quotient will be the gain or loss per cent. 141 USEFUL CALCULATIONS. If 1 purchase goods at GO cents per yard, and sell them at 95 cents, what is the gain per cent.? Cents. 95 selling price, 60 buying *' 610)35010 583 cents is the gain on a dollar. Were goods purchased at $2.75 per yard, and sold at $2.25, what per cent, would I lose ? $2.75 first cost, 2.25 selling price. 225 ) 5000 ( 22| per cent. loss. 450 500 450 225 ^ TO GAIN A CERTAIN PER CENT. Add the per cent, to be gained to 1.00, and multiply it by the buying or cost price, and you will have the answer, TO I>0SE A GIVEN PER CENT. Take the per cent, you are to lose from 1.00, and multiply tho remnin- der or difference, by the cost or buying price. aUESTIONS ON EXCHANGE. Example 1. — If a person in Florida owes $1,000 in New York, what loss will he sustain in the exchange, at 40 per cent, premium? Answer J $400. As $100 : $140 : : $1,000 : $1,400 or $400 loss. Example 2. — If he had remitted Florida money to be sold in New York, what amount would it require, at 40 per cent, discount, to pay his debt of $1,000 ? Ans. $1,666,661, or $666,661 loss. As $60 : $100 : : $1,000 : $1,666,661, or $666,661 loss. Example 3. — A. of Mobile owes $1,250 in New York funds to B. of that place, and remits him a bill of exchange, which cost A. 15 per cent. 142 USEFUL CALCULATIONS. premium. If B. had drawn on A. at 15 per cent, discount, what saving would there be in A's remittance, and what is his loss thereby ? a S ^''^ ^°^^ ^^ 1311 f per cent. * \ And the saving on this remittance would be $33.08f f . $1,250 at 15 per cent. $187.50 1,250.00 As $1,437.50 : $187.50 : : $100 : 13i|f- per cent. As $85 : $100 : : $1,250 : $l,470.58|f, showing a saving of $33.08|f. Example 4. — I owe a person in New York, $500 in Baltimore funds, but he requests me to remit him New York funds, which are at a pre- mium of 5 per cent, in Baltimore. What amount must I send him ? Am. $476.19. As $105 : $5 : : $500 : $476.19. Example 5.— B. of New York owes A. of Philadelphia $1,000, in New York funds, which command a premium of 5 per cent, in Philadelphia, I want to know which would it be better for A. of Philadelphia, to draw for that amount, or have it remitted to him by B. 1 ^DISCOUNT AND INTEREST, Though generally taken for one and the same thing, cannot properly be considered such. Discount is an allowance upon, or a deduction from bills or promissory notes for their depreciation ; or for their deferred payments. Interest is the consideration paid for the use of money. The discount on a note not due ought therefore to be the interest (till its ma- turity) of the proceeds, and no more. Example. — Required the discount on $100 for one year at 6 per cent, per annum ? Ans. $5.66 4. . As $106 : $6 : : $100 : $5.66. A few examples are here given in illustration. Required the interest of $94.34 ($100 — 12 months discount, $5.66) for 1 year, at 6 per cent. ? Ans, $5.66 + . Required the discount and bank interest on $5,000 for 3 years, at 8 per cent, per annum, and their difference ? Bank interest for 3 years at 8 per cent, per annum, or 24 per cent, on $5,000, is -_------ $1,200.00 The discount for the same time and amount is - - 967.74 As $124 : $24 : : $5,000 : $967.74 + The difference is ------- - $232.26 * Nearly all the bankers and merchants in the United States charge interest instead of discount. The banks of New York are compelled by law to charge discount instead of interest. 143 USEFUL CALCULATIONS. Another Example. — What is the discount on $3,981.60, for 4 months and 11 days, at 6 per cent.? Ans, $84.95—. $102.18 : $2.18 : : $3,981.60 : $84.95. The interest would be $86.93 +• Note. — The rule in all cases, is to find the interest on $100, for the time given, and say if |tlOO with the interest added give the interest, what will the sum required give. Required the interest and discount on $1,000, for 16 years and 8 months, at 6 per cent, per annum? The interest on $1,000, for 16 years and 8 months, will amount to the entire principal. The discount is found thus :— As $200 : $100 : : $1,000 : $500. The interest of $500, for 16 years and 8 months, will be $500. aUESTIONS ON BANK STOCK, &c. 1. What is the value of the stock of a bank which declares a dividend of $4.50 per share of $100. Money being worth 6 per cent, per annum? Answer, $75 per share. $6 : $100 : : $4.50 : $>75 per share. 2. What is the value of the stock of a bank whose annual dividends are $7, on shares of $100 each. Money being worth 6 per cent, per annum? $6 : $100 : : $7 : $1161 per share. ' 3. Took up my note this day for $1,500, by paying cash, $500, and giving another note, at 90 days, which, when discounted, amounted to the balance; required its amount? Amount of the note, $1,500 Cash, - - - 500 Interest of - $1,000 for 94 days being $15.67. As $1,000 : $1,015.67 : : $1,015.67 : $1,015.91, the required answer. 4. A. holds 400 shares state stock (each $100), bearing interest at 5 per cent, payable annually, the principal due in 13 years. B. holds the same number of shares state stock, bearing interest at 6 per cent, payable an- nually , the principal due in 20 years. B. is willing to exchange his 6 per cent, for A's 5 per cent. How many shares should he give A. for his 400 shares 5 per cent.? 5. Suppose you purchase of A. B. on the 1st January, 1844, $600 worth of goods, and every seven days thereafter the same amount, and give A. B. (the seller) notes at 13, 23, and 33 days for each purchase. How much will the purchaser at any given period owe ? 144 DAY BOOK AND JOURNAL PARTNEBSHIP ACCOUNTS, WITH AN EXPLANATORY NOTE FOR OPENING THE LEDGER. DAY BOOK.— Baltimore, Ut May, 1839. James Hooper and Matthew Bennett have en- tered into co-partnership, under the firm of Hooper & Bennett. Hooper furnishes $4,000 in cash, and Bennett furnishes $2,000 in cash, and $2,000 in merchandise. At the close of business, the loss or gain is to be equally divided. 21 Sold Merchandise for Cash, June 6 Paid Matthew Bennett on account, July 16 Paid James Hooper on account, $3,000 100 200 00 00 00 146 JOURNAL.— Baltimore, ist May, 1839. Cash Dr. to James Hooper's Private Stock Account. For his share Capital Stock in Co. put in with Matthew Bennett, - Sundries Dr. to Matthew Bennett's Private Stock Account. Cash for - - - - $2,000 00 Merchandise for - - - 2,000 00 21 Cash Dr. to Merchandise, June 6 Matthew Bennett (private acc't) Dr. to Cash. Jyly 16 James Hooper (private acc't) Dr. to Cash. Note.— Tlie preceding Day Book and Journal are given for the purpose of showing the manner of keeping Co. accounts ; preparatory to the opening and closing of the Ledger, which is left to the learner as a matter of exercise. In the Ledger there must be an account opened for James Hooper, titled James Hooper's Private Stock Account; another, titled Matthew Bennett's Private Stock Account, and a Private Account for each. Also, an account for Cash, Merchandise, Profit and Loss, and Balance. The student is referred to the remarks under tlie head of Com- pany Concerns, in Lecture VIT, which contains a mode more generally adopted. $4,00G GO 4,000 3,000 100 200 00 00 00 00 147 SELECT INSTRUCTIONS FOR ARKANGING BOTH INDIVIDUAL AND COMPANY ACCOUNTS. How to journalize the commencement of the company's operations, on open- ing a set of books when the capital was paid in Cash. Let their shares or capital consist of what it may. Cash Dr. to Stock, For the following sums received from the undernamed persons as a joint capital to commence trade. From A. B $3,000 00 " CD /. 3,000 00 " E. F 3,000 00 . $9,000 00 Stock Dr. to Sundries, $9,000. For each partner's share thereof. To A. B's account in Co. for his one-third share of stock, $3,000 00 " B. C's " « " " " " 3,000 00 « E. F's ♦' " " " *♦ " 3,000 00 When two or more partners are engaged in trade by a deed of copartnership, their books, as well as those of individuals, should not only show what property they have, and how they stand in the world, but also how they stand with one another, and what share each of them possesses in the stock of the company. The accounts of an individual or a company, should be adapted to the kind of business they follow. The company's Ledger, besides the common accounts in trade, and those of Cash, Stock, Profit and Loss, Balance, &c., should also con- tain two accounts for each partner; one to be titled his account in Co. ; the other his private account. Every company ought to be denominated by some particular firm, and that firm or designation is not only applied to the general titles of the accounts they furnish, but to the signatures of their letters, and to every deed that represents the company. Some companies and individuals open no stock account, but sub- stitute an account of balance or the name of the firm in lieu of it. Instructions for commencing, closing, recommencing, and reclosing, both indi- vidual and company accounts, under their respective heads, let their capital or their shares be equal or not ; whether partners go out of, or are taken into com- pany; for dissolving the partnership and dividing the stock, &c. Should the capital of a person commencing trade, consist of Cash, Bills, Shipping, Mer- chandise, Houses, Lands, &c., you will observe, that the Cash is not to be jour- 148 SELECT INSTllUCTIONS, nalized singly, nor from the Day Book ; but from the Cash book with the whole month's Cash. The rest of the inventory is to be journalized from the Day Book as thus : — Sundries Dr. to Stock. For the total of my capital commencing trade this day, with the exception suppose of $10,000, which is journalized under the head of cash received this month, per Cash Book, Bills Receivable for Ship President for » Merchandise for House in such a place for, &c. Open accounts for the preceding in the Ledger. Each ship should have a separate account. If you hold a concern with others in shipping, open accounts for them, stating what share you hold in them. Debit the account of the House with the purchase money, or sums laid out on improving it ; and credit the account for what it brings in. When you are closing the tenants' accounts, journalize them in a separate entry, thus : Sundries Dr. to Houses and Lands. , For all rents and arrears due of the following tenants to such a day. Here arrange all their names, and the sums they owe, opposite each name, inside the outer column, bring the sum total to the credit of the account of houses and lands in one line, and debit each tenant's account for the balance he owes ; then, when you are closing the account of houses and lands and your books in general, in the journal entry of Sundries Dr. to Profit and Loss, For gain on the following accounts : write, amongst the rest. Houses and Lands for the amount of the net profit rents they yielded this year. Debit the account with it; and then, in the list of Balance Dr. to Sundries. For closing all accounts that balance in my favor, write Houses and Lands, for amount of their present value. These methods will enable you to commence a,id close all accounts relative to landlord and tenant. How to commence, close, recommence and reclose company accounts in general. To journalize their commencement; to render the most difficult cases familiar and easy ; to act in all cases which occasion any change in the firm or capital, in case a new partner came into, or an old one quitted the company, and to arrange their accounts in every way that can occur in actual business, will be seen at first view in the following arrangement. Let the share of each partner in the company be what it may, the sums they are to pay into the company's stock, should be proportioned to its total amount. For example : If the company commence with a capital of $20,000, and you are to have one- tenth of their profits, you must pay $2,000 into their stock. Whatever their shares may be should be journalized ; Cash Dr. to Stock ; then. Stock Dr. to Sundries, to each partner, for his share. Should the capital of a company commencing trade, consist of Cash, Bills and Notes, Shipping and Merchandise, Houses, Lands, &c., all individual and com- 149 SELECT INSTRUCTIONS. pany accounts are made and journalized alike, with the bare exception of chang- ing from the singular to the plural number, by saying we, us, and our, for the Co. in place of I, me, and mine. If any of the partners paid more than their share of capital, enter Cash Dr. to Sundries, To such a partner's private account for the excess. If it be agreed to accumulate the profits for increasing the stock in Co. at balancing the books, enter — Profit and Loss Dr. to Stock, For amount profits agreed to be taken as additional capital. Then, Stock Dr. to Sundries, To each partner's account in Co. for his share of the above profits as increased capital. If it be agreed to divide the profits, at balancing the books, enter Profit and Loss Dr. to Sundries, To each partner's private account, for his share of the gain. Then debit his private account for the sum he takes out of trade, and it will leave their stock account, and his account in Co. unaltered, and in th«ir original state. If the company existed before, then, at the opening of the new accounts, enter Sundries Dr. to Stock, For the total of our effects. Then, Stock Dr. to Sundries, For the total of our debts. In dealings between partners, the entries are the same as in dealings with any other persons ; only, for distinction's sake, it is necessary to add, "his private account," immediately after his name. If the company agree to decrease or in- crease their capital, the fittest time to do it, is previous to balancing or closing their old accounts, and opening the new ones. For decreasing their capital, enter \ Sundries Dr. to Cash, Bills Receivable, Merchandise, or whatever they receive in payment of the sums they draw out of their capital or trade. Such a partner's account in Co. for as much as he withdrew. Then balance the old books to show what capital remained in trade, and transfer the balances to the new accounts. For increasing the capital, after the old balance lists are all posted into the new accounts, enter in your Cash book the additional capital paid in, and journalize it along with the month's cash. Thus : Cash Dr. to Stock, For the following sums received from the undernamed persons to increase their capital in trade. Then enter their names and sums, and, when the month's cash is journalized, enter Stock Dr. to Sundries, For an increase of capital put into trade, To each partner for his share thereof. In admitting a new partner, or on an old one quitting the company, so as to occasion any increase or decrease in their original capital ; or to alter their firm, by selling their shares to one another, or to a stranger; I would in all such cases ad.vise that the old books be balanced, and new ones commenced, agreeably to the alteration which the new or old partner must necessarily have occasioned in the firm or capital. 