KEY TO THE ELEMENTARY SET BUDGET 121 OF HOWE'S BOOKKEEPING AND ACCOUNTANCY (Copyright 1910) UC-NRLF BY H. M. HOWE, PH.D This key is loo/aed to the teacher and must not be given to others. Return^it to the publisher when no longer required THE H. M. ROWE CO, BALTIMORE, MD. EDUCATION H EDUCATION TO THE TEACHER. There are three methods of teaching the beginning work in Rowe's Bookkeeping and Accountancy, namely; first, the illus- trated theory, or theory and practice method, which includes the business papers and office practice work; second, the theory, or memorandum method, which omits the business papers and office practice for the first month; third, the account, or skeleton ledger method. It will be seen that the first two methods begin with transactions and lead to accounts, while the third method is the reverse of the first two in that it begins with accounts and takes up transactions later. A syllabus is supplied herewith, outlining the course under each method, and is for the teacher's use only. He should select the method which he desires to use and the syllabuses are supplied to guide him in assigning work according to the method to be followed. When it is desired that the student shall use the business papers and perform the office practice in disposing of the transactions for September, in other words, to follow the budget work exactly as it is given therein, syllabus No. 1 should be selected. When it is desired that the student shall omit the business papers and office practice in disposing of the transactions for September, in other words, that he shall have theory alone at the start, the course outlined in syllabus No. 2 should be selected. When it is desired that the student shall study accounts before he studies transactions after the plan known as the account or skeleton method, before taking up the work of the budget, the course outlined in syllabus No. 3 should be selected, after which he may begin work in the budget as outlined in either syllabus No. 1 or syllabus No. 2. No. 1 . "THE ILLUSTRATED THEORY OR THEORY AND PRACTICE METHOD." When it is elected by the teacher to follow this course of study, the following instructions should be given to the classes. 1. Loosen the title page by cutting the paper at the upper and lower right hand corners at the lines indicated. Read pages 1, 2, 3 and 4 of the budget, preparing yourself to answer questions on page 3. 2. Beginning on page 5, follow the trans- actions and instructions relating thereto, all through the budget without omitting anything, including the office practice as well as the preparation of the outgoing papers and the drills and exercises called for from the text-book. (As this course is fully outlined step by step in thebudget, no additional instructions are necessary. SYLLABUS No. 2. "THE THEORY OR MEMORANDUM METHOD." When it is elected to follow this course of study, the following instructions should be given to the classes. 1. Loosen the title page at the corners as indicated by the lines in the upper and lower right hand corners of the budget, then read pages 1, 2, 3, and 4, preparing yourself to answer questions on page 3. 2. Beginning on page 5, follow the transactions and instructions relating thereto in the order given, omitting that part of the instructions contained in the paragraphs headed "Office Practice." Make all entries from Mr. Grace's state- ment of the transactions, disregarding the business papers received. These instructions apply to the month of Sept- tember only. Beginning with the trans- actions for October, follow the instruc- tions given on page 41 of the budget. For the remainder of the course, follow the instructions exactly as outlined therein. (If the teacher desires, he may slip out of the budgets, before handing them tc the students, the business papers for- the month of September.) SYLLABUS No. 3. "THE ACCOUNT OR SKELETON LEDGER METHOD." When it is elected to follow this course of study, the following instructions should be given to the classes. Proceed as follows: 1. The budgets and accompanying blanks and stationery are not used at the start, and may be laid aside. 