150 SELECT INSTRUCTIONS. If the loss on a half or a year's trade exceeds the gain, it will stand at the debit of the account of Profit and Loss, and that account must necessarily be journalized thus : Sundries Dr. to Profit and Loss, Each partner's account in Co. for his share of the loss. J3ut when therQ. is a gain, enter it as I have done the reverse way, at closing the company accounts. Some companies and individuals keep no account of stock on their books, but make the account of balance answer in lieu of it. AU though that mode would do, yet I would not recommend its adoption ; because at the time of balancing the books, the account of balance would not show each partner's share of the capital in so satisfactory a manner, as by opening an ac- count of stock for their capital alone, and using the account of balance solely to show the balance for and against them ; or, in other words, the total amount of the balances due them, and by them. How^ever, as some merchants may prefer omitting the account of stock, a set of books may be kept without it. How to dissolve a partnership and divide the stock and debts in the most equitable and simple manner. Previous to dissolving a partnership, all accounts pending should be furnished and settled, and all debts due by the company paid up. If a partner take any of the merchandise on hand, to his own account, enter it (the same as to any other individual) in the account sales of merchandise, and journalize it with the monthly sales, debiting his private account for the amount. Then post up the books to the day of dissolution, and dispose of no more goods or mercliandise, till you have taken an accurate inventory of all the com- pany's stock, and cash on hand, valuing the merchandise at first cost, or current prices, then balance the books in the usual way» to show each partner's share of stock, and how they stand with one another, and those with whom they deal. After the books are balanced, open new accounts with each partner, and entitle them, his account of the division of stock, at the dissolution of partnership. Then credit each partner in said new account, for his share of the old stock; and debit' each partner in said account, with the balance due by him to the company on his old private account. Should there be various kinds of goods unsold after the dissolution of partnership, and the company agree to divide them, the debts due to them, and the cash, bills, and notes on hand, debit each partner's account of stock at the dissolution, with the amount of such merchandise, bills and notes and cash as he received, valuing the merchandise' at first cost, or at current prices, and charge each partner with the full amount of all the debts that may fall to his lot, notwithstanding, there may be good, doubtful and bad debts amongst them, otherwise their accounts will not balance. Under these circumstances, the partners should mutually agree that the names of the old ^ryn should be used by each of them in sueing for outstanding debts, and that they should have no claim on one another, for their losses by bad debts, or expenses in recovering them, thus each partner abides by his own losses. If the company should prefer selling the goods on hand, rather than divide them, and wait the receipt of the debts due, rather than take them to their own accounts, and in the end they leave a loss, in this case, give each partner his pro- portion of what they produce, debit his account of stock therewith, and after doing so, as a balance must appear due to each of them, close their accounts by debiting them to Profit and Loss, for the difference, because the merchandise and debts did not produce what they were valued at, and no other property remains to 151 SELECT IKSTUUCTIONS. make good the deficit. The accounts of this division of stock should be kept by double entry, commencing thus : General account of Stock at the dissolution of partnership between A. B. and C. D. Dr. to Sundries, .'^0,000 00 To each partner for his share, (naming them in separate lines.) Having now given every instruction which I consider necessary, relative to individual and company accounts, nothing more remains but to show how the division of profit and loss among partners should be found and made out with ease and accuracy, though their shares of stock or profit and loss be what they may ; and this the following calculations in partnership will clearly show. How to divide the company's loss or gain, whether their shares of capital be equal or unequal. When the capital is divided into equal shares, each partner's part of the gain or loss, or net proceeds, is found by dividing the whole gain, loss, or net proceeds, by the number of partners. For example : Three partners, A. B. & C. put |?6,000 each into joint stock. When their books were balanced, they found a net gain of $12,000 ; how much must each partner's account in Co. be credited for ? 3 ) 12,000 = $4,000 When the partners not only put into the company's trade, different sums for their capital, but enter or withdraw these sums, or the profits on them, at differ- ent periods, and perhaps both, each partner's share of gain, loss, or proceeds, must be proportioned to his share of the capital, and the time it was employed. This occasions four cases ; when each partner's stock differs in amount, as suits his convenience, or as may be agreed upon, let the whole capital be the first term ; the proceeds, gain or loss, the second, and each partner's stock, the third ; then will the share of gain, loss, or proceeds, due to or by that partner whose share of the capital was the third term, be the fourth proportional. By this rule you can ascertain each partner's share of the loss or gain on their general trade or on any particular transaction, whether their shares of ca})ital be equal or unequal. How to divide tlie company's net profits and net stock, when a salary is al- lowed the manager. Four partners were equally concerned in trade, viz : A. B. C. and D. ; D. was manager, at the end of the year there was found a clear gain of $6,000. How much has each partner to draw; the manager, besides his equal share of gain, being allowed $800 a year for his trouble ? $6,000 Deduct 800 4 ) 5,200 $1,300 due to each, together with $800 to D for management. Another Example ;— A. B. C. and D. were concerned in Philadelphia ; A. had one-half, and B. C. and D. one-sixth each ; when the merchandise was sold oil', and the debts collected, there was a clear gain of $24,000 : what is each partner's share ? 6 ) 24,000 4,000 to B. 4,000 to C. 4,000 to D. 12,000 to A. $24,000 as given. 152 INTEREST TABLE FOR 6 PER CENT. | ALLOW ING 360 DAYS TO THE YEAR. 1 Rule Multiply the principal by the number opposite the days, and cut off 3 right hand figuresj 1 Nos. Days. Nos. Days. Nos. Days. Nos. Days. 209 Nos. 3483 Days. Nos. Days. 313 5217 17 53 883 105 1750 157 2617 261 4350 2 33 54 900 106 1767 158 2633 210 3500 262 4367 314 5233 3 50 55 917 107 1783 159 2650 211 3517 263 4383 315 5250 4 67 56 933 108 1800 160 2667 212 3533 264 4400 316 5267 5 83 57 950 109 1817 161 2683 213 3550 265 4417 317 5283 6 100 58 967 110 1833 162 2700 214 3567 266 4433 318 5300 7 117 59 983 111 1850 163 2717 215 3583 267 4450 319 5317 8 133 60 1000 112 1867 164 2733 216 3600 268 4467 320 5333 9 150 61 1017 113 1883 165 2750 217 3617 269 4483 321 5350 10 167 62 1033 114 1900 166 2767 218 3633 270 4500 322 5367 11 183 63 1050 115 1917 167 2783 219 3650 271 4517 323 5383 12 200 64 1067 116 1933 168 2800 220 3667 272 4533 324 5400 13 217 65 1083 117 1950 169 2817 221 3683 273 4550 325 5417 14 233 66 1100 118 1967 170 2833 222 3700 274 4567 326 5433 15 250 67 1117 119 1983 171 2850 223 3717 275 4583 327 5450 16 267 68 1133 120 2000 172 2867 224 3733 276 4600 328 5467 17 283 69 1150 121 2017 173 2883 225 3750 277 4617 329 5483 18 300 70 1167 122 2033 174 2900 226 3767 278 4633 330 5500 19 317 71 1183 123 2050 175 2917 227 3783 279 4650 331 5517 20 333 72 1200 124 2067 176 2933 228 3800 280 4667 332 5533 21 350 73 1217 125 2083 177 2950 229 3817 281 4683 333 5550 22 367 74 1233 126 2100 178 2967 230 3833 282 4700 334 5567 23 383 75 1250 127 2117 179 2983 231 3850 283 4717 335 5583 24 400 76 1267 128 2133 180 3000 232 3867 284 4733 336 5600 25 417 77 1283 129 2150 181 3017 233 3883 285 4750 337 5617 26 433 78 1300 130 2167 182 3033 234 3900 286 4767 338 5633 27 450 79 1317 131 2183 183 3050 235 3917 287 4783 339 5650 28 467 80 1333 132 2200 184 3067 236 3933 288 4800 340 5667 29 483 81 1350 133 2217 185 3083 237 3950 289 4817 341 5683 30 500 82 1367 134 2233 186 3100 238 3967 290 4833 342 5700 31 517 83 1383 135 2250 187 3117 239 3983 291 4850 343 5717 32 533 84 1400 136 2267 188 3133 240 4000 292 4867 344 5733 33 550 85 1417 137 2283 189 3150 241 4017 293 4883 345 5750 34 567 86 1433 138 2300 190 3167 242 4033 294 4900 346 5767 35 583 87 1450 139 2317 191 3183 243 4050 295 4917 347 5783 36 600 88 1467 140 2333 192 3200 244 4067 296 4933 348 5800 37 617 89 1483 141 2350 193 3217 245 4083 297 4950 349 5817 38 633 90 1500 142 2367 194 3233 246 4100 298 4967 350 5833 39 650 91 1517 143 2383 195 3250 247 4117 299 4983 351 5850 40 667 92 1533 144 2400 196 3267 248 4133 300 5000 352 5867 41 683 93 1550 145 2417 197 3283 249 4150 301 5017 353 5883 42 700 94 1567 146 2433 198 3300 250 4167 302 5033 354 5900 43 717 95 1583 147 2450 199 3317 251 4183 303 5050 355 5917 44 733 96 1600 148 2467 200 3333 252 4200 304 5067 356 5933 45 750 97 1617 149 2483 201 3350 253 4217 305 5083 357 5950 46 767 98 1633 150 2500 202 3367 254 4233 306 5100 358 5967 47 783 99 1650 151 2517 203 3383 255 4250 307 5117 359 5983 48 800 100 1667 152 2533 204 3400 256 4267 308 5133 360 6000 49 817 101 1683 153 2550 205 3417 257 4283 309 5150 50 833 102 1700 154 2567 206 3433 258 4300 310 5167 51 850 103 1717 155 2583 207 3450 259 4317 311 5183 52 867 104 1733 156 2600 208 3467 260 4333 312 5200 153 INTEREST TABLE FOR 7 PER CENT. | ALLOWI NG 365 DAYS TO THE YEAR. 1 Rule.— Multiply the principal by the number opposite the days, and cut off3 right hand figures.! D^s. 1 Nos^ 19 Days. 53 Nos. Days. Nos. Days. Nos. Days. 209 Nos. 4009 Days. 261 Nos. 5006 Days.l Nos. | 1017 105 2014 157 3011 313 6003 2 38 54 1036 106 2033 158 3030 210 4028 262 5025 314 6023 3 58 55 1055 107 2052 159 3050 211 4047 263 5044 315 6042 4 11 56 1074 108 2071 160 3069 212 4066 264 5064 316 6061 6 96 57 1093 109 2091 161 3088 213 4085 265 5083 317 6080 6 115 58 1112 110 2110 162 3107 214 4105 266 5102 318 6100 7 134 59 1132 HI 2129 163 3126 215 4124 267 5121 319 6118 8 153 60 1151 112 21481 164 3146 216 4143 268 5140 320 6138 9 173 61 1170 113 2167 165 3165 217 4162 269 5159 321 6157 10 192 62 1189 114 2187 166 3184 218 4181 270 5179 322 6176 11 211 63 1208 115 2206 167 3203 219 4200 271 5198 323 6195 12 230 64 1228 116 2225 168 3222 220 4220 272 5217 324 6214 13 249 65 1247 117 2244 169 3241 221 4239 273 5236 325 6233 14 269 66 1266 118 2263 170 3261 222 4258 274 5255 326 6253 15 288 67 1285 119 2282 171 3280 223 4277 275 5274 327 6272 16 307 68 1304 120 2302 172 3299 224 4296 270 5294 328 6291 17 326 69 1323 121 2321 173 3318 225 4315 277 5313 329 6310 18 345 70 1343 122 2340 174 3337 226 4335 278 5332 330 6329 19 364 71 1362 123 2359 175 3356 227 4354 279 5351 331 6349 20 384 72 1381 124 2378 176 3376 228 4373 280 5370 332 6368 21 403 73 1400 125 2397 177 3395 229 4392 281 5390 333 6387 22 422 74 1419 126 2417 178 3414 230 4411 282 5409 334 6406 23 441 75 1438 127 2436 179 3433 231 4431 283 5428 335 6425 24 460 76 1458 128 2455 180 3452 232 4450 284 5447 336 6444 25 479 77 1477 129 2474 181 3472 233 4469 285 5466 337 6464 26 499 78 1496 130 2493 182 3491 234 4488 286 5485 338 6483 27 518 79 1515 131 2513 183 3510 235 4507 287 5505 339 6502 28 537 80 1534 132 2532 184 3529 236 4526 288 5524 340 6521 29 556 81 1554 133 2551 185 3548 237 4540 289 5543 341 6540 30 575 82 1573 134 2570 186 3567 238 4565 290 5502 342 6560 31 595 83 1592 135 2589 187 3587 239 4584 291 5581 343 6579 32 614 84 1611 136 2608 188 3606 240 4603 292 5600 344 6598 33 633 85 1630 137 2628 189 3625 241 4622 293 5620 345 6617 34 652 86 1649 138 2647 190 3644 242 4642 294 5639 346 6636 35 671 87 1669 139 2666 191 3663 243 4661 295 5658 347 6655 36 690 88 1688 140 2685 192 3683 244 4680 296 5677 348 6675 37 710 89 1707 141 2704 193 3702 245 4699 297 5696 349 6694 38 729 90 1726 142 2724 194 3721 246 4718 298 5716 350 6713 39 748 91 1745 143 2748 195 3740 247 4737 299 5735 351 6732 40 767 92 1765 144 2762 196 3759 248 4757 300 5754 352 6751 41 786 93 1784 145 2781 197 3778 249 4776 301 5773 353 6770 42 806 94 1803 146 2800 198 3798 250 4795 302 5792 354 6790 43 825 95 1822 147 2819 199 3817 251 4814 303 5812 355 6809 44 844 96 1841 148 2839 200 3836 252 4833 304 5831 356 6828 45 863 97 1860 149 2858 201 3855 253 4853 305 .5850 357 6847 46 882 98 1880 150 2877 202 3874 254 4872 306 5869 358 6866 47 901 99 1899 151 2896 203 3894 255 4891 307 5888 359 6886 48 921 100 1918 152 2915 204 3913 256 4910 308 5907 360 6905 49 940 101 1937 153 2935 205 3932 257 4929 309 5927 361 6924 §50 959 102 1956 154 2954 206 3951 258 4948 310 5946 362 6943 51 978 103 1976 155 2973 207 39701259 4968 311 5965 363 6962 52 997 104 1995 156 2992 208 3989 1260 4987 312 5984 364 16981 154 INTEREST TABLE FOR 8 PER CENT. | ALLOWING 360 DAYS TO THE YEAR. 1 Rule.— Multiply tlie principal by the number opposite the days, and cut off 3 ri^ht hand figures.} D's. Nos. Days. Nos. Days. 105 Nos. Days. Nos. Days. 209 Nos. 4644 Days. Nos. Days. Nos 1 22 53 1178 2333 157 3489 261 5800 313 6956 2 44 54 1200 106 2356 158 3511 210 4667 262 5822 314 6978 3 67 55 1222 107 2378 159 3533 211 4689 263 5844 315 7000 4 89 56 1244 108 2400 160 3556 212 4711 264 5867 316 7022 5 HI 57 1267 109 2422 161 3578 213 4733 265 5889 317 7044 6 133 58 1289 110 2444 162 3600 214 4756 266 5911 318 7067 7 156 59 1311 111 2467 163 3622 215 4778 267 5933 319 7089 8 178 60 1333 112 2489 164 3644 216 4800 268 5956 320 7111 9 200 61 1356 113 2511 165 3667 217 4822 269 5978 321 7133 10 222 62 1378 114 2533 166 3689 218 4844 270 6000 322 7156 11 244 63 1400 115 2556 167 3711 219 4867 271 6022 323 7178 12 267 64 1422 116 2578 168 3733 220 4889 272 6044 324 7200 13 289 65 1444 117 2600 169 3756 221 4911 273 6067 325 7222 14 311 66 1467 118 2622 170 3778 222 4933 274 6089 326 7244 15 333 67 1489 119 2644 171 3800 223 4956 275 6111 327 7267 16 356 68 1511 120 2667 172 3822 224 4978 276 6133 328 7289 17 378 69 1533 121 2689 173 3844 225 5000 277 6156 329 7311 18 400 70 1556 122 2711 174 3867 226 5022 278 6178 330 7333 19 422 71 1578 123 2733 175 3889 227 5044 279 6200 331 7356 20 444 72 1600 124 2756 176 3911 228 5067 280 6222 332 7378 2J 467 73 1622 125 2778 177 3933 229 5089 281 6244 333 7400 22 489 74 1644 126 2800 178 3956 230 5111 282 6267 334 7422 23 511 75 1667 127 2822 179 3978 231 5133 283 6289 335 7444 24 533 76 1689 128 2844 180 4000 2.32 5156 284 6311 336 7467 25 556 77 1711 129 2867 181 4022 233 5178 285 6333 337 7489 26 578 78 1733 130 2889 182 4044 234 5200 286 6356 338 7511 27 600 79 1766 131 2911 183 4067 235 5222 287 6378 339 7533 28 622 80 1778 132 2933 184 4089 236 5244 288 6400 340 7556 29 644 81 1800 133 2956 185 4111 237 5267 289 6422 341 7578 30 667 82 1822 134 2978 186 4133 238 5289 290 6444 342 7600 31 689 83 1844 135 3000 187 4156 239 5311 291 6467 343 7622 32 711 84 1867 136 3022 188 4178 240 5333 292 6489 344 7644 33 733 85 1889 137 3044 189 4200 241 5356 293 6511 345 7667 34 756 86 1911 138 3067 190 4222 242 5378 294 6533 346 7689 35 778 87 1933 139 3089 191 4244 243 5400 295 6556 347 7711 36 800 88 1956 140 3111 192 4267 244 5422 296 6578 348 7733 37 822 89 1978 141 3133 193 4289 245 5444 297 6600 349 7756 38 844 90 2000 142 3156 194 4311 246 5467 298 6622 350 7778 7800 39 867 91 2022 143 3178 195 4333 247 5489 299 6644 351 40 889 92 2044 144 3200 196 4356 248 5511 300 6667 352 7822 41 911 93 2067 145 3222 197 4378 249 5533 301 6689 353 7844 42 933 94 2089 146 3244 198 4400 250 5556 302 6711 354 7867 43 956 95 2111 147 3267 199 4422 251 5578 303 6733 355 7889 44 978 96 2133 148 3289 200 4444 252 5600 304 6756 356 7911 45 1000 97 2156 149 3311 201 4467 253 5622 305 6778 357 7933 46 1022 98 2178 150 3333 202 4489 254 5644 306 6800 358 7956 47 1044 99 2200 151 3356 203 4511 255 5667 307 6822 359 7978 48 1067 100 2222 152 3378 204 4533 256 5689 308 6844 360 8000 49 1089 101 2244 153 3400 205 4556 257 5711 309 6867 50 nil 102 2267 154 3422 206 4578 258 5733 310 6889 51 1133 103 2289 155 3444 207 4600 259 5756 311 6911 52 1156 104 i 2311 156 3467 208 4622 260' 5778 3121 6933 1 155 COMMERCIAL REGULATIONS, ESTABLISHED BY THE BALTIMORE BOARD OF TRADE. COMMISSIONS. The following rates to be charged if no agreement to the contrary exist. Domestic. Foreign. On sales of Merchandise, per cent. 2i 5 on Stocks, i 1 Bills of Exchange, if endorsed, 2| 2i do. do. not endorsed, i i Purchases of Merchandise, in funds, 2| 2i do. do. in advance, 2i 5 do. of Stocks and Bills of Exchange, i 1 Accepting or endorsing, without funds, 2i 2i Collecting Freights, 2i 2| Procuring do 2| 2i Disbursements of Vessels, 2| 2| do. do. without funds, 2i 5 Effecting Insurance when the premium does not exceed 10 p. c. | ^ do. do. if the premium is above 10 per cent, on the amount of premium, 5 5 Adjusting and collecting losses insured if not disputed or litigated, 1 i 2i do. do. delayed or litigated accounts, 2^ 6 Entering and forwarding Goods, on the amount of Duties and Charges, 2i 2i Advancing money on letters of Credit, or otherwise, 2| 2^ On consignments of Merchandise withdrawn or reshipped, full commission to be charged on the amount of advances, or responsibilities incurred — and half commission on the residue of the value. The above commissions are exclusive of guarantee for sales on Credit, Auction duty and Commissions, Storage, Brokerage, and every other expense actually incurred. FREIGHT AND FREIGHTING. If a vessel is freighted by the Ton, and no special agreement is made reject- ing the prdportions at which each article shall he computed, the following shaU be tfte standard of computation, viz : 2240 lbs. Pig and Bar Iron, Lead, Copper, Logwood, Fustic, and other ^ g 2000 " N 2240 « N 1830 « « 1600 « (( 1300 « « 1120 (( « 1110 (( ( 952 (( « 800 (. * 700 « (t 1120 (( « heavy Dye Woods, Nicarauga and Brazilletto Wood, . Net Sugar and Rice in casks Coffee in bags, ** in casks, Cocoa in bags or bulk, «* in casks, Pimento in bags, «< in casks, Ship Bread in bags, " « in casks, Dried Hides, ,..,.« r 156 COMMERCIAL REGULATIONS. 900 lbs. Net Weight Green Teas and China Raw Silk, , 1120 " " " Bohea and other Black Tea, , 1500 " " " Virginia Tobacco in hhds , 1300 « " « Kentucky do. do 1000 " " «' Maryland do. do 8 bbla. Flour of 196 lbs. net, 7 •' Beef, Pork, and Tallow, 7 " Naval Stores, and Pickled Fish, , 200 gals. Wine Measure — estimating the full contents of the cask of Oil Wine, Brandy, &c , 22 bush. Grain, Peas, Beans, &c. in casks, , 40 " " " " in bulk, , 40 " Liverpool Blown Salt in bulk, , 34 " " Ground " " 81 " St. Ubes, Cape de Verds, &c. in bulk, 30 " West India Salt in bulk, 30 " Sea Coal in bulk 40 eubic ft. of Plank, Boards, Timber, Bale Goods, Packages and Boxes, In estimating the contents in cubic feet, of various packages and goods, the following shall be the standard. A Flour barrel, 5 feet. A tierce of Rice, 15 *• A hhd. of Flaxseed, 12 " A hhd. of Virginia Tobacco, ^ 45 " A hhd. of Kentucky, Georgia, and Carolina, 40 ** A hhd. of Maryland and Ohio, 35 « 5 bushels of Grain in bulk, 5 « In computing boxes of Candles and Soap, kegs of Butter and Lard, Hams, and Bacon — and generally all similar articles, 200 lbs. net weight shall be considered equal to a barrel of 5 cubic feet. All goods brought to this port on freight, must be delivered on a wharf, at the expense of the vessel bringing the same — a delivery after due notice on any good wharf at Fell's Point during business hours, is a delivery in the city and port of Baltimore. Hides and articles prohibited to be landed in the city at certain periods may be landed where the public authorities may direct. In all cases when vessels are obliged (by the quarantine regulations, or city authorities) to discharge their cargo in the stream, the expense of delivering the same East of Jones' Falls, will be oorne by the carrier only. But when requested by the consignee to be delivered West of Jones' Falls, then the expense shall be equally borne by the carrier and consignee, (each one-half.) If a vessel is chartered for a voyage out and home, each shipper shall be entitled to his fair proportion of the whole homeward freight, pro rata, of the bulk or space occupied by each shipper on the outward voyage. In all cases where a vessel is chartered or freighted for a voyage out and home the freighter, or charterer, is bound to furnish sufficient cargo or ballast at the Eort of discharge of the outward cargo, to enable said vessel to return safely ome, and the same from port to port, where the charter provides for more than one port. Provided no agreement to the contrary is made by the parties. WEIGHTS AND TARES. Sugar, Copperas, Alum, Brimstone, Shot, Lead, Iron, Steel, Hemp, Dye Woods, and all other articles heretofore sold by the cwt. of 112 lbs. or ton of 2240 lbs. shall in future be sold by the decimal hundred of 100 lbs. or ton of 2000 lbs. 157 COMMERCIAL II E Gr UL ATION S. Tares shall be allowed asfolloios: Sugar in hhds. or tierces, 12 per cent. — in Cuba boxes, 15 per cent. — in flour bbls. 22 lbs. each — do. in linen bags, 3 per cent. — and in all other packages the actual tare. Coffee in linen, single gunny, and grass bags, 2 percent. — in flour bbls. 20 lbs. — in all other packages the actual tare. Cocoa in bags, 2 per cent. Pepper in linen or single gunny bags, 2 per cent. — in other packages the actual tare. Pimento in linen or single gunny bags, 3 per cent. — in other packages the actual tare. Rice in tierces and half tierces, 10 per cent. Copperas, 10 per cent, in hhds. Teas, Green, whole chests, 20 lbs. — half do. the Canton tare — do. Black do. do. 22 lbs do. three-quarter chests, 18 lbs. — other packages the actual tare. Cassia in mats, 10 per cent. — Boxes and other packages the actual tare. Indigo in seroons,in single hides, 11 per cent. — in all other cases the actual tare. Alum, Brimstone, Ginger, Nutmegs, Mace, Cloves, Almonds, Figs, Cheese, Soap, Candles, Chocolate, Currants, Prunes, Starch, and all other articles not before mentioned, the actual tare. No charge shall be made for casks, barrels, boxes, or other packages whatever. Drafts asfolloivs: On all weights even beam — quarter per cent, to be allowed for draft. STORA GE. Per Month. Hhds. of Sugar, Tobacco, Molasses, Rum, Oil, Pipes of Wine, Brandy, and Gin, 25 cents. Hhds. Coffee, Copperas, Codfish, and Tallow, 20 «♦ Tierces of Sugar, Rum, Molasses, and half pipes, 16 " Tierces of Rice, Coffee, Flaxseed, Alum, &,c 12| « Barrels of Rum, Whiskey, Sugar, Beef, Pork, Fish, Cheese, Oil, and quarter Casks Wine, 6 «« Bbls. Flour. Coffee, and other dry articles 3 " Boxes of Cuba Sugar, 8 " " of Fish, Wine, Oil, Lemons, and Oranges, 3 " " of Soap, Candles, Cheese, Tin, Raisins, and drums of Figs,. . . 1 " Bags of Coffee, Cocoa, Pepper, and Pimento, 2 " Bales of Cotton and Hempen Yarn, about 300 lbs 12^ " Bales of India piece, and other similar goods, lO" " Indigo in seroons, 4 cents — in cases, 10 " Tea in chests, 3 cents— half do. 2 cents — boxes, 1 « Kegs of Butter, Lard, Tobacco, Nails, Raisins, 3 " Hides, dried, 1 " Hemp, per ton, 50 '• Cordage, per ton,- 30 «* Iron and Lead, per ton 20 " Dye Woods, per ton 25 " Hampers of Bottles, &c 10 " Crates of Earthenware, 20 " Salt per bushel, 3 « The owners of goods to be at the expense of putting them in store and deliver- ing them. All goods stored to be subject to one month's storage if in store ten days. If less than ten days half a month's storage. The risk of loss by fire, robbery, theft, and other unavoidable occurrences, is in all cases to be borne by the owner of the goods : Provided usual care be taken lor the security of the property. ; 158 EUROPEAN COINS RKDVCED TO DOIiliARS AND CKNTS, GREAT BRITAIN. Farthing, $ .00.46 Penny, 01.85 Shilling, 22.22 Crown, or 5 shillings, .. 1.11.16 Pound, 4.44.44 Guinea, 21 shillings, . . . 4.66.66 FRANCE. Denier, 00.08 Sol, or 12 deniers, 00.92 Livre Tournois, or 20 sols, .18.52 Ecu, or Crown, 6 livres, . 1.10.00 Pistole, 10 livres, 1.85.17 Louis d'or, 4.44.44 Franc, 18.74 Five Francs, 93.70 SPAIN. Marvedie, 00.30 Rial, 10.00 Pistarine, .20.00 Piaster of ex, 80.00 Dollar, 1.00.00 Ducat of ex, 1.10.18 Pistole, 3.60.00 HOLLAND. Stiver, 01.94 Scalin, 11.64 Guilder, or Florin, 38.80 Rix Dollar, 97.00 Ducat, 2.07.86 Gold Ducat, 8,00.00 PORTUGAL. Re, 00.12 Vintin, 02.50 Testoon, 12.50 Crusade of ex, 50.00 Milre, 1.25.00 Moidore, 6.00.00 Joanese, 8.00.00 ITALY. Soldi, 00.80 Cheveiet, 03.18 Lire, 15.92 Testoon, 23.88 Croisade, 79.60 Pezzo of ex, - .92.60 Genouine, 1.36.12 Pistole, 3.20.00 SWITZERLAND. Fenning, 00.24 Cruitzer, 00.92 Sol 02.77 Gulden, $ .55.55 Rix Dollar, 1.00.00 AUSTRIA. Cruitzer 00.86 Grosh, 03.14 Batzen, 03.44 Gould, 51.87 Rix Dollar, 77.77 Ducat, 2.07.40 SWEDEN. Stiver, 00.72 Copper Marc, 02.88 Silver Marc, -08.64 Copper Dollar, 11.52 Caroline, 25.92 Rix Dollar, 1.03.70 Ducat, 2.07.40 DENMARK. Skiiling, 01.04 Duggen, 06.24 Marc, 16.66 Rix Marc, 20.83 Rix Ort, 25.00 Crown, 66.66 Rix Dollar, 1.00.00 Ducat^ 8.83.34 PRUSSIA. Grosh, 00.86 I Coustic, 04.32 Tinse, 12.96 Ort, 15.55 Florin, 25.92 Rix Dollar, 77.76 Ducat, 2.07.40 Frederic d'or, 3.88.80 RUSSIA. Altin, 03.00 Grievener, 10.00 Polpotin, 25.00 PoJtin, 50.00 Ruble, 1.00.00 Zervonitz, 2.00.00 TURKEY. Mangar, 00.28 Asper, 01.12 Parac, 03.33 Bestic, 05.55 Estic, 11.11 Solata, 22.22 Piaster, 88.88 Caragrouch, 1.11.10 Xeriff, 2.22.20 Note.— The value of a Pound sterling (established by Congress) is $4.80. " " Sovereign " « $4.85. 59 FEDERAL VALUE OP STERLING MONEY, | From one farthing to 100,001) pounds,— the par value of one pound being $4.44.4444. | Pence. DolU. Cents. Shillings. Dolls. Cents. Pounds. Dolls. Cents. i equal to . . . 0.4629 17 equal to . . . 3.77.7777 90 equal to 400.00.0000 i " . . 0.9259 18 « . . 4.00.0000 100 « 444.44.4444 ! « . . 1.8518 19 " . . 4.22.2222 200 « 888.88.8888 2 " . . 3.7037 IjG" . • 4.44.4444 300 " 1,333.33.-3333 3 « . . 5.5555 2 " . . 8.88.8888 400 " 1,777.77.7777 4 " . . 7.4074 3 « . 13.33.3333 500 « 2,222.22.2222 5 " . . 9.2592 4 " . 17.77.7777 600 « 2,666.66.6666 6 " . . 11.1111 5 " . 22.22.2222 700 " 3,111.11.1111 7 " . . 12.9629 6 « 26.66.6666 800 " 3,555.55.5555 8 « . . 14.8148 7 « . 31.11.1111 900 " 4,000.00.0000 9 •' . . 16.6666 8 « 35.55.5555 1,000 " 4,444.44.4444 10 " . . 18.5185 9 " 40.00.0000 2,000 " 8,888.88.8888 11 « . . 20.3703 10 " . 44.44.4444 3,000 « 13,3.33.33.3333 12 " . . 22.2222 11 " 48.88.8888 4,000 « 17,777.77.7777 2s. " . . 44.4444 12 « . 53.33.3333 5,000 " 22,222.22.2222 3 « . . . 66.6666 13 " . 57.77.7777 6,000 « 26,666.66.6666 4 « . . 88.8888 14 " . 62.22.2222 7,000 « 31,111.11.1111 5 «' . 1.11.1111 15 « . 