2. Read and study pages 1, 2, 3, 4, 5 and 6 of the text-book. 3. Prepare ledger account called for in 1[48. 4. Read and study pages 8, 9, 10 and 11. 5. Prepare exercises in personal ac- counts, pages 12, 13 and 14. 6. Read and study ownership ac- counts, pages 16, 17 and 18. 7. Prepare ledger account called for in 1[63a, page 19. 8. Read f64 to 68, page 20. 9. Prepare ledger accounts called for in H68. 10. Read 1f69 to 72b. 11. Prepare ledger accounts called for in H72c and 73e. 12. Read H73 to 89. 13. Prepare ledger accounts called for in 1|98. 14. Read H"90b to 99. 15. Read flOO to 111. 16. Prepare ledger account called for in Ifllla. 17. Read Iflllb to 117. 18. Prepare ledger accounts called for in 1[117. If (In like manner, the text-book work may be assigned as it is outlined in the text-book as far as page 153, or it may be discontinued at any point desired by the teacher when the transaction work is taken up according to syllabus No. 1 or syllabus No. 2 as preferred.) TO THE TEACHER. This key is arranged in three sections, the first section contain- ing the results of the regular transaction work in the order in which they are handed to the teacher for approval. The second and third sections contain complementary work. When syllabuses Nos. 1 and 2 are followed, all complementary work will be found in section two, in the order that it appears on the progress card. In this section of the key, the budget date corresponding to the date on the progress card, the name of the exercise, and the page of the text-book or budget from which the work is taken, is given. The third section of the key contains the results of the exercises called for in the text, when syllabus No. 3 is followed, which are not included in the second section. An index is provided to assist in locating complementary work. It must be understood that when syllabuses Nos. 1 and 2 are followed, no use is made of the third section of the key. IMPORTANT. Teachers will find that the exercises are referred to as com- plementary instead of supplementary, for the reason that they are intended to complete the student's training in those parts of his work which can not be covered sufficiently in his regular work without useless repetition of transaction work. If students get the idea that this complementary work is really supplementary, they are inclined to slight it, whereas it is, in many instances, the most important work in the course, and of the greatest benefit to him. INDEX TO COMPLEMENTARY WORK. EXERCISE BUDGET 8YLLA- TEXT SYLLABUS BUSES NO. 1-2 NO. 3 Administrative Expense Accounts 51 Analysis Sheets 60 Bank Discount 31 Capital Accounts of Owners 22 22 Cash Accounts 15-16 15-16 Combined Trading and Front and Loss Statements 57 to 59 Delivery Equipment 32 32 Distributing Profits 57 Double Entry Books, Opening of 32 Drafts, Writing of 29 Expense Accounts 19 19 Furniture & Fixtures Investment, Repairs & Renewals 31 31 Insurance Accounts 51-52 Interest and Discount 29 29 Notes, Writing of 19 Notes Receivable Accounts 18 18 Notes Payable Accounts 18 18 Personal Accounts 17 17 Personal Accounts, Proprietor's and Partner's 22 22 Profit and Loss Statements 55-56 Purchase and Sales Discounts 42 Real Estate Investment, Expense and Income Accounts 30 30 Sales Expense Accounts 50 Trading Accounts 20-21 20-21 Trading Statements 43 to 49 Trading & P. & L. Statements & Statements of R. & L. for October 1. H. M. Grace 23-24 2. J. B. Mason 25-26 3. W. B. Walker 27-28 Trading & P. & L. Statements & Statements of R. & L. for November 1. H. M. Grace 33-34 2. John B. Arnold. : 35-36 3. J. M. Warren 37-38 4. F. B. Clark 39-40 Warehouse Labor 41 Warehouse Supplies. . , - . 41 NOTE: When syllabuses No. 1 or 2 are followed, the complementary exercises called for on the progress card and taken from the budget or from references in the budget to the text, are indexed in the budget column. When the account method using the text alone according to syllabus No. 3 is followed, the results of the complementary work are indexed in the text column. ELEMENTARY SET. Outgoing Papers. Sept. 15. Sept. 30. Oct. 15. Oct. 31. WntQnn Ar Pn Afi 19. R. H. Melton 247 50 SMitoIipll Prnv On OU QO 24 J. A. Amsbaugh 251 56 01 0/1 30. Anderson & Richmond. 81 06 6. George R. Hart ol oU 59 10 30. R. H. Melton 759 50 10 TVTitpfipll Prnv C*f\ AQ Purchases Dr 2392 50 10. George R. Hart 152 Sept. 1-30. 13. C. D. Watson & Co. . . 14. J. A. Amsbaugh . 52 20 236 Journal. 30 15. F. J. Ralston &Co.... 17. C. D. Watson & Co. . . 19. George R. Hart . . 306 43 50 84 Sales 1881 27 21. Mitchell Prov. Co 101 Inventory 84056 24. Mitchell Prov. Co .... 296 32 Purchases Profit and Loss 2392 50 329 33 26. John Cowan & Son. . . . 99 40 28. Mitchell Prov. Co 121 95 30 Profit and Loss. 329 33 30. C. D. Watson & Co... Sales Cr 5050 1881 27 Expense H. M. Grace, Cap 37 16 292 17 Sept Gash 2. . 1-30. Book. expense H. M. Grace, Cap 6( 10 . 292 17 Receipts. 2. Sept. 1-30. Gash Book. Payments. 1. H. M. Grace, Cap... ... 3000 8. R. H. Melton 750 50 53 30 2 16 35 81 06 759 50 1731 02 243935 4170 37 7. C. D. Watson & Co. 9. John Cowan & Son. . 12. John Cowan & Son. . ... 60 ... 50 ... 25 9. J. A. Amsbaugh 15. Anderson & Richmond. . 26. Expense. . 13. George R. Hart ... 35 30. Expense . . . 14. Mitchell Prov. Co. . . ... 138 30. Anderson & Richmond. . 30. R. H. Melton... 14. John Cowan & Son. . 6 30 16. George R. Hart 15 footing Balance 20. George R. Hart 9 10 20. C. D. Watson & Co. 43 50 22. C. D. Watson & Co. ... 52 20 23. George R. Hart ... 125 27. George R. Hart 27 29. George R. Hart ... 65 30. Mitchell Prov. Co . . ... 519 27 41701*7 ELEMENTARY SET. REGULAR WORK. September. Sept. 30. Trial Balance, Sept, 30, 19 . Sept. 30. Statement of Resources and Lia H. M. Grace. H. M. Grace, Cap. 3000 R. H. Melton 247 50 J. A. Amsbaugh... 60 14 B. F. Crider 155 C. D. Watson & Co 50 50 John Cowan & Son 99 40 Geo. R. Hart 19 F. J. Ralston & Co 306 Purchases 2392 50 Sales 1881 27 Expense 37 16 Cash 2439 35 5343 91 5343 91 Sept. 30. Trading Statement, Sept. 30, 19 H. M. Grace. Returns. Gross sales 1881 27 Costs. Purchases 2392 50 Less Invt. 9/30. . . . 840 56 Cost of mdse. sold. . . 1551 94 Gross trad, prof 329 33 Sept. 30. Profit and Loss Statement, Se"pt. 30, 19 . H. M. Grace. Credits. Gross trad. prof. . 329 33 Debits. Expense 37 16 Net profit 292 17 bilities, Sept. 30, 19 H. M. Grace. Resources. Cash 2439 35 Inventory 840 56 C. D. Wat- ' son & Co. 50 50 John Cowan & Son. . . 99 40 Geo. R. Hart 19 F. J. Rals- ton & Co. 306 Total accts. rec 474 90 Total current resources 3754 81 Liabilities. R. H. Melton 247 50 J. A. Amsbaugh. . . 60 14 B. F. Crider 155 Total accts. pay 462 64 Net resources 3292 17 Represented by H. M. Grace, Cap. investment 3000 Profit for Sept. ... 292 17 3292 17 ELEMENTARY SET. REGULAR WORK. October. Oct. 1-31. Purchases Book. 719 19 3318 86 168 75 566 75 923 23 134 55 232 50 224 Oct. 1-31. Sales Book. 138 25 171 65 225 55 185 85 184 60 1140 70 1226 35 154 45 82 23 531 188 15 127 38 528 163 07 91 90 1. Edward Parks 10 Tulsa Milling Co . 1. Mitchell Prov Co 6. F. J. Ralston & Co 14. B. F. Crider 17. Crutchfield & Woolfolk. 21. C. H. McLaughlin 22 B F Crider 7. C. D. Watson & Co 7. John Cowan & Son 7. Geo. R. Hart 11. Chas. F. Diggs, Jr 28. Anderson & Richmond 29. B. F. Crider Purchases Dr 14. J. A. Amsbaugh 21. John Cowan & Son 22. F. J. Ralston & Co 6287 83 Oct. Cash Receipts. 24. Chas. F. Diggs, Jr 25. C. D. Watson & Co 26. Mitchell Prov. Co 27. Home, Hawkins & Co. . . 27. F. J. Ralston & Co 31. Mitchell Prov. Co Sales Cr 5139 13 1 31. Book. Payments. 1. Balance 3. C. D. Watson & Co. ... 4 Geo R Hart 2439 35 50 50 19 6 60 1476 28 24 40 1143 75 100 306 843 19 6 8 75 1140 70 5 50 159 45 5. Edward Parks 6 Expense 719 19 835 155 67 92 44 58 3318 86 6 85 35 1633 236 70 4 65 251 56 7 2 12 68 2 50 35 45 30 8 B. F. Crider . . 5 Sales 10 Purchases 6. H. M. Grace, Cap 8. John Cowan & Son 12 Sales 12 J A. Amsbaugh 13 Tulsa Milling Co . 15 Purchases 13. J. A. Amsbaugh 15. H. M. Grace, Personal. 