66.66.6666 8,000 " 35,555.55.5555 6 " . 1.33.3333 16 « . 71.11.1111 9,000 " 40,000.00.0000 7 " . 1.55.5555 17 " . 75.55.5555 10,000 " 44,444.44.4444 8 " . 1.77.7777 18 " . 80.00.0000 20,000 " 88,888.88.8888 9 « . 2.00.0000 19 «* S4.44.4444 30,000 " 133,333.33.3333 10 « . 2.22.2222 20 " 88.8S.8S88 40,000 « 177,777.77.7777 11 " . 2.44.4444 30 " 133.33.33.33 50,000 " 222,222.22.2222 12 " . 2.66.6666 40 " 177.77.7777 60,000 " 266,666.66.6666 13 « . 2.88.8888 50 " . 222.22.2222 70,000 " 311,111.11.1111 14 " . 3.11.1111 60 " 266.66.6666 80,000 " 355,555.55.5555 15 " . 3.33.3333 70 « 311.11.1111 90,000 " 400,000.00.0000 16 " . 3.55.55.55180 " 355.55.5555 100,000 " 444,444.44.4444 F] BDERAL VALUE C )F STERL ING MONEY, AS ESTABLISH ED BY CO NGRESS. From o ic farthing to 1,000 pounds,- -the par value of one pound being )f4.80. 1 Pence. Dolls.Cts. Shillings. Bolls. Cts. Pounds. Dolls. Cts. \ \ equal to • S 10 equal to • .... 2.40 12 equal to .... 57.60 1 h " 1 11 " .... 2.64 13 " . . 62.40 i " . 2 12 " .... 2.88 14 " . . 67.20 2 « 4 13 " . . . . 3.12 15 « . . 72.00 3 " 6 14 « . . . . 3.36 16 " . . 76.80 4 « 8 15 " . . . . 3.60 17 " . . 81.60 5 « .... 10 16 " .... 3.84 18 " . . 86.40 6 « .... 12 17 " . . . . 4.08 19 « . . 91.20 7 « .... 14 18 « . . . . 4.32 20 " . . .96.00 8 « .... 16 19 «« . . . . 4.56 30 " . 144.00 9 « .... 18 1£« .... 4.80 40 " . 192.00 10 « .... 20 2 " . . . . 9.60 .50 " . 240.00 11 " .... 22 3 " . . . 14.40 60 " . 288.00 Is. « .... 24 4 " . . . 19.20 70 " . 336.00 2 « .... 48 5 " . . . 24.00 80 " . 384.00 3 « .... 72 6 «' . . . 28.80 90 " . 4.32.00 4 " .... 96 7 « . . . 33.60 100 « . 480.00 5 ♦' . . . 1.20 8 " . . . 38.40 200 " . 960.00 6 " . . . 1.44 9 " . . . 43.20 300 " 1,440.00 7 " . . . 1.68 10 « . . . 48.00 400 " 1,920.00 8 « . . . 1.92 11 « . . . 52.80 500 " 2,400.00 9 « . . . 2.16 1000 " 4,800.00 160 PART V VOCABULARY OF COMMERCIAL TERMS. ACCEPTANCE, means an engagement of the person drawn upon to pay the bill at maturity. This form renders the bill current, and the usual method is to write the word "Accepted," with the ac- ceptor's name on the face of the bill. AN ABSOLUTE ACCEPTANCE, is an engagement to pay the bill according to its tenor. tAt present, the usual mode of making such acceptance, is either by writing on the bill the word ""'Accepted," and subscribing the drawee's name ; or it may be by merely writing the name, either at the bottom, or across the bill. Where a bill payable after sight is accepted, it is usual and proper also to write the day on which the acceptance is made. And if on production of such a bill an acceptance appears to have been written by the defendant, under a date which is not in his hand-writing, the date is the evidence of the time of acceptance, because it is the usual course of business in such cases for a clerk to write the date, and for the party to write his acceptance under the date. When an ac- ceptance is made by one partner only, on the partnership account, he should regularly subscribe the name of the Jirm, or express that he accepts for himself and partner ; but any mode which indicates an intention to be bound by the terms of the request in the bill, will bind the firm. And when by an agent for his principal, he must subscribe the name of such principal, or specify that he does it as agent, as otherwise it may, if he be named or described in the direc- tion of the bill, make him personally responsible. ACCOUNT CURRENT, contains the state of our transactions with any person, drawn out in a plain circumstantial manner, disposed of in the form of Dr. and Cr., on opposite pages. When a person is furnished with his account current, it is necessary to specify the various charges, and when they are numerous, some accountants make but one charge of them in the account current, referring to an annexed account of the several articles thus included. In making out an account current, all the particulars are set forth as expressed in the Journal and subsidiary books, and where the collective term, " Sundries,^* occurs in the Ledger, every reference is supplied. V 161 VOCABULARY. In calculating interest on accounts current, the usual method is to compute the interest, first, on the sums of the Dr. side, and then on those of the Cr., reckoning the time from the day on which the sums became due to the time of settlement. Then subtract the sum of the interest on the one side, from that on the other, and the difference will be either the interest due by or to you. ACCOUNT SALES, is an account of goods sold on commission, and drawn out by the agent or factor, to whom they were consigned, to be sent to his employer. It contains the quantity and value of the goods or merchandise sold, the charges attending the sales, the agent's commission, and the net proceeds. The forms of making out accounts sales are various. Some enter the charges on the first, or left hand page ; and the quantity, price and value of the goods, on the second, or right hand page, in the manner of Dr. and Cr. The difierence then of the two sides ex- hibits the net proceeds. Others rule the account with a number of columns for the particulars ; as the date of the sale, the purchaser's name, the quantity and quality, the price and the value of the goods ; though the forms are different, yet they all tend to the same object, that of ascertaining the net proceeds. The duty of an agent is to procure the best intelligence of the state of the market at the place where he resides ; of the quantity and quality on hand ; their pre- sent prices, and the probability of their rising or falling ; to pay strict attention to the orders of his employers ; to consult their advantage in matters referred to his discretion ; to execute their business with all the despatch that circumstances admit; to be early in his intelligence; dis- tinct and correct in his accounts, and punctual in his correspondence. ADVICE — Mercantile intelligence. To advise a bill is to describe the amount, date, time, order, &c., and request the person on whom drawn, to accept it. ANNUL, a term used in Book-keeping when a wrong entry is corrected by writing it on the opposite side. ASSIGNEE, a person appointed to manage the affairs of a bankrupt. ATTACHMENT, the act by which a creditor may claim and seize the goods of his debtor, in whatever hands he may find them. ARBITER, (in civil law.) A judge appointed by a magistrate, or chosen by the parties, to decide any point of difference. An arbiter must judge according to usage of law ; but an arbitrator, who is a private extraordinary judge, chosen by the mutual consent of parties, is allowed a certain discretionary power. ARABIC CHARACTERS, the numeral characters now used in arith- metic, which were introduced into England about the eleventh century. AD VALOREM, according to the value. A RECEIPT, is a written acknowledgment of having received a sum of money, or a bill in the settlement of an account, or goods, &c., as the case may be. 162 VOCABULARY. AVERAGE, a term used for the damage a cargo or ship sustains, which is to fall upon the proprietors, or insurers in a just proportion, &c. ANTEDATE, to date earlier than the proper time. ANTEMERIDIAN, or A. M., before noon. BANK, (in commerce,) an establishment for the receiving of money and letting it out at interest, &c. The first bank was estabUshed at Venice, about 11 57, and the name of banco was given to it in ItaUan, from the bench on which the money changers, or bankers, used to sit. The Bank of Genoa was estabHshed in 1345 ; that of Amster- dam in 1609; that of Hamburgh in 1619; that of Rotterdam in 1635. The Bank of England, one of the last, but at present, the greatest of its kind, was established by charter in the reign of Wil- liam and Mary as a corporate body, by the title of the Governor and Company of the Bank of England. The Bank of North America, which was the precursor of the United States Bank, was incorpo- rated in 1781, (eight years previous to the formation of the constitu- tion.) The Bank of the United States was subsequently incorpo- rated in 1791. BALANCE, the difference between the debit and credit sides of an account. BALANCE OF TRADE, the difference between the commercial ex- ports and imports of one country with respect to another. BILL OF ENTRY, a note of the particulars of goods entered at the custom house. BILL OF SALE, is a solemn contract under seal by which a man passes the right or interest that he has in goods or chattels. BOND, a deed or obligation by which a person binds himself, or his heirs, to pay a certain sum of money at an appointed time. BONA FIDE, in good faith, honestly. BANKRUPT, a person who fails or breaks, so as to be unable to carry on his business or pay his debts. In law a bankrupt is one who has committed an act of bankruptcy, so as to bring him under the pro- tection of the bankrupt laws. It is derived from hancum, a bench, and rumpere, to break, because the bench of the ItaUan banker or money changer is said to have been broken by way of infamy when he failed. BILL OF EXCHANGE, is an order or request in writing, addressed by one person to a second, desiring him to pay a sum therein named, to a third, or to any other to whom such person shall, by his order, appoint it to be paid ; or it may be made payable to bearer. Parties to a Bill. — The person making or drawing the bill is called the drawer, the person to whom it is addressed, the drawee, who, when he has undertaken to pay the amount, is termed the acceptor. The person in whose favor the bill is drawn is caRed the payee ; but if he appoint some other person to receive the money, he is then termed the endorser, and the person so appointed, the endorsee. 163 VOCABULARY. Where there are two joint traders, and a bill is drawn on both of them, the acceptance of one binds the other, if it concern the joint trade j but is otherwise, if it concern the acceptor only, in a distinct respect and interest. Bills of Exchange are sometimes made in the name and for the account of a third person, by virtue of full power and authority given by him, and this is commonly termed procuration ; and such bills may be drawn, subscribed, endorsed, accepted and negociated, not in the name or for the account of the manager or transactor of any or all of these branches of remittances, but in the name and for the account of the person who authorized him. Upon delivery of a bill of exchange to the payee, or any other person who may become the holder, if it has not been previously accepted, it is in all cases advisable to present it for acceptance. If, upon presentment, the drawee does not accept, the holder of the bill should give notice to the persons who have been parties to the bill antecedent to himself, after which any person, not originally a party, may accept it, supra protest, for the honor of the drawer or endorsers. A bill is said to be accepted when the name is written across the face of it. Promis- sory notes are said to be endorsed when the name is written on the back. Bills of exchange are either inland or foreign. Inland bills are those which pass between persons in the same country. Foreign bills pass from one country to another. Inland bills of exchange, according to Lord C. J. HoWs opinion, did not originate at a much earlier period than the reign of Charles II. They were at first, like foreign bills, more restricted in their operation than they are at present j for it was deemed essential to their validity that a special custom for the drawing and accepting of them should exist between the towns in which the drawer and acceptor hved ; or, if they lived in the same town, that such a cus- tom should exist therein. At first, also, etfect was only given to the custom when the parties were merchants, though afterwards it ex- tended, as in the case of foreign bills, to all persons, whether traders or not. And even after the general custom had been established, and it had been adjudged that all persons having capacity to contract might make them, a distinction was taken, with respect to form, be- tween bills made payable to order and bills made payable to bearer ; for it was once thought that no action could be maintained on a bill payable to the order of a certain person, by that person himself, on the ground that he had only an authority to endorse ; and those payable to bearer were first thought not to be negotiable in any case. These distinctions, however, have long been held to be without foundation ; and on the whole, as observed by Mr. Justice Blackstone, although formerly foreign bills of exchange were more favorably regarded in the eye of the law than inland, as being thought of more public concern in the advancement of trade and commerce, yet now, by 164 VOCABULARY. various judicial decisions, and by two statutes, the 9th and iOth W. 3 C 17, and the 3d and ^th Anne, C. 9, inland bills stand nearly on the same footing as foreign ; and what was the law and custom of the merchants with regard to the one, and taken notice of as such, is now by these statutes enacted with regard to the other. Besides inland and foreign bills of exchange, there are two other descriptions of negotiable instruments for the payment of money, viz : promissory notes and checks on bankers, which are transferable, so as to vest the legal right to receive the money in the holder. Note. — Bills drawn in one state, and payable in another of the United States, are foreign bills. "A bill drawn in New Orleans upon Philadel- phia is a foreign bill of exchange." Vide 2 Peters' Condensed Reports, 168. 4 Wash. C. C. 148. 2 Peters, 586. In Lonsdale vs. Brown, Cir- cuit Court U. S., Pennsylvania District, October, 1821, Washington, J., held that a bill drawn in one of the United States upon a person in another of the United States, is a foreign and not an inland bill of exchange, subject to all the laws of evidence and damage of foreign bills. (Vide Chitty on Bills, ipage 13, &c.) BOTTOMRY AND RESPONDENTIA, see Lecture IV. BANK BOOK, contains on the Dr. side the daily deposites, discounts, and notes collected. On the Cr. side the money withdrawn, or for which checks had been given. BILL OF LADING, an agreement between the shipper of merchan- dise and the captain of a ship, binding the latter to deliver it " in good order and condition," on payment of a certain freight. BILL OF PARCELS, is a note of the quantity and value of the goods sold and delivered to the purchaser by the seller. If the account be a copy of the goods sold at the time, the expression is : — Bought of A. B.; but if for goods sold at a former period, make the pur- chaser Dr. to A. B. When the account is to be settled, either by cash, or bill, a receipt is granted at foot, in which the manner of settUng is expressed. If a partial payment be made, it is placed under the account and siibtracted. If several payments be made, they are extended, and their sum subtracted. In making out an ac- count of goods formerly sold, it is sufficient to express only the date and sum of each bill of parcels, and refer for particulars to the ac- count which was sent with the goods, at the time of purchase j this is called a general account. Bills of this nature ought to be hand- somely written, and they, in general, contain the place where, and the time when the goods were sold ; also the buyer's and seller's names. BOOK-KEEPING by double entry, was published first at Venice, in the Italian language, about the year 1495, by Lucas de Burgo Pacidus, who likewise wrote several works on scientific subjects. BILL BOOK, contains notes in your favor or against you. BROKER, one who concludes bargains or contracts for merchants, as exchange brokers, ship brokers, &c. 165 VOCABULARY. BROKERAGE, what is paid to a broker for his trouble. CASH, ready money. CASH BOOK, contains the sums received or paid. CARGO, the goods which a ship receives on board, to carry from one place to another. CAPITAL, the effects of a house in money or' wares, by means of which it carries on business and supports its credit. CHARGES, the necessary expenses attending mercantile transactions. CLEARING, with respect to a ship, is registering her name and par- ticulars of her cargo, upon the books of the custom house, when entering into, or leaving a port. CIRCULAR LETTER, the printed notice of the establishment of a house, or alteration in a firm, &c. CODICIL, an addition or supplement added to a will or testament. CONSIGNMENT, a quantity of goods which one house or firm sends to another, to sell on their account and risk ; allowing them the regular commission for their agency. COMMISSION, so much per cent, allowed by one person to another, for transacting his business. COUNTER ORDER, an order sent to revoke a former one, either for the sale or purchase of any commodity. COMMISSION SALES BOOK, records the particulars of any con- signment received on commission. It is kept in the form of Dr. and Cr.; on the left hand side are entered the duly, freight, commission, &c., paid on receiving merchandise on consignment. On the right hand side, the sales effected, with a detail of the particulars. When the merchant purchases or receives merchandise to be sold on joint account, that is, for himself and others in Co. with him, the account of such merchandise in Co. may be kept in this book, by placing on the Dr. side his proportion only of the first cost and all the charges to which the merchandise may be subjected, belonging to the com- pany, while in his hands, and on the 'Cr. side the entire sales of the goods, with the particulars of such sales. CONTRABAND TRADE, that which is prohibited by law. CONVOY, ships of war sailing with merchant and other vessels in order to protect them. COUNTERVAILING DUTIES, equal duties established between two countries, and charged on the exportation and importation of the same kind of goods. CREDITOR, he that gives credit, correlative to Dr. DEBT, a sum of money due from one person to another. DEFALCATION, a falling off, or a failure in accounts. DEFAULTER, one who is deficient in his accounts. DISCOUNT, an allowance made on a bill, or any other debt not yet become due, for immediate or prompt payment. DITTO, a mercantile term, signifying the same as that which precedes. 166 VOCABULARY. DRAWER OF A BILL, one who writes and signs a bill for a sum of money to be paid to another. DRAWBACK, an allowance made to a merchant on the exportation of goods which paid duty when imported. DUBIOUS PAPER, bills drawn on houses of little credit. DRAFT, a bill drawn by one person upon another for a sum of money. DUTY, the tax imposed by government upon the importation of goods, &c. EMBEZZLEMENT, is when a person appropriates by breach of trust, or turns to his own use what is committed to his care. EX OFFICIO, by virtue of one's office. EX PARTEl, on one side. ENDORSE, to place your signature on the back of a note. . , EXCHANGE, vide Lecture V. ; r EXECUTOR, one appointed by a testator to see that his will is executed. FACTOR, an agent commissioned by merchants to buy or sell goods on their account. FIRM, the appellation of a house engaged in mercantile pursuits. FOLIO, the right and left hand pages in a merchant's Ledger, which are numbered by the same figure, so that they may correspond. FREIGHT, any thing with which a ship is laden ; the money due for the transportation of merchandise. GOODS, articles of merchandise. GOVERNMENT, "for your government" is an expression taken from the French, signifying "in order to give you better infor- mation and rules for acting by " in the purchase or sale of mer- chandise. GRACE, (in the United States, 8rc.) three days added to the specific time for the payment of notes. HONOR, to interfere for the honor of another person, is to accept a bill drawn by him upon another, which has been refused ("dishonored,") and prevent the bill from going back protested. To honor a draft is to accept it on presentation. HYPOTHECATED, is applied to stock or other property left as col- lateral security for the payment of a debt. IBIDEM, in the same place ; ib. or ibid, stands for the same. IMAGINARY OR NOMINAL ACCOUNTS, are styled Stock, Profit and Loss, Charges, Commission, House Expenses, Insurance, Ex- change, Interest, &,c. Stock account represents the merchant in his own set of books, it matters not whether the merchant's name, or the word stock be used, these terms are synonymous, (from the pur- port of the definition generally given), and the manner of closing each is the same. Charges, Commission, &c., might be kept under the appellation of Profit and Loss, being ultimately closed either To or By Profit and Loss. Merchants notwithstanding generally keep 167 VOCABULARY. a separate account for each branch of their business which these accounts represent; in order that they may ascertain the true gain ' or loss arising from them. Note. — The word Stock has, in a mercantile point of view, three dif- ferent meanings : — 1. It means, in the Journal or Ledger, the merchant or owner of the books. 2. The taking of stock, an inventory of the goods on hand, made at the closing of the merchandise account. 3. An investment, if you have an interest in any public institution. INSURANCE, a contract or an agreement by which one or more per- sons, called insurers, engage, for a certain premium, to make good the loss of any house, ship, or goods, by fire, shipwreck, or other- wise. IMPRIMIS, first, in the first place. iNSTANTER, immediately. IN CURIA, in court. IMPORTATION, the act of bringing goods into a country from foreign parts. INVENTORY, a schedule, amount, or catalogue of goods. IN EXTENSO, in full, at large. IN TOTO, entirely, wholly. INTEREST, money paid for the use or loan of money. The sum lent is called the principal, the sum paid by the borrower, the interest ; and when the two are incorporated, the interest paid upon that is called compound interest, or interest upon interest. INVOICE, an account of goods sent off generally by sea, either in con- sequence of an order from the person to whom they are sent, and at his risk, or consigned to him for sale at the risk of the owner or owners. It will be observed from the form given in the preceding part of this work, that the title or preamble contains the name of the vessel, and of the master, place of destination, and the name of the person to whom the goods or wares are sent, and at whose risk. An account is next given of the quantity and value of the goods, with the marks exhibited on the margin, if any. The charges at shipping are added to the cost of the goods, and it is generally charged on this sum. INSTANT, the present or current month. INSURERS, the persons who insure, also called underwriters. INTERLINE, to write between lines. INTERNATIONAL, relating to the reciprocal intercourse or commerce of one nation with another. LETTER BOOK, contains copies of letters written by the merchant to his correspondents. LEX MERCATORIA, the law of merchants. MINIMUM, the lowest rate. MAXIMUM, the highest rate. MATURITY, is when a bill becomes due. MESSRS., Messieurs, Gentlemen, or Sirs, f6^ VOCABULARY. NOTA BENE, "mark well," or "observe this particularly." N. B. is frequently used in place of P. S. or Postscript ; but a correct writer will avoid this impropriety or inelegancy. NOTARY PUBLIC, a person duly appointed to attest deeds and other writings, to note and protest bills of exchange, also drafts or notes, when payment is refused, or when returned for non-acceptance. ORDER, a direction from one house to another, to effect certain pur- chases, &c., upon limited or unlimited conditions. PER DIEM, by the day j for every day. PER ANNUM, by the year. PER CENT., by the hundred. PREMIUM, the sum of money given for the insuring of houses, goods, ships, &c. POLICY OP INSURANCE, an instrument or deed by which a con- tract of insurance is effected. PRICE CURRENT, a list of all the articles in the market with the present price annexed to each. POCKET BOOK, a small book for holding papers and memoranda. PROXIMO, the next month. PRIMAGE, so much per cent, generally allowed to a captain of a ship on his amount of freight. When it is not allowed by the shipper, it is not mentioned in the bill of lading. PROCURATION, the power of using the signature of a house. PRO RATA, according to a prescribed rate. PROTEST, an instrument drawn up in writing by a notary public, cer- tifying that such bill or bills, as are therein specified, have been presented for acceptance or payment and refused. Bills when en- dorsed must be protested, if not accepted or paid. POSTSCRIPT, a paragraph added to the end of a letter. POST DATE, to date after the real time. POST MERIDIAN, or P. M., afternoon. RECEIPT BOOK, exhibits the receipts or acquittances which persons who receive money from others give and sign. REMITTANCE, a sum of money sent either in bills of exchange, or otherwise, from one house to another. SALVAGE, a recompense allowed to such persons as have assisted in saving merchandise, ships, &c., from shipwrecks ; or the term ap- plied to the award allowed for saving a vessel, or cargo, or both, from loss or damage.- SHIPPER, one who puts goods or merchandise on board a ship. SUNDRIES, a collective term signifying more than one. Note. — The word Sundries is objected to by some book-keepers as ungrammatical ; but it may be considered as an abbreviation of Sundry Accounts; its use is sufficiently sanctioned by the general practice of merchants; and its propriety too is supported by analogy, for several other adjectives are thus converted into substantives, as goods, evils, blacks, &c. w 169 VOCABULARY. SIGHT, a draft drawn at sight, is due without p'ace. In some states, a draft at sight is allowed three days' grace. SPECIE, coin as distinguished from paper money. SUPERCARGO, a person employed on board a ship to oversee the cargo. THE TRIAL BALANCE, proves that the sums or amount which have been posted to the one side of the Ledger, have also been en- tered on the other side. This, however, is no evidence of the books being correctly posted ; for a sum may be posted to a wrong ac- count, or a Journal post be entirely omitted, or entered twice, and yet the Dr. and Cr. columns of the trial balance will agree. The most effectual check is to compare the books, by reading the entries and examining the extensions of the auxiliary books, and com- paring those with the Journal. After this is done, then proceed to the Ledger, or grand book of accounts. It would be more convenient and less troublesome if two persons were to assist each other in comparing the Ledger. One to have the Journal before him and reading therefrom the debits and credits, and the other turning to the accounts in the Ledger, and marking them off, if correct. TOTAL, OR GROSS SALES, the sum produced by the disposal of property ; when the charges and commission are deducted from it, the remainder is the net proceeds. ULTIMO, the last, or preceding month. UMPIRE, a person appointed to settle a dispute or difference when the arbitrators cannot agree. VIA, by way of. VICE, in the place of. VICE VERSA, the reverse. VOUCHER, a document proving that some payment or transaction has been entered into. WHARFAGE, money paid for the use of a wharf. no INDEX. Page Preface, 3 PART I. BOOK-KEEPING BY SIKGLE ENTRY. Book-keeping defined — Single Entry described, 7 Set A. — Retail Business. Page Page Directions for Posting, &c. ... 8 Form of a Cash Retail Sales Book, . 26 Of Closing the Ledger, .... 10 Another Method of Keeping Accounts Day Book, 11 by Single Entry, ...... 27 Ledger, 15 PART II. book-keeping by double entry. Page Page Introduction-Double Entry explained, 33 Of Posting and Balancing the Books, 41 Of the Day Book and Auxiliary Books, 34 Day Book and Journal A, . . 