17. Purchases 18 Notes Receivable 19 Sales 18 R. H. Melton 21 Sales 20 Sales 25 Sales 24 Notes Pay . . 26 Notes Receivable 25 Expense 27. Chas. F. Diggs, Jr 29 Sales 27 Expense . . . 28 Purchases 31. Notes Receivable 29. Expense 31. Expense 31. H. M. Grace, Personal. 31 Purchases Balance 4999 17 2804 55 7803 72 7803 72 ELEMENTARY SET. REGULAR WORK. October. Oct. 1-31. Journal. Oct. 3. Notes Receivable 306 F. J. Ralston & Co 306 4. J. A. Amsbaugh 251 56 Notes Payable 251 56 7. Notes Receivable 75 John Cowan & Son 75 10. Sales 1220 F. J. Ralston & Co 12 20 10. R. H. Melton 10 80 Purchases 10 80 10. Notes Receivable 225 55 C. D. Watson & Co 225 55 12. Notes Receivable 159 45 F. J. Ralston & Co 159 45 13. Notes Receivable 136 J. A. Amsbaugh 136 14. Purchases 10 50 R. H. Melton 10 50 14. B. F. Crider 168 75 Notes Pay 168 75 17. Sales 5 10 J. A. Amsbaugh 5 10 20. H. M. Grace, Personal. . . 7 75 Purchases 7 75 Oct. 1-31. Journal Continued. 21. C. H. McLaughlin 923 23 Notes Pay 923 23 22. Sales John Cowan & Son . 4 85 485 24. B. F. Crider 19 60 Purchases 39 60 27. Notes Receivable 400 Home, Hawkins & Co 400 29. B. F. Crider 224 Notes Pay 224 29. Notes Rec 300 Mitchell Prov. Co 300 31. Crutchfield & Woolfolk. 500 Notes Pay 500 31. Expense 80 H. M. Grace, Personal 80 31. Inventory 715 77 Sales 7125 37 Purchases 6393 96 Inventory 840 56 Profit and Loss 606 62 31. Profit and Loss 606 62 Expense 134 85 H. M. Grace, Cap...., 471 77 6 ELEMENTARY SET. REGULAR WORK. October. Trial Balance, Oct. 31, 19 . H. M. Grace. H. M. Grace, Capital % 4768 45 R. H. Melton 10 50 Anderson & Richmond 232 50 J. A. Amsbaugh 1221 25 B. F. Crider 114 95 Crutchfield & Woolfolk 66 75 C. D. Watson & Co 188 15 Mitchell Prov. Co 57 53 John Cowan & Son 335 45 Geo. R. Hart 184 60 F. J. Ralston & Co 245 30 Chas. F. Diggs, Jr 531 Home, Hawkins & Co 128 Purchases % 6393 96 Sales % 7125 37 Inventory % 840 56 Expenses % 134 85 Notes Receivable 1061 55 Notes Payable 1815 98 H. M. Grace, Personal 7 75 Cash 2804 55 || 14134 50 |j 14134 50 T ELEMENTARY SET. REGULAR WORK. October. Trading and Profit and Loss Statement, October 31, 19 H. M. Grace. Returns. Gross sales 7152 17 Less, - Goods returned 12 20 Rebates and allowances 14 60 26 80 Net returns from sales 7125 37 Costs. Inventory Sept. 30, 19 , 840 56 Purchases 6432 11 Less, - Goods returned 10 80 Personal use H. M. G 7 75 Rebates and allowances 19 60 38 15 6393 96 Net cost of purchases 7234 52 Less inventory Oct. 31, 19 715 77 Cost of Merchandise sold 6518 75 Gross trading profit for the mo 606 62 Less Expenses per Expense % 134 85 Net profit for the mo 471 77 Statement of Resources and Liabilities, October 31, 19 H. M. Grace. Resources. Cash 2804 55 Inventory, Oct. 31, 19 715 77 Notes Receivable 1061 55 J. A. Amsbaugh 1221 25 C. D. Watson & Co 188 15 Mitchell Prov. Co 57 53 John Cowan & Son 335 45 Geo. R. Hart 184 60 F. J. Ralston & Co 245 30 Chas. F. Diggs, Jr 531 00 Home, Hawkins & Co 128 00 Total accounts receivable 2891 28 H. M. Grace, Personal % 7 75 Total current resources 7480 90 Liabilities. Notes Payable 1815 98 R. H. Melton 10 50 Anderson & Richmond 232 50 B. F. Crider 114 95 Crutchfield & Woolfolk 66 75 Total accounts payable 424 70 Total liabilities ~ 1 224068 Net resources 5240 22 Represented by H. M. Grace, Capital %, Sept. 30, 19 4768 45 Add profit for October. 471 77 5240 22 8 ELEMENTARY SET. REGULAR WORK. November. Nov. 1-30. Purchases Book. 1. Crutchfield & Woolfolk 3. C. H. McLaughlin 7. Tulsa Milling Co 7. B. F. Crider 12. Farm Expense and Income. 16. J. A. Amsbaugh Purchases Dr . . 996 38 1375 3179 84 480 33 45 154 54 6219 21 Nov. 1-30. Sales Book. 2. Home, Hawkins & Co 502 50 4. J. A. Amsbaugh 424 20 5. Home, Hawkins & Co 906 40 7. John Cowan & Son 112 65 8. Columbia Produce Co 848 75 10. Geo. R. Hart 258 54 14. James Ross 853 60 14. Mitchell Prov. Co 240 15 15. C. D. Watson & Co 359 55 17. R. H. Melton 843 90 18. C. D. Watson & Co 140 82 19. F. J. Ralston & Co 307 20 Chas. F. Diggs, Jr 848 75 Columbia Produce Co 250 08 23. 24. Sales Cr 6897 09 Nov. 1-30. Journal. 1. Store & Lot Investment .. 2000 Notes Payable 2000 2. Anderson & Richmond . . 232 50 Notes Payable 232 50 3. C. H. McLaughlin 1375 Notes Payable 1375 3. Crutchfield & Woolfolk. . . 531 Chas. F. Diggs, Jr 531 4. Notes Receivable 335 45 John Cowan & Son 335 45 5. Notes Receivable 175 Geo. R. Hart 175 8. Notes Receivable 1000 J. A. Amsbaugh 1000 8. Sales 3 60 J. A. Amsbaugh 3 60 9. B. F. Crider 114 95 Notes Payable 114 95 9. Notes Receivable 906 40 Home, Hawkins & Co 906 40 12. Notes Receivable 502 50 Home, Hawkins & Co 502 50 18. Sales 5 35 C.D.Watson 5 35 18. H. M. Grace, Personal. ... 5 40 Farm Income & Exp 5 40 Nov. 1-30. Journal Continued. 22. Notes Receivable 614 27 Interest, 90 days 9 21 James Ross 605 06 23. J. A. Amsbaugh 3 60 Purchases 3 60 24. Sales 13 20 F. J. Ralston & Co 1320 26. Notes Payable 232 50 J. A. Amsbaugh 231 1$ Interest, 30 days 1 40 Profit & Loss 15 Farm Equipment 15 Expense 80 H. M. Grace, Personal 80 30. Sales 7770 72 Profit & Loss 235 Farm Exp. & Income 6165 Inventory 151 30 Purchases 6274 98j Inventorv 715 77] Expense." 92 73J Store & Lot Expense 23 93 Interest 14 34" H. M. Grace, Capital 1096 92 29. 30. ELEMENTARY SET. REGULAR WORK. November. Nov. 1-30. Cash Book. Receipts. 1. Balance 1. Sales 4. Home, Hawkins & Co. . . 5. Geo. R. Hart 5. Mitchell Prov. Co 7. Notes Receivable 9. Sales 11. Notes Receivable 12. Notes Receivable 12. Interest 15. Farm Exp. & Inc 16. Farm Exp. & Inc 17. Geo. R. Hart 18. Notes Receivable 19. Notes Receivable 22. Columbia Produce Co. . . 22. James Ross 23. Farm. Exp. & Inc 23. F. J. Ralston & Co 24. Notes Receivable 24. Interest, 60 days 24. C. D. Watson & Co 26. Sales 26. R. H. Melton. .: 28. Notes Receivable 28. Interest, 30 days 28. Notes Receivable 28. Farm Exp. & Inc 29. Notes Receivable 29. Interest, 24 days 29. Valley Truck Farm Inv. 29. Profit & Loss 29. Farm Equipment 30. Notes Receivable 30. Chas. F. Diggs, Jr 30. Sales 2804 55 556 73 128 9 60 57 53 225 55 201 15 400 136 68 6 16 25 258 54 906 40 335 45 856 05 248 54 13 25 245 30 1000 10 542 35 6 843 90 300 1 50 614 27 24 55 175 70 900 250 100 502 50 856 21 131 90 13664 45 Payments. 1. Store & Lot Investment. 1000 1. Furniture & Fixtures. ... 76 50 2. Store & Lot Investment . 8 3. Crutchfield & Woolfolk. . 465 38 3. Expense 2 88 3. Store & Lot Expense .... 5 75 7. Purchases 12 50 8. Columbia Produce Co. . . 7 30 9. Store & Lot Investment . 78 56 10. Crutchfield & Woolfolk. . 66 75 10. Valley Truck Farm Inv. 900 11. R. H. Melton 10 50 11. Interest 1 11. Expense 4 85 12. Notes Payable 168 75 14. Notes Payable 500 14. Purchases 16 50 14. Farm Exp. & Inc 6 75 15. Farm Exp. & Inc 3 75 15. Store & Lot Expense. ... 8 93 15. Expense 5 16. Purchases 4 23 16. Tulsa Milling Co 2000 17. H. M. Grace, Personal. . 45 18. Interest, 51 days 7 70 19. Interest, 45 days 2 52 19. Farm Exp. & Inc 14 50 19. Purchases 7 64 21. Notes Payable 923 23 21. Farm Equipment 115 23. Chas. F. Diggs, Jr 7 46 24. Columbia Produce Co. . . 6 72 24. Interest, 22 days 3 70 26. Farm Expense & Income. 12 25 28. Notes Payable 224 28. Interest, 30 days 1 12 28. Interest, 84 days 8 60 29. Store & Lot Expense 9 25 30. Interest, 42 days 3 52 30. Purchases 18 50 30. Notes Payable 2000 30. Interest, 29 days 9 67 Balance 4890 19 1366445 10 ELEMENTARY SET. REGULAR WORK. November. Trial Balance, November 30, 19 . H. M. Grace. H. M. Grace, Cap 5240 22 J. A Amsbaugh. . . . 259 81 B. F. Crider 480 Tulsa Milling Co . . . 1179 84 C. D. Watson & Co..x.. Mitchell Prov. Co 140 82 240 15 The amounts marked John Cowan & Son 112 65 "x" in the trial balance F. J. Ralston 294 differ from the corre- Columbia Prod Co Purchases x . . 256 80 6274 98 sponding items in the trial balance shown on Sales 7770 72 page 100 of the budget Inventory 715 77 the lattercontaining vari- Expense . . . . x. 92 73 ations in figures to allow Profit & Loss 235 the teacher to detect Notes Payable 1489 95 those students who are H. M Grace, Per 21 85 copying from the budget Store & Lot Invest 3086 56 instead of following their Store & Lot Exp . 23 93 ledger records. Fur. & Fix 76 50 Farm Exp. & Inc. . 