46, 47 Of the Journal, 35 Ledger, 60 Of the Ledger, and an Explanation of Bill Book, 75 the Accounts, 36 PART III. Lectures concerning Domettic Bvsiness — Discounting and Reneunng Bills — Importing and Ex- porting — the Purchase and Sale of Bilk of Exchange — Commission and Company Accountty both Domestic and Foreign. Page Page Lecture I, 77 Lecture V, 94 Lecture II, 83 Lecture VI, 99 Lecture III, 86 Lecture VII, 107 Lecture IV, 89 (j(p-aUESTIONS are frequently proposed, to which NO ANSWERS are given ; but the ingenious learner will be able to answer all such, if he thoroughly understands the Lecture to which they refer or relate. 171 INDEX. COiMMEaCIAL FOBMS. Page Receipt for money rec'd on account, 113 in full, . . 113 for rent, . 113 for a legacy, 113 on mortgage, 113 Form of a Draft, 114 Another form of a Draft, .... 114 Other forms of Drafts, .... 115 Form of a Bill of Parcels. ... 116 General Acc't and Acknowledgment, 116 117 Promissory Notes, . . . . . 117 A joint note, 117 Receipt for a note, 117 Due Bills — two forms, .... 117 Bill of Exchange, 118 Form of an Account Current, . .119 Another form of an Account Current, 120 Form of a Bank Book, .... 121 Form of a Check, 122 Form of a Bill of Lading, ... 122 Form of an Invoice, 123 Form of an Account Sales, ... 123 PART IV. USEFUL CALCULATION?, ETC. Page Four modes of adding up accounts, 124 A general rule for finding the number of days in each month of the year, 125 Two examples for finding when a note will become due in bank, . 125 Illustration of the same, .... 125 Interest or Discount, 125 Short plans for calculating interest and Discount by simple and con- cise rules, 125 Equation, or average times of pay- ments, . 129 Table of the value of the Pound Ster- ling, from par to 123 per cent. . 138 Profit and Loss, 141 Questions on Exchange, .... 142 Discount and Interest, 143 Page Questions on Bank Stock, .... 144 Day Book and Journal on Partner- ship Accounts, 145 Select Instructions on Company Ac- counts, &c., 148 Interest Table for 6 per cent, . .153 7 " . . . 154 " " 8 " . . . 155 Commercial Regulations established by the Baltimore Board of Trade, 156 European Coins reduced to dollars and cents, 159 Table of the Federal value of Ster- ling Money, 160 Table of the Federal value of Ster- ling Money, as established by Con- gress, 160 PART V. Vocabulary of Commercial Terms, Testimonials, Page Page 161 List of Subscribers, . . ... . .173 181 172 SUBSCRIBERS' NAMES E. M'Faul & Co.— 2 cop. J. N. McJilton. P. Laurenson, P. Tiernan. Peter Kernan. Baraet, Ahern & Boyd, Charles McColgan. John A. McGrevy. E. Bennett. Thomas Dillaway. Daniel Robinson. John Scott. William J. Bunting. William P. Peterson. M. Connolly. Samuel D. Johnston. John Scott. T. Parkin Scott. Jacob Deems. Samuel G. Hyde. M. Butler. John O'Neil. Kirby & Fry — 24 copies. R. Connolly. H. Banuan. Nicholas Spellman, Owen Donnelly. John McNevin. Joseph Gegan. M. Benzinger — 2 copies. John W. Walker. Jesse Hunt. John Turel & Co. Eli R. Plowman. Victor Sirata. G. Dun an. Richard Kemp. William Power. Richard Cotter — 6 copies. Jno. H. O'Donovan, M. D. M. Topham Evans. John Coulter, James L. Ridgely. Chr. Wynn. James Shannessy. Dennis Sullivan. George Slater. T. B. Rittenhouse. Henry Hanney. William Gibson. BALTIMORE. Samuel Griffith. Baughman & House. James C. Barry. 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Smith & Co. ^! P. B. Curtiss. ;, R. J. Turner. { Samuel Thompson. \^ Joseph Simms. ' Henry Doize. . ^ John V. Emich — 2 copies. D. Holman, .John Eschback. John Mason. ' William P. Braddock. V Charles H. Locker. ^ Francis W. Epply. ,^ S. W. Wardweli. ' David Moore. J. F. Gordon. W. W. Norris. Basil Wagner. William Collison. Luke Tiernan. John Spicer. Ly. Martin. J. Winchester. W. Rea. Francis Sholmeyer. John B. Smith. James Fiedler. G. W. Bell. M. French. W. S. Sharetts. N. Eicelberger. ^ Samuel K. Carson. *| L. Kram. William J. Walli«. T. D. Norris. R. C. Moore. Edward T. Owens, 'i SUBSCRIBERS' NAMES. Francis Stevenson. J. H. GoU. J. J. Griffith. E. Wittig. D. A. McJilton. J. M. Kimberly. W. H. Giese. Hungerford & Mills. George W. M. Lean. Samuel Gray. T. L. Bantz. Edward W. Salmon. Robert Dryden. Charles Sicken. E. A. Hennings. John Ransdall. John McGowan. Thomas H. Kobinson. Edward Boyle. Thomas L. Levering. A. B. Mudge. J. Wheelwright. Thomas S. Benner. James Mclntire. William H. Byrne. John Fowler. James L. Sobffe. D. H. Robbins. Moif & Hopkins, George W. Herring. Walter E. Harding & Co. Daniel Whitney. William H. D. Alcock. Theodore Dobbler. John Hammer. G. G. McComas. John W. Hammond. Hopkins & Worthington. Hasson & Hanlan. William Moore. ' W. H. Savin. J. K. Upergraff. Lewis C. Boehm. James C. Martin. W. H. Richardson, Jr. T. R. Matthews. Luther Manship. Samuel Phillips. Stephen W. Jones. Joseph W. Wall. James Malcom. Andrew Martin. F. A. Ell«iy. M. M. Dawson. W. L. Fendall A. W. Owings. William Roney, Jr. N. C. Brice. William Rogers. John F. Yearley. Worthington & Eastman. Chr. C. Green. A. B. Patterson. R. Mason. John Higiubothom. Charles W. Meyer. W. H. Carpenter. H. & C, Saumenig. J. G. Cockey. John Sperry. Samuel Sindall. W. H. McLean. Charles A. Leloup. William Spear — 2 copies. Thos. Johnson — 2 copies. R. B. Hancock. James E. Montell. William Sears. Robert Kirklaud. David Baldwin. William Craggs. Thomas H. Stanford. T. Bartow. R. Murray. John R. 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Bishop. J, E. Bacon, R. & W. H. Cathcart. John Downs. James W. Gill. John Bennett & Co. B. F. Barkman. L. L, Cromwell, John Welsh, Jr. James H, Millikin. David Ring. James Hooper. Andrew McGowan. J. Stewart Wilson. George Musgrave. R. Swell. A. Lowe. Richard Shares. Bernard McDonough. T, W. Vilamper. Samuel Allen. Michael Gardner. Charles T. Morris. Thomas Humes. Thomas Mullen, Jr. Joseph Brummell. George Gillingham, Jr. Calvin Chesnut. Kollhaus & Voss. Alfred Wiles. Charles & B, Green. William G. Stine. J, H, Reynolds. John Underley. George & John Mears. George Franck. J, Creamer & Son. Jacob B. Uppercu. John Gridley. John Hulls. Peter Rose. Robert Moore. Philip Muth, Jr. Jacob Green. William Hubbard. P. M, Holbrook, Joseph J, Stewart, Caleb W, Burgess. Joseph Bevan — 2 copies, J, J, Turner. S. H. Matthews. Geo, Sharp. D, J, Capron — 24 copies, W. Caughlin, S, E, Roszel, Joseph White, Henry Snyder, D. H, McDonald. SUBSCRIBERS^ NAMES. C. Deiterly. Wink Volk. Joseph S. Moreland. Charles A. Leas. G. A. W. Evans. John O'Neil. Samuel G. Baker, M. D. Wm. Nugent. Charles Myers. Earnest Brady. Michael Power. J. I. Cohen. Henry B. Thomson. Rev. Mr. Elder. James McCallister. James DiifFey. Thomas Laws. J. T. High. John S. Smith. \V. L Van Ness. Anthony Kcenan. Shaw. John Dickinson. T. P. Dowling. Hosea Armstrong. Patrick Kavanagh. E. A. Dalrymple— 4 cop. P. Kelly. E. Smith — 24 copies. Geo. Sharp — 4 copies. James Dougherty. Thomas Drohan. Wm. Stewart — 20 copies. F. R. Gilmeyer. John McWhirter. D. Brunner, No. 1 N. Charles street John Murphy, 178 Baltimore street. , Agent, 200 copies. Agent, 260 copies. WASHINGTON, D. C. Richard M. Johnson, V. P. of U. States. Andrew Bierne, H. of Representatives. John Hastings, do. 2 copies. Peter Newhard, do. Dr. Alex. Duncan, do. William Doan, do. Nathaniel P. Tallmadge, U. S. Senate. Henry Clay (of Ashland), do. Library of the War Department — 2 cop. Library of the Navy do. State Library do. Register of the Treasury — 2 copies. John S. Meehan, Librarian of Congress. Elias Kane, Navy Agent. F. H. Gerdes, U. S. Coast Surveyor. Pet. Force, Mayor of Washington — 2 cop. E. Stubbs, Chief Clerk State Department; Col. T. Smallman, General Land Office. Col. Niven, Gen. Post Office Department. L. J. Middleton, Aud. Office, P. O. Dep. Samuel A. Houston, do. do. J. H. Durham, do. do. Joseph Carter, do. do. L. Welsh, do. do. J. M. Hanson, do. do. Wm. S. Darrell. do. do. Dr. H. Dumas, do. do. W. W. Cox. do. do. T. W. Smith, do. do. Surgeon Gen's Office, War D cpartmc General Gibson, do. do. Col. L L Abort, do. do. John C. Goolrick, do. do. M. Adler, do. do. Wm. H. Bailey, do. do. Samuel Rcaney, do. , do. Charles Calvert, Secretary War's Office. D. McCurdy, Pension Office — G copies. Fourth Auditor's Office — 2 copies. McClintock Young, Treasury Department Geo. W. Barry, do. do. Henry Stevens, Jr. Fifih Auditor's Office. Fifth Auditor's Office. First do. do. Jonas P. Keller, State Department. C. H. Wiltberger, Reg. Washington city. Lambert Tree, Washington Post Office. John Develin, Treas. Dep. — 12 copies. James Hoban, Attorney at Law. Rev. S. Chapin, D.D., Pres. Washington College. Wm. Ruggles, Professor of Mathematics, Washington College — 3 copies. John Shine, Teacher of Classics and Mathematics — 12 copies. Dr. P. Smith, Principal of Classical and Mathematical Academy . John McLeod, Principal Columbia Acad- emy — 6 copies. Francis Havre, Assistant Teacher Mathe- matics, Columbia Academy. Hugh Russel, do. do. — 12 copies. Henry Smoot, Prin. West End Academy. Geo. L Abbot, Principal Select Classical Seminary — 12 copies. C. H. Nourse, Prin. Classical Academy, 3d street. Michael Slattery, Prin. Select Classical and Mathematical Academy — 12 copies. O. N. Stoddard, Prin. Select English and Mathematical Academy. James Tims, Clerk to the Senate P. O. Charles Vinson, Gen. Post Office Dep't. Dr. B. I. Reilly, R. Smith, Cashier Bank of Metropolis. N. Callan, Book-keeper do. do. The Bank of Washington — 2 copies. J. Dawson James, late Book-keeper of the Branch Bank of the U. S. Jas. Fitzpatrick, Bank of the Metropolis, 12 copies. Dr. Charles Kraitzer, Prin. of Classical and Math. Academy — 6 copies. J. L. Henshaw, Teacher Public School. Hugh McCormick, do. do. do. John Boyle, late Chief Clerk of the Navy Department. James Handley, Foreman at the National Intelligencer Office — 6 copies. Martin Johnson, Foreman at Globe Office. R. J. A. Culverwell, at the Globe Office. James King, at N. Intelligencer Office. Rezin Beck, Teacher of Mathematics. John P. Ingle, Clerk Ches. & Ohio Canal. 175 subscribers' names. PHILADELPHIA, PA. Merchants. Barid S. Brown & Co. Miles & Pleasant. Dallett, Brothers. Geo. Harley & Son^ Miller & Green. Geo. S. Lewis & Co. P. L. & E. Languerenne. Waterman & Osborne. Winn & Pollock. Harris & Dungan. Clement & Newman. Gowen, Jacobs & Co. Benners, Badger & Co. — 6^ Dechampes & Cauet. Shutz,Son & Rex — 4 cop. Ludwig & Kneedler. Wm. H. Brown & Co. Stewart & Brothers. Eckel, Spangler & Raguel. Hollingshead & Son. Fossith & Langstroth. N. H. & E. Brown. W. & W. H< Richards. Parrish & Johnson. Livingston & Lyman. Steinmetz& Justice. Collins & Wistar. Levick & Jenkins. Calladay & Brother. Brooks,' Tyson & Rehir. Spering, Good & Co- Adams & Knight. John Stokes & Co. Caleb Cope & Co. Mitchell, Brognard & Co. Robert F. Walsh, of the firm of David S. Brown & Co. — 12 copies. Moore, Heyl & Co. Hutman & Hanman. Coates & Austie^ Earps & Havin. Dorsey & Son. I. & H. S. Ross. Stohe & Evans. Dale, Remington & Ross. R. Paxon & Sons. 0'Neil& Moore. A. & M. Arnold. Hickman & Brother. Leonard & Rowe. Ensign & Little. C. F. Clarke & Co. Lowber & Wilmer. McGrath & Fox. Wm. & John Brown. Adams & Lukens. A. & G. B. Skilton. L. & N. A. Ludwig. Van Brunt & Devoo. Craig, Holmes jt Co. — 5. James Mitchell & Son— 2. Young & INIaitland — 3 cop. Mercer, Brothers & Co. Newbold & Haverstick. Wm. & Ji Calhoun. Thos. Sparks & Co. S. & W. Walsh. Robinson & Stockley. John De Bell & Co.— 4. Bunting & Co. A. & J. Ralston & Co. Danforth & Hoopes. J. P. & E. D. Davis. CarJwell & Harker — 3. John Stone & Co. Welsh, Longerricker & Co Wilmer & Cannell. Geo. H. Richards & Co, McMullin & O'Ker— 4cop. M. A. Maltus & Co.— 2. Taylor & Kara. E. Edwards & Son. Litfield & Matthias. Noble & Zane. Doyle & McNeely. Benjamin Glenn. John Simpson. Samuel Carver. Peter Logan. Wm. A. Stephens. G. A. Braidenhart. John H. Irwin. Robt. McGill, Hugh O'Donnell. Wm. H. C. Riggs, Henry Perkins. Francis Fearon. John H. Deilhe. Wm. P. Hanna. Francis Cooper. James O'Conner, Wm. C. Houston. Wm. Notron. Wm. Wainwright. Benj. C. Alteraus. James Rowland. Bushrod Smith. Wm. P. Hacker. Bilger McGowan. Nathan Taylor. Matthew Chambers. Benj. R. Cutter. Henry Francis. Jos. J. Money. Alex. Wilmer. T. T. Butcher. B. S. Burling. Chs. Palmer — 4 copies. P. S. Lawton. J. P. Wentworth. W. F. Smith. Wm. Lazalere. Geo. F. Henderson. John Reynolds. Wm. D. Hicks. P. W. Wood. E. M. Marter. C. Lachapclle. Jno. G. McKaigher. Robert Smith. 176 J. Heston. Chs. Lelones, Geo. G. Maris. Jas. G. Finley. David Cooper. J. S. Mumer. W. C. Graham. W. T. Carpenter. Edwd. Browning. Jacob Mulford. Jas. M. Mulford. F. S. Hoeckley. A. B. Green. Wm. D. Addcock. Joseph Amies. W. R. Speckman. Wm. Cooper. John E. Taben. John Elliott. Wm. F. Miles. Saml. Townsend. Wm. D. Albright. Geo. C. Stewart. Solomon Townsend. Stephen C. McNeiUe. John F. Walker. J. R. McClure. H. Smith. W. R. Stockton. Wm. Hardwicke. Ogden Townsend. Samuel Richey. Elias Cope. S.Tobias. Joseph Rimbey. Edward Waters. E. Grundy. James Faber. M. Butterfield. Edwd. Wrigby. Saml. Croft. G. G. Westcott. D. L. Hutchinson. L. L. Johnson. Robt. Golder. C. M. Jackson. Thos. T. Phillips. Jas. Burns. Wm. Tage. John Walbright. John E. Sleeper. Thos. Wand. John Sleiser. David Boj-d, A. W. Metcalf. Thos. Almond, Jr. Wm. Wallace. W.J. Laudett — 2 copies. W. W. Babbitt. E. Blanchard. Geo. L. Balcom. Alex. Tilden — 4 copies. Geo. W. Taylor. John McKinley. Wm. Powell. Edwd. Robins. subscribers' names. Joseph H. White. R. Crory. Saml. F. Matchett. F. S. Chapron. Thos. R. Raherston. Paul Moody. H. C. Troutraan. Thos. Grinshall. Geo. Schober. D. O. Prouty. T. Bowlby. J. C. Eraley. Paul J. Field. John Elliott. W. Milligan. Walter Conyers, Jr. Stogdell S. Bryan. Jacob Keyser. Geo. C. White. W. G. Stoy. Geo. Wright. P. Snyder. Joseph Green. Jacob F. Fowler. G. K. Smith. Enos Myer. Edgar Emerick. Edwd. Cumraings. Wm. Hannis. A. H. Eckhardt. G. W. Rahwn. John Haas. Fredk. Haas. Wm. B. Keyser. Geo. Coleman. Gilbert Hopkins. James White. Jno. M. Riddle. C. B. Sellers. Watson Wall. V. Bowlby. Saml. Brock. Mahlon Fowler. E. W. Beans. C. Beamish. W. Whartonby. John B. Stevenson. Geo. C. Rambach. Chs. Davenhower. John Lentz. Wm. Sevan. John De Barry. Wm. Granger. Josiah Quigg. Wm. Rovouat. P. P. Edenburn. D. F. Pauldin. John Wilkinson. Thos. Baird. Robt. Ewing. B. Kaign. S. L. Kirk. .Joseph Simpson. Lewis Tracy. C. A. Theocium. John McHenry. J. H. Gardner. Wm. S. Collins. Jno. Weightman. A. R. Lukens. C. S. Eshere. Saml. R. Lentz. Jas. J. McCoy. Thos. Haidy. Rodman Wharton. John Lentz, Jr. James M. Davis, L. M. Troutman. Wm. B. Johnston. Chs. Galloney. Thos. Webb. John Lochery. Thos. Beffield. Henry L. Elder. Y. Z. Dehaven. Book-keepers. R. McCunney. J. B. Peck. W. W. Nogel. Jas. Maid, Jr. Jno M. Steuart. Jno. King. Henry H. Duncan. Wm. NeiU. Jno. B. Dick. Adam Mawling. Michael Dunn. A. Daniel. Jno. Caldwell. Thos. McGrath. B. Tilden. R. Smith. Milton Shee. C. Steinmetz. Wm. Greaves. Jas. S. Martin. Jno. P. Simons. C. Hughes. S. Richey. R. Gibbs. W. E. Corry. Wilson Kent. Jas. W. Newlin. E. Hutchins, Jr. — 6 copies. Thos. Allman, Jr. Wm. Wallace. W. W.Clarke. E. Blanchard. J. McKinley. C. Walsh, Jr. C. M. Schott. J. W.Saxton. John L. Weeks. D. S. Bledeman. Jas. C. Airy. N. S. Dure. T. H. Knight. M. Hyneraan. Jas. Hunt. E. W. Beans. Jacob Shick. Wm. Buckley, R. Henshaw. J. T. Mathias. Jos. S. Rowand. D. J. Nolen. N. Richardson. Coates Walton. H. Craig. Saml. Lloyd. John Danskin. Jos. S. Snowden,of South- wark Bank. D. Alden, Book-keeper Globe Ins. Trust and Annuity Company. G. M. Troutman, Cashier of the Western Bank. Geo. L Hamilton, Cashier Kensington Bank. Chas. Keen, Book-keeper Kensington Bank — 2 cop. J. Wainwright, President Kensington Bank — 2 cop. Jacob Frick, Cashier Bank of Pennsylvania. Thos, H, Craig, President Manufdcturers and Me- chanics' Bank — 4 copies. James Hunt, Book-keeper Man. and Mech. Bank. T. Sturgess, Book-keeper Western Bank — 3 cop. Alth Ford — 12 copies. John Kern, C. H. Fisler. John Keeffe — 4 copies. Alderman Hootan, Custom House, F. W. Humphrey. , M. Cunningham — 6 copies. John F. Stump, Custom House. James S. Wharton, U. S. Measurer. Cyrus Joy, Texan Consul. The Philadelphia High School — 12 copies. Professor Bache, President of the Philadelphia High Sch'ool. — 12 copies. Rev. Dr. Connor, President of St. Charles Barromeo College.— 6 copies. John Beatty, Professor of Classics and Mathematics — 24 copies. B. Shee, No. 22 Commerce street. Agent, 500 copies. M. FiTHiAN, No. 61 North Second street. Agent, 200 copies. 177 subscribers' names. NE W Y O RK. Firms. Prime, Ward & King. Boltou, Fox & Livingston. Lawrence & Trimble. Wm. P. Miller & Co. A. Melvin & Co. Sneeden, Schenck & Co. Wetherell, Sprague & Co. Ripley & Ceylon. A. & G. F. Everson. John Jewett & Sons. Peck & Sawyer. Allen & Poillon. McCoon, Sherman & Co. Van Schaick & Adams. E. C. Boughton & Co. Battell & Renwick. J. M. Oppenheim & Co. Prentice, Finn & Co. John M. Bruce & Son. D.'A. Booth & Co. John M. Davis & Jones. Stone & Co. Frost & Jacobus. J. D. Whitthaus & Sons. Wm. Stenson & Son. Collville & Flemming. Garner & Co. Grovenor & Co. Whight, Sturgis & Shaw. Saml. J. Beals & Co. John Gihon & Co. — 4 cop. Smith, Thurear & Co. A. S. Nesmith & Co. Joslin & Case. Walker, Brother. Henry Cardell & Co. L. M. Whitney & Co. Theod. Grunental & Co. Lamoy, Sourdeux & Mo- ran. McNamee & Sandford. Richardson & Watson. Beirne & Burnside. S. T. Jones & Co. Wolf & Gillespie. Penfield & Co. Kissam, Brice & Sons. Cornell, Brothers. A. & S. WiUet. A. Whitlock & Co. E. K. Collins & Co. Hargous, Brothers & Co. Nesmith, Leeds & Co. Thompson & Co. Edgerton & Washburn, A. J. & H. Gibbs. J. S. Jones & Co. Jones & Smith. « Sugar Refinery, S. street — 3 copies. Gregory & Harman. S. S. & B. F. Clarke. Benjamin & Bodine. D. Demarey & Sou. Colgate & Williams— 3. J. O. & D. Fowler— 2. Hogg & Desametor. D. B. & J. S. Wood. Hearn, Brothers. John Wallace & Co.— 2. Sedgebury & Sherwood. Bogart & Co. John Duncan & Son. Wood & Bogart. Thome & Chumar. Greene & Thompson. Wm. M. Johnson & Sons — 6 copies. Hall & Losh. Mastus, Markoe & Co. Harden & Co. Hutchins, Caswell & Smith Hubbs & Busby. Grant & Barlow. Thompson & Dvvyer. Waldo & Co. B. Mooney & Co. Abbott & Wilcomb. Russell & Capland. Wm. G. Sterling &. Co. Beebe & Brothers. Arcularius & Bonnett. Davis, Brooks & Co. Habishan & Jones. J. B. Lasala & Co. Wm. Myers & Co. P. Borneo & Co. Creagh & Heydecker. Holt & Owen. Levi Cook & Co. Holt & Co. Merch'U,Book-keepers,8fc. W. Q. Wood. J. T. Hutchins. M. M. Smith. H. P. Fowler. G. F. Brown. D. W. Canfield. J. H. Briffgs. S. M. Fellows. Thomas Day. R. D. Chilliugworth, K. Stevens. Jacob Wagner. Wm. Brown. L. Cox. Fred. Kemp. W. Sanford. G. Wilson. ; P. Thompson. I P. H. Bush— 2 copies, I W, H. Wiight. F. G. Cardwell — 3 copies. B. Schenkberg. W. B. Sage. H. Barbour. Edwd. Hodges. Jas. Thompson. L. McBean. A. Dunbar. 178 F. S. Mumford. J. M. Gardner. J. Z. Wentworth. Saml. Schyler. Alfred Wright. Robt. Kirk. M. J. C. Barker. Wm. Eaton. Wm. F. Beams. T. G. Stevens. Wm. Hall. T. G. Ford. R. M. Jessup. Alfred P. Bixby. Jas. Cleland. Thos. Underbill. F. Kneeland. R. Van Brunt. Chs. Fox. J. L. Davis. A. H. Badger. H. P. Simmons. Wm. Miles. Isaac Hyde, Jr. A. M. Young. S. P. Greer. R. D. Van Nostrand. C. W. Trotter. Wm. L. Dryer. i G. G. Smith. ! G. R. Smith. i H. C. Bouden. W. H. Cotton. John Colgan. B. Reilly. Jacob Stout. Chs. Gibbons. Jno. D. Everson. P. C. Connell. D. N. Milner. A. O. Innes. Tobias Hacket. Wm. Crawford. C. W. Amburger. E. N. Leslie. Jno. D. McKenzie. M. Newton. A. Crane. Wm. Tell. E. F, Chapman. H. V. Sovrl. Richd. Irwin. H. T. Ingolls. Ford Grant. D. Sprague. C. J. Doughty. N. Tell. Eugene Le Gall. F. Jacobus. M. A. Graham. Geo, Moran. A. W. Van Derwerkin. F. H. Seaman. J. P. March, James Clinch. E. D. Morgan. subscribers' names. Solomon Shepherd. C. Williams. S. Gilbert. Jas. E. P. Dean. Wm. Borden. Geo. Sowden. Wm. Johnson. Henry Allen. W. G. Medicott. Seth Batts, Jr. M. S. Bilt^ J. P. Smith. J. D. Morgan. H. A. Martin, C. B. Hatch. R. H. Flower. L. G. Gorman. Wm. Burnet. Saml. C. Hills. Elias B. Mullany. Lulher Coste. Aug. Jacobus. Jas. F. Alden. S.Smith. A. W. Smith. J. T. Wilcox. Robt. Protherre. Thos. Dickson. Jas. E. Jenkins. Asa Wood berry. C. J. Roosevolt. W. H. Schoomeaker. Wm. Weed, •las. Breath. F. S. Knitland. H. W. Whitney. S. Kingslay. Albert Cutter. Jas, E. Seaver. Calvin W. How. Chs. S. Oakley. F. W. Knapp. Robt. Hall. John Smith. C. H. Darling. Wm H. Coriius. Jas. K. Place. Edwin Chapin. J. W. Coriius. J. Beard. Alex. Grant. W. B. Cole. H. H. Drown. E. G. Starr. R. C. Heath. B, J. Godfrey. Hiram P. Powell. John F. Green. And. Coates. G. L. Ford. Const. Brause. Wm. C. Rufell. Robt. Hill A. S. Brown. Jas. Nathan. E. Mulligan. D. Fairbanks. R, Van Wagner. M. Anderson. Chs. L. Hayward. D. W.Smith. Peter Parks. Wm. Montgomery, W. H. Tiffany. C. Godfrey. VVm. Haycock. S. Oraihn. A. W. Wright. G. D. Hubbard. S. Greenland. J. E. Pain. H. G. Hart. H. Galpin. H. Carroll— 4. Jas. Dickerson. C. McConnell. C. Dever. L. F. Zander. D. D. Gassfner, J. Stephens. S. H, Perron. A. Griffin. E. Fitzgerald. W. J. Wright. E. Fenner. K. B. Daly. D. Messinger. C. G. Lander. C. Rozencrantz. J. Connor. G. Clapham. R. G. Moulton— 2. O. V. Loorais. Jas. Young — 4. F. W. Urann. Walter Kissam# J. J. Northrop. E. J. Roach, A. Churchman, C. Matthews, J. Ketchum. C. Ford ham. L. N. Marshall. S. Garabrant, T. F. Phillips, W. H. Dodge. J. C. Hogger, W. L. VVestcott. J. P. Schlenerph. J. Weighly. Otto Andrew. H. P. Sanger. R. M. Mason. Jas. Moir. D. D. Kingsley. A. K. Post. C. G. Mease. J. W. Spring. H. A. Bicknell. E. Sanger. W. L. Baumby. J. P. Babcock. J. A. Clark. Geo. W. Coffman. J. F. Green. J. P. Wolcott. 179 C. J. Lilliendahl. F. W. Asbury. Jas. Pilkin. M. Neilson. J. Griffin. John Dubois ■ G. Kienbush. J. S. Hassall. W. Childs. J. C. Watson. S. Lounsbury. David Webb. G. F. Peterson. D. Van Alt. John Sniffin. A. G. Gibbs. F. B. Case. R. T. Goldsmith. ■ F. M. Taylor— 3. Wm. Boyd. ' C. J. Coffin. Geo. Thompson. Alonzo D. Peck. S. T. Valentine. Asper O. Havens. A. F. Thorn. George Oliver — 4. Daniel Jones — 2. D. F. Goodhue. G. B. Sherman, Chris. Cavanagh — 4. F. O. Jennings— 2. L. H. Good— 3. Thos. Van Buren— 2. John P. Storm. J. D. Harlmick. E. Coolidge. W. H. Dansenbury. H. Cromwell. George Clark. L. Hoppock. James Lampheer. Wm. Sampson — 2. E. C. Cook. Enoch Morgan. H. H. Johnson — 3. A. R. Hays— 4. John W. Ludlow. R. F. Dickson. D.L.Ford. J. H. Bockover. C. Van Ryple. A. McDowell. Van Norden. D, Sloan. D. Quackenbush. Chs. Jenkins. P. H. Folsom. N. C. Garretson. Rob. M. Orr. H. H. Tappan. A. Tappan. E. Titus— 2. W. H. Haughton. Jos. Rivet. M. Rice. H. L. Schrymser. G. Holmes. SUBSCEIBERS' NAMES Z. Root. C. McKeiizie. E. Powell. A. Journey. T. W. Rodney. J. W.Kellog. Jno. Wallace. P. M. Sillcock. J. Potter. D. Wcsterfelt. E. Myers. John Chapman. J. H. Townsend. J. H. B. Weaver, A. Pease. W. Pearce. T. S. Leonard. Wm. Sedgebary. John H. Howe. Wm. Vanderbilt. J. Knight. Michael Gorden. J. L. Greene. N. H. Labarte. Wm. Goadly. B. Clapp. C. Downing— 3. Jacob Wall — 4. Jas. Carpenter. George Killock. Adolph. Bernhennier — 6. Robt. P. Perrine— 2. E. A.Young. Wm. E. Briggs. H. S. Ketcham. Wm. A. Dray. A. Wood -3. C. H. Parsons. Alonzo Hebbard. H. McCullum. O. Hay. Wm. Levins. C. H. Deitz. N. B. Spelman— 6. J. C. Harris— 4. S. M. Leaper. F. Benschoten — '2. Wm. Rittenhouse. Wm. F. Flemming. J. E.Bond. M. Dervis. H. H. Hanson, Wm. C. Greig. J, W. Winn. A. Abernethy. W H. Wilson. W. McDougal, James Myers. W. N. Seymour. A. A. Folmar. Geo. W. Beat. D. Rockwell. T. H. Dick— 2. Aaron Cragin. P. N. Pierson. W A. Shaw— 3. T. Morley— 6. R. Smith. E. Backus. C. S. Hine. A. F. Weekes— 3. A. J. Mead. H. Dexter. W. Packard. C. C. Trowbridge. J. T. Water*. John Liddle. T. V. Morrell. J. W. Schofield. L. F. Harrison. J. Newman. H. Morse. D. S. Woolley. J. F. Barry. J. Sherwood — 4- J. Higginbottom. H. O. Lawin. G. W. Quinby. Jas. Buchan. J. W. Briggs. W. S. Dorwin. Clark Smith. H. MeiggB. C. R. Townsend. C. Roome. Wm. Browning. Jas. Smithsou. N. Howell— 2. E. Rcome. J. Van Rensselaer. Wm. T. Rooker. J. Lynch. W.C. Lemon— 2. A. B. Abbott. O. R. Atwell— 3. E. Schenck. D. Humbert. W. G. Archer. E.L. Gale. C. B. St. John. J. Tyler Brigham. T. G. Stearns. H. A. Waters. G. W. Austin. S. W. Pond, Jr. R. W. Perkins. J, S. Doughty, J. Hegeman. R. V. Thome. A. H. Birbeck— 2. N. W. Van Brunt. Jas. Howe. W. Reed— 3. N. Lacy— 6. John Lvou. S. Parks. J. A. Parsons. O. C. Forsyth— 4. J. Sillock. T. Miles— 12. W. C. Hoogland— 2. W. C. Rushmore. L. B. Van Kkek. S. Taylor. J. H. Allen. Wm. Bingham. Isaac Merritt. Jas. H. Fonda. Edwd. Farrell. J. Arnold. W. H. Hill. W. H. Reynolds. Wm. McGeorge— 12. Jacob Whitney— 12. A. R. Booth. John Caughey. W, C.Arnold. H. Fish. A. Gilbert. M. Carey. J. T. Lawson. T. C.Ring, T. Beveridge. P. H. Foster— 6. R. Moore. J. W. Miller— 2. G. Farnum. J. Lomas — 3. J. Palmer. W. Cozzrens- 4. Messrs. Casserly & Sons, 108 Nassau street. New York, Agents, 600 copies. ^Jd-An alphabetical list of the names of such professors of colleges, principals of acade- mies, trustees of schools, bankers, &c., as have adopted the work throughout the United States, will, at a future period, be published in pamphlet form, together with such letters, certificates and reviews that are commendatory of the work, and left with agents and others for distribution. 180 TESTIMONIALS. EXTRACT FROM THE BALTIMORE PATRIOT. One of the most simple, and at the same time, one of the most complete treatises on the im- portant and interesting study of Book-keeping, is that by Mr. Shea, and the public are greatly indebted to that gentleman for reducing to piactice and rendering useful in the counting room, several subjects which have heretofore had names only in tlieory, without being of any practical utility whatever. The plan of theorizing, which extended former works on the science of Book-keeping, to a very great length, some of them occupying from two to five hundred pages, instead of affording facilities to the learner, served only to mystify the subject and place difficulties in the way of ) his improvement. Terms of no value are introduced in them, and attempts made to explain phrases altogether irrelevant ; in this manner page after page was expended, and in place of being a science in which regularity and system were to be found, Book-keeping for years has been little else than a confused theory which could never be properly understood, and many of its branches were wholly unfit for practical use. All these extraneous considerations, Mr. Shea has carefully avoided, and he has condensed into a volume of less magnitude, every thing that was valuable in those more comprehensive and voluminous works to which we have alluded. The work before us is divided into five parts, in each of which the different departments are introduced, under their appropriate heads. Book-keeping by single entry is the first subject presented by the author. In this we have two methods, plainly and clearly exhibited, with every necessary explanation. The style is so simple that the merest tyro may readily comprehend it, and the terms are so fully explained, that the student of ordinary intelligence may pursue his way, even without tlie aid of an instructor. Part second opens with Book-keeping by double entry, and this the author has so admirably simplified and familiarized, that after examining into its principles, as he has explained them, we find that double entry is not that mighty thing it has long been imagined, which would re- quire years of patient study to explore, and arduous application to understand. The definitions and their various bearings are unfolded to the mind in a way that can hardly fail to impress it with a correct idea of their relative connexions, and the information they convey will, it is very likely, be rendered permanent in consequence of their being communicated in a style so easy to be understood. Part tliird consists of a series of lectures, arranged in the form of question and answer, in * which the whole science of Book-keeping is exhibited. These lectures we should think invalu- able to the student, inasmuch as they cover the entire ground, suggesting interrogatories, many of which might never occur to him, and furnishing the replies with greater promptness than could be expected from a preceptor. They also embody a set of rules, notes, &c., never before introduced in any work upon the subject. In this part there are also a great number of commercial forms, such as receipts for money received under different circumstances, drafts of a variety of forms, bills of parcels, promissory notes, bills of exchange, accounts current, bank books, checks, bills of lading, invoices, accounts sales, &c., which are useful to every man engaged in business ; and while they contain the simple plan of accounts, which the mechanic and man of moderate means may use, they em- brace every variety of form that may afford facilities to the most extensive trader. 181 TESTIMONIALS. Part fourth contains a great number of useful calculations, comprising probably every form, and suited to every circumstance that may occur in the most extended mercantile transactions. In equation of payments, for instance, all the methods are given now pursued in the best count- ing houses ; in addition to which, there is much other valuable information on the same subject, not before noticed by any of the author's predecessors. In some of them, fractions are intro- duced and run through a number of supposed occurrences, showing the manner in which every question arising in busihess may be fully ascertained. The calculations of interest are multi- form and exceedingly interesting ; accompanying them are questions designed for the learner's practice, which he may solve by the assistance afforded by those of a similar nature, given as examples, and worked in the plainest manner. Many of tiiese calculations are entirely original, they not only give evidence of the author's experience and practice as an accountant, but also exhibit his skill and judgment in their arrangement. In addition to the calculations, there is in this part a series of commercial regulations, estab- lished by the Baltimore Board of Trade, in which may be seen at a glance any arrangements in stocks, exchanges, freights, storages, tares, &c., regulating the whole arena of commerce as connected" with the city of Baltimore, and a table of European coins, reduced to dollars and cents. Part fifth is made up of a vocabulary of commercial terms, which contains, we believe, every term used in the counting room, and these are defined in a plain and impressive style. Having thus rapidly and imperfecUy glanced at the prominent features of the work before us, the reader may form some idea of its arrangement, as well as of its value; and we do not hesi- tate to state that Mr. Shea has been entirely successful in his eflTorts to render the study of Book-keeping easy and interesting. We are pleased to learn that the work is already extensively patronized, and by reference to the subscription list, we find the names of some of our most prominent mercantile men, as well as those of the principals of almost every respectable college and school in Baltimore. We mention this as it shows that the labors of Mr. Shea are appreciated in the city where they have been prepared and given to the public, and we hope he may be as well encouraged by the schools and academies as well as the counting houses of other cities. EXTRACT FROM THE HOWARD FREE PRESS. Shea's Book-keeping.— The excellence of Mr. Shea's system, and its acknowledged superi- ority over others, is, we believe, pretty generally admitted. As a general work it is peculiarly adapted to every kind of business pursued in the United States. The power of condensation and generalization is very ably developed throughout the work. The grand object of the author is to exhibit the science of Book-keeping as it is practised in our well-regulated counting houses, and to furnish learners with a simple and comprehensive text-book. As a testimonial of its intrinsic merits, it has been patronized by the principal libraries of the general govern- ment, by some of our most distinguished members of congress, by many of the most promi- nent merchants, colleges, academies, schools, &c., in the District of Columbia, and in this state. It only requires an attentive perusal by merchants, bankers, instructors of youth, and others, to insure it an extensive patronage throughout the United States. FROM THE BALTIMORE CLIPPER. Shea's Book-keeping. — Having, as we conceive, a good practical and theoretical knowledge of the science of Book-keeping, we can therefore judge with some degree of correctness of the work before us. We have examined it with care and interest, and feel no hesitancy in re- commending it to those who wish a quick and thorough insight into the art, as the best book of the kind we have ever seen. It will, we have no doubt, be generally adopted by the teachers, and ought to be in the counting room of every merchant. F&OM TUE BALTIMORE SON. Shea's Book-keeping is an excellent treatise on that subject; brief, cle.ir and comprehen- sive, and consequentiy well adapted to aid the learner in acquiring a knowledge of that which is necessary to every one, and indispensable to those engaged in trade, commerce or manu- factures. 182 TESTIMONIALS. EXTRACT FROM THE BALTIMORE SATURDAY MORNING VISITER. Nothing can be of more importance to men engaged in ttie trade and traffic by whicli their livings and their fortunes are acquired, than to preserve a correct transcript of every busmess transaction ; and this is not readily done, unless some constant method is pursued, and every charge recorded in strict accordance with that method. Thousands of dollars have doubtless been lost by careless records, and fortunes liave been missed for want of a proper knowledge of making charges in business matters. Is it not a little surprising that a matter of such daily interest as Book-keeping, should be so much neglected, and so little improved upon ? The labor expended in the works heretofore published upon the subject has been almost entirely wasted ; for while they seemed to theorize to an unlimited extent, and to record what was supposed to be a measure of the practical part of account keeping, in many instances, they wandered from the path of real puisuits,and imagined pu2ziing questions, which might or might not be of advantage to the individual in search of information to enable him to minute properly the purchases made by himself, or the sales he made to others. The record of busi- ness transactions should be made in the plainest and simplest manner possible, and it would seem to be useless to speculate, or to theorize, which is pretty much the same thing, upon a subject of so much practical importance. The works, therefore, upon Book-keeping which exhibit a formidable array of speculative argument, fail to accomplish the intended design, and perplex the student whose purpose is to become sufficiently acquainted with the subject to enable him to place upon record occurrences in trade, so that he may recur to this when it becomes necessary, and understand them at a glance. In the volume before us, we find Book-keeping as we think it should be ; divested of its mountain terrors, and reduced to a plain and practical system which may be understood by the unmatured intellect, and used with ease by the man of limited attainments. Without the un- necessary reasoning which swelled the works of former authors to an enormous size, it em- braces every variety of form and arrangement used in Book-keeping, and every part is so thoroughly explained, that a second reading is hardly required in order to comprehend their meaning and purport. The author, we find, has not entirely confined himself in his researches to the mere subject of Book-keeping proper, if we may so term it, but he has considered other matters of import- ance, indispensable to the counting room. His calculations of interest, and equation of pay- ments will be found of great value to those who are in the habit of using them, and whose daily avocations require that they should be ready in making them out. Besides the subjects we h.ive mentioned, there are in the book, lectures upon Book-keeping, which will assist the learner to acquire a knowledge of the science uninstructed by any other means, and theee are so comprehensive that they embrace every department of Book-keeping, and are full and complete in all respects, and there are a number of forms, such as Drafts, Bills of Parcels, and Bills of Exchange, and indeed, every thing required in the counting-house. The work is well adapted for use in schools, and from its simplicity and tlie order of its arrangement, might be used with but little trouble to the instructors. EXTRACT FROM THE BALTIMORE AMERICAN. Shea's Book-keeping bears a high reputation for excellence, as a complete, well arranged and perspicuous treatise on Book-keeping. The importance of a knowledge of this useful art we need not dwell upon. Mr. Shea's book, we are assured, will be found a most valuable assistant to all learners in the science of which it treats. EXTRACT FROM THE ANNAPOLIS DEMOCRAT, MD. Shea's Book-keeping — We have examined a copy of this truiy valuable work. The autlior, Mr. Shea, is a practical accountant; in it he has displayed an extensive knowledge of single and double entry Book-keeping, in which the mechanic, the farmer, the lawyer, the doctor, and the merchant, will find useful and important information. It is simple in its illustriitions, and sufficiently comprehensive in all the information requisite for practical purposes. We have heard Mr. Shea highly spoken of as an able and communicative lecturer on the subject of Book-keeping. His critical knowledge of accounts, connected with the various branches of commerce, has rendered him peculiarly qualified for such an undertaking. 183 TESTIMONIALS. EXTRACT FROM THE BALTIMORE POST. Shea's Book-keeping.— It contains the systems of both double and single entry Book-keeping and, so far as we are competent to judge, embraces all it is possible to leach to the learner pre- paratory to his entrance into the counting-room. EXTRACT FROM THE NATIONAL INTELLIGENCER, WASHINGTON, D. C. Shea's Book-keeping.— The author of this treatise on Book-keeping is well known in the city of Baltimore as an able and experienced accountant ; and has brought with him to this city testimonials of the most unexceptionable character, from respectable mercantile houses and citizens, in favor of his "Book-keeping." We have examined a copy of the work suffi- ciently to satisfy ourselves that it is a highly deserving publication, well worthy the patronage of teachers and others who are desirous of imparting or acquiring a full knowledge of the practice of Book-keeping. EXTRACT FROM THE KEYSTONE, AT HARUISBURG, PA. Shea's Book-keeping. — Mr. Shea, the author of this excellent work, is a gentleman who has had several years' experience in the capacity of teacher, lecturer, and practical accountant in various parts of the Union. His work is considered by tiie most accomplished and scientific scholars, as the muUum in parvo of the actual practice of Book-keeping, as pursued in our well regulated counting houses in the United States. The ariangement of the matter, and the ingenious adaptation of it to persons pursuing every kind of mercantile business, all attest that the author is a perfect master of his subject. It will no doubt be studied with pleasure and profit by all. EXTRACT FROM THE LANCASTER INTELLIGENCER AND JOURNAL, PA. We think Mr. Shea has presented the desideratum^ that will supplant every other system, when it becomes known as it deserves to be. He has simplified and condensed all the best authorities, which no man can fail to understand, even at a glance. His calculations of inter- est, his lectures, (consisting of questions and answers illustrative of the whole system of double entry,) his commercial forms, his equation of payments, and vocabulary of commercial terms, are indeed worthy of the high consideration and patronage with which Mr. Shea has been honored. EXTRACT FROM THE PHILADELPHIA UNITED STATES GAZETTE. Shea's Book-keeping. — We do not coincide with the remark made, by what are called practical book-keepers, viz : that a study of the theory in schools, gives little or no facility to the practice in counting rooms. We have no doubt that a year's labor at the desk is worth two years' study on the school form ; but we believe that the study will greatly aid the young clerk, and place him forward in the great science upon which mercantile success so much de- pends. Hence a treatise on Book-keeping has claims upon the consideration of book-keepers in proportion to its goodness. We have before us a work in octavo form, by John H. Shea, entitled " Book-keeping by Single and Double Entry, simplified and arranged according to the present practice of well regulated counting houses in the United States." It appears to us ad- mirably adapted to the purposes proposed, abounding in examples of the records of mercantile transactions, from the most simple to the most complicated. A chapter entitled "Lectures," develops in a catechetical form the principles of the science, and makes remarkably easy the pathway of the student. The mercantile forms and calcula- tions are exceedingly interesting, and will greatly aid those who are seeking to proceed cor- rectly in the important steps of business. Mr. Shea has been quite fortunate in the patronage secured for his work, and we learn that it has been favorably received at the high school of this city, and is noiv ridopted. 184 RETURN CIRCULATION DEPARTMENT TO— ► 202 Main Library LOAN PERIOD 1 — HOME USE 2 3 4 5 6 ALL BOOKS MAY BE RECALLED AFTER 7 DAYS 1 -month loans moy be renewed by colling 642-3405 6-month loons may be recharged by bringing books to Circulation Desk Renewals and recharges may be mode 4 days prior to due dote DUE AS STAMPED BELOW MAR 2 5 19B'-3 " rec'd circ. mar 1 7 n 83 UNIVERSITY OF CALIFORNIA, BERKELEY FORM NO. DD6, 60m, 12/80 BERKELEY, CA 94720 1 ®. (-^ M90347 HF5^. I&45 THE UNIVERSITY OF CALIFORNIA UBRARY