61 65 Interest 14 34 Cash x. 4890 19 16479 23 16479 23 Trading and Profit and Loss Statement, November 30, 19 H. M. Grace. Returns. Gross Sales Less, - Rebates and allowances . . Net returns from sales. . Costs. Inventory, Oct. 31, 19 Purchases 6278 58 Less, - Rebate 3 60 Total cost of purchases Less Inventory, Nov. 30, 19 Cost of merchandise sold Gross trading profit. 7792 87 22 15 715 77 6274 98 6990 75 151 30 Profit from sale of valley truck farm (P. & L. %) Inc. from sale of farm products Total profits Loss on sale of farm equipment (P. & L. %).... Expenses . - Store and lot expense Interest Farm expenses Total losses Net profit for the mo 15 00 92 73 23 93 14 34 37 25 7770 72 6839J5_ 931 27 250 00 _98_90_ 1280 17 183 25 10% 92 ELEMENTARY SET. REGULAR WORK. November. Statement of Resources and Liabilities November 30, 19 H. M. Grace. 11 Resources. Cash 4890 19 Inventory, Nov. 30, 19 151 30 Store and Lot Invest 3086 56 Furniture and Fixtures 76 50 J. A. Amsbaugh 259 81 C. D. Watson & Co 140 82 Mitchell Prov. Co 240 15 John Cowan & Son 112 65 F. J. Ralston & Co 294 00 Columbia Produce Co 256 80 Total accounts receivable 1304 23 Total resources 9508 78 Liabilities. Notes payable 1489 95 H. M. Grace, Personal % ; 21 85 B. F. Crider 480 00 Tulsa Milling Co .1179 84 Total accounts payable I 1659 84 Total liabilities 3171 64 Net resources 6337 14 Represented by H. M. Grace's Cap. % 5240 22 Plus net profit for mo 1096 92 ~' 6337 14 6 CO i-H C5 CO CO co 10 Q' CO o CO IO 10 ~ 8 $ 3 g oo iO i $ 1 i s CO CO ! s 5 i to & O t *o O iO iO to "tf O O ^'-^ .^StiD.bD o--i ~'^P : 5c3^Sc3 ^Q^.^f > o3>. r ^ ! ^Q c3^. -^ % 1 __0 3 eg > : Is - i : 03 ! S JH ^ O 1 ; ( 1 - j fc ^ oT o- > o ^ oQ OQ 02 flj " CU ^CJ O3 ^ f^ . ^ O O ** OTJ^^^'aF^'*-' -*^ r^ "^ O fe ^ -t-s o^-fH^ ^ir^wo h ~5o ^ o ^ r3 ^ . 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U ^ g C3 ^5^S 3^ g-ag^So-gg 5 S 3 2 x 3 S "3 OQf^COQHoQPnO > ^ : : : : : : g d : : S i;ij tttiinii ^itiipiilli^iM !l!ll|l!ll!l!l2 50>rfflHSz;fijSSawHvW * ^H ^H C^ CO CO CO t^ OO O5OO' (i ii ((M-^TtiTfitOiOtOCOcOt^- 12f 00 CO (N 00 ^ b- co ^ So oo 00 ^ i i CO CO CO CO CO CO t 1 ^* !> !> O^ 1 oo ^f s s CO 00 CO CO 2 l> CO !> CO 00 ^ T-H (M CO ss 1 I b- CO Tt< O o 3 CO 1 1 3 t^* CO r-t CO 1-t t> $ b- CO ^ CO !> O^ 00 Tt< 1 co oo ss s I s CO II CO co co CO O CO T-l $ b- CO 1-1 05 oo * 1 b- *O *O CO OJ rfH t^ l>. C^J T-I CO CO co C^ co Tti c b- t>- CO CO ^ O 00 TF O 00 rH 10 1> CO 00 rH rH O C^ t>. t>. rH rH CO rH CO i 1 OS O -^ CO Ol rH t^ CO O rH CO ^i^ co co CO 2 2 l rt O) ' CO 88 S 8 S CO IO CO C^ O Tt*(M *O COI>- <& j-4 rHO IO C- "* oo oo o "^ 00 l>- OS . O5 LO "^ CO O 1> t>- O CO CO CO i-H 00 -^ Oi CO T-H IO O5 GO O CO i-H (M rJH |> |>. r- 1 i 1 i 1 CO M O5 CO Ol N-CO COCOO 0.10 10 COCO Tj< (NI>- rH s ^ s s s 8 a CO O >O ^O CO rH r-l 00 OO OS CO rH rH CO 88 O5 i ( "-H OO- i (O5 co co d CO 00 CO l^ 00 O5 T i ca oo ^ vo oj c^ 10 00 CO 00 CO i-l rH CO HSJ MS >^ d g si ^ oi ^ S tf ,2^ fi ^ w I 1 a 3 t K o o O !Z; O EH EH ^J 14 ELEMENTARY SET. 15 COMPLEMENTARY WORK. Sept. 15. Exercises in Gash Accounts. Text pages 40-41. 1. G. R. Gilman's Gash Book. Receipts. Payments. G. R. Gilman 3000 Chas. Clark 35 H. M. Brown 76 40 Sales 2250 Notes Receivable 314 32 Reynolds Bros 50 Sharp & Co 36 12 B. F. Cole 116 45 Sales 135 35 3786 14 H.D. Page 115 25 General Expense 16 John M. Ward 36 85 Admin. Expense 26 70 General Expense 1 15 Admin. Expense 60 Balance.. . 3530 19 In cash drawer, $1030 19. 3786 14 2. H. G. Shepard & Go's Gash Book. Receipts. Payments. H C Shepard 6000 Purchases 61 75 M A Shepard 1000 Henry Smith 200 Sales 42 85 General Expense 48 Sales 36 70 Sales Expense 13 50 Wm. Wright W. P. Page. Notes Receivable 212 35 137 25 200 Acfmin. Expense Notes Payable Henry Wilson. . . 6 250 498 20 James Harris 457 19 Balance . 7008 89 8086 34 Balance in bank, 8086 34 $7008 89 16 ELEMENTARY SET. COMPLEMENTARY WORK. Sept. 15. Exercises in Gash Accounts. Text pages 40-41. Arithmetical Problems. 1. 2. Price & Price. Jas. Franklin. Receipts. Payments. Receipts. Payments 2000' 50 5000 13 2000 651 75 362 50 259 17 353 09 23 50 300 12 250 540 3 86 15 150 60 21 36 45 343 12 542 388 09 32 15 197 23 60 17 14 38 56 100 100 185 17 350 161 27 614 21 218 60 9 50 665471 15 46818 15 274496 750 702 450 45 17 05 Bal/2809T5 _36_ 2744 96 Cash on hand 57 77 5904 99 Balance. 3936 66 In bank, 1. Robt. G. Burns. 36 b 45 b 16 37 o 45 o 16 b 21 b 73 b 15 b 18 o 73 o _21_ ELEMENTARY SET. COMPLEMENTARY WORK. Sept. 15. Exercises in Personal Accounts, Text pages 12-13-14. 2 Miller Bros. 17 Balance 33. 36 c 188 37 e 105 44 37 m 115 25 n 73 12 n 87 50 n 17 94 d 13 75 c 258 57 n 236 20 n 36 12 k 4 50 n 327 45 We owe Miller Bros, balance, $322 95.-Several bills paid at once. A liability. An account payable. 3. Murphy & Mor- gan. 36 b 256 95 37 o 150 o 106 95 p 7 80 q 180 r 100 o 54 56 b 342 36 b 96 36 r 3 GO o 92 76 b 2350 Balance $23 50. Bills paid in two or more payments. An account re- ceivable. 4. 5. Williams & Rodney, Gates Reynolds. &Co. b 78 50 c 14 50 a 2 56 a 128 15 668 70 10 25 a 125 59 d 216 45 a 165 a 463 61 b 1 84 c 33 62 a 132 50 55 30 b 90 34 b 92 18 a 100 1 36 c 33 62 a 9 37 6 69 d 4 16 a 56 74 b 78 50 d 212 29 c 14 50 350 9 41 'Balance 245 10. Balance 9 41. Mixed account. A resource. Accounts receiv- Part Payments. able. Account receiv- able. Accounts payable. 6. Morrell Mfg. Co. b 340 I a 72 50 a 69 60 b 340 a 2 90 150 490 | Balance 340. Account receiv- able. 7. S. R. Brown. 75 Balance 5. A resource. 10 20 30 10 18 ELEMENTARY SET. COMPLEMENTARY WORK. Oct. 1. Exercises in Notes Receivable Accounts. Text pages 29-30-31. 1. George Warren's Account. 250 16 250 16 a 311 17 364 b 276 50 a 311 17 b276 50 300 116 40 1368 07 587 67 Bal. 780 40 3. Redmond Bros. Account. 650 650 700 700 250 250 236 75 a 350 Bal. 236 ' a 350 r5 5. Adam Ross' Account. a 100 a 10 b 50 b 5 c 60 c 6 d 36 a 10 c 6 b 10 c 6 a 20 b 5 c 6 d 4 246 88 2. Louis Bessler & Co.'s Account. 200 b300 400 c 376 18 a 275 275 125 1751 18 Bal. 725 200 a 275 b300 c 376 18 75 1026 18 4. Davis & Go's Account. 500 450 159 38 237 45 376 50 300 574 50 45847 400 250630 Bal. 2506 30 500 450 Bal. 158 Oct , 1. Exercises in Notes Payable Accounts. Text pages 35-36. 1 . 2 . Brown Bros. & Frank Brown's Go's. Account. Account. 280 280 c 500 a 847 19 200 316 40 a 847 19 540 16 116 40 ~328 c 500 c 2000 u QKfi 7^ 276 14 c 1000 D OOU , 9633 86 10083 92 10083 92 Arithmetical Problems. 2. Deductions. 176 27 16 38 40 3 16 244 72 Sales. 7916 70 219 67 20 276 18 8432 55 244 72 3. Sales. Deduction. Net sales. . Reb. and allow. . . 84 12 CashDis.. . 53 4713 75 96 18 "4617 57 137 12 Net returns 8187 83 Net returns from sales. . . . 4480 45 Inventory Account. 1. 2. Dec. 31 11360 So'june 30 11360 50 Mar. 31 23741 49June 30 June 30 12448 37|Dec. 31 12448 37 Dec. 31 10991 71 23741 49 June 30 64927 26 Sept. 30 64927 26 Sept. 30 64417 71 Dec. 31 64417 71 Dec. 31 "45516 85 Arithmetical Problems. 96784 263712 37 360496 37 87979 12 272517 25 2. Prev. Invt. Prchs. Total cost. Invt. Cost mdse. sold. 61320 9721 12 35712 7420 51598 88 4. Prchs. Pres. Invt. 3. Prev. Invt. Pres. Invt. Cost mdse. sold. 28292 Cost mdse. sold. 22 ELEMENTARY SET. COMPLEMENTARY WORK. Oct. 14. Exercises in Proprietor's and Partner's Personal Accounts. Text pages 23-24. 1. 2. F. A. Raymond, Personal. B. M. Beck, Personal. 15 10 60 100 24 200 Bal. 60 50 25 100 16 150 100 250 Bal. 109 Oct. 29. Exercises in Owner's Capital Accounts. Text pages 20-21. 1. 2. Henry B. Waters. George Henderson. 61b Cap. 800 7475 62f g 5000 2000 j 1275 ~8275~ 8275 Cap. 7475 61a 1150 62f 10000 b 1000 g 3000 h 4000 Cap. 19100 j 4250 21250 21250 Cap. 19100" 3. Charles E. Ford. 61c 1700 c 1600 e 790 Cap. 22610 26700 61b 1000 Cap. 32060 33060 62f 26700 26700 Cap. 22610 62h 3000 j 7450 33060 Cap. 32060 ELEMENTARY SET. COMPLEMENTARY WORK. Oct. 31. Exercises in Trading and Profit and Loss Statements and Statements of Resources and Liabilities. Budget pages 77, 78, 79, 80. No. 1. Trading and Profit and Loss Statement, December 31, 19 . H. M. Grace. 23 Returns. Gross sales 7756 42 Less, - Goods returned 14 80 Rebates and allowances 26 72 41 52 Net returns from sales " 7714 90 Costs. Inventory % Nov. 30, 19 925 40 Purchases % 6873 38 Less, - Goods returned 21 56 Per. useH. M. G 750 Rebates and allowances 19 45 48 51 6824 87 Net cost of purchases. 7750 27 Less Inventory Dec. 31, 19 984 36 Cost of merchandise sold 6765 91 Gross trading profit for mo 948 99 Less Expense % 212 15 Net profit for mo 736 84 Closing Entry. Inventory % 984 36 Sales % 7714 90 Inventory % 925 40 Purchase % 6824 87 Expense % 212 15 H. M. Grace Cap. % 738 84 24 ELEMENTARY SET. COMPLEMENTARY WORK. Oct. 31. No. 1. Statement of Resources and Liabilities, December 31, 19 H. M. Grace. Resources. Cash 1947 65 Notes Receivable 1928 80 Inventory %, Dec. 31, 19 984 36 J. A. Amsbaugh 1093 61 C. D. Watson & Co 297 14 Mitchell Prov. Co 87 50 John Cowan & Son 427 27 Geo. R. Hart 152 38 F. J. Ralston & Co 171 40 Chas. F. Diggs, Jr 598 03 Home, Hawkins & Co 38 16 Total accounts receivable 2865 49 H. M. Grace, Personal % 17 20 Total resources 7743 50 Liabilities. Notes Payable 961 64 R. H. Melton 19 85 Anderson & Richmond 425 87 B. F. Crider. 98 25 Crutchfield & Woolfolk 376 19 Total accounts payable 920 16 Total liabilities 1881 80 Net resources 5861 70 Represented by H. M. Grace, Cap. %, Nov. 30, 19 5124 86 Add net profit for Dec 736 84 5861 70 ELEMENTARY SET. COMPLEMENTARY WORK. Oct. 31 Continued. No. 2. Trading and Profit and Loss Statement, December 31, 19 J. B. Mason. 25 Returns. Gross sales 4938 50 Less, - Goods returned 5 73 Rebates and allowances 11 86 17 59 Net returns from sales 4920 91 Costs. Inventory % Jan. 1, 19 1020 75 Purchases % 4243 07 Less, - Goods returned 36 75 Rebates and allowances _29.^?_ 66 27 4176 80 Net cost of purchases 5197 55 Less, - Inventory Dec. 31, 19 2486 44 Cost of merchandise sold 2711 11 Gross trading profit for yr 2209 80 Less Expense % 1429 47 Net profit for the year | 780 33 Closing Entry. Inventory % 2486 44 Sales % 4920 91 Inventory % 1020 75 Purchases % 4176 80 Expense % 1429 47 J. B. Mason, Cap. % 780 33 Arithmetical Problems. Rtd. Pchs. 75 90 R. & A. 16 50 Invt. 1020 75 Pchs. 6420 To. Pchs. 7440 75 9240 Net Pchs. 7348 35 Net S. 704290 305 45 Gross trading loss. Expenses 1429 47 1734 92 Net loss for year. To. S. 7448 27 40537 9240 NetS.704290 Ret. S. 189 25 R. & A. 216 12 40537 26 ELEMENTARY SET. COMPLEMENTARY WORK. Oct. 31 Continued. No. 2. Statement of Resources and Liabilities, December 31, 19 J. B. Mason. Resources. Cash 1429 91 Inventory Dec. 31, 19 2486 44 Notes Receivable 2621 50 A. B. Clark 956 37 J. C. Adams 185 40 William Robb & Co 516 21 E. C. Williamson 758 80 Central Produce Co 16 20 Howe & Sons 276 48 Total accounts receivable 2709 46 J. B. Mason, Personal % 107 20 Total Resources 9354 51 Liabilities. Notes Payable 374 20 John H. Rogers & Co 1316 21 Smith & Gray 1018 14 Spencer & Co 109 14 J. M. Warren 81 29 Total accounts payable 2524 78 Total liabilities 2898 98 Net resources 6455 53 Represented by J. B. Mason, Cap. % 5675 20 Add profit for year 780 33 ~' 6455 53 ELEMENTARY SET. COMPLEMENTARY WORK. Oct. 31 Continued. No. 3. Trading and Profit and Loss Statement, December 31, 19 W. B. Walker. 27 Returns. Gross sales 7529 47 Costs. Inventory %, Jan. 1, 19 2145 15 Purchases 4786 90 Net cost of purchases 6932 05 Less Inventory Dec. 31, 19 2125 02 Cost of merchandise sold 4807 03 Gross Trading Profit 2722 44 Less Expense % 1513 20 Net profit for year 1209 24 Closing Entry. Inventory % 2125 02 Sales % 7529 47 Inventory % 2145 15 Purchases % 4786 90 Expense % 1513 20 W. B. Walker, Cap. % 1209 24 Invt. 2145 15 Pchs. 9765 27 Net Pchs. 11910 42 Sales 10865 50 1044 92 Gross trad. loss. Expenses 1513 20 2558 12 Net loss for yr. Arithmetical Problem. Net Pchs. 11910 42 Invt. 2125 02 Cost^goods sold_9785 40 gales' 1086550~ Cost goods sold 9785 40 1080 10 Gross trad, profit. Expenses 1513 20 G. T. P. 1080 10 433 10 Net loss for year. 28 ELEMENTARY SET. COMPLEMENTARY WORK. Oct. 31 Continued. No. 3. Statement of Resources and Liabilities, December 31, 19 W. B. Walker. Resources. Cash 2855 35 Inventory %, Dec. 31, 19 2125 02 Notes Receivable 1140 86 J. N. Norris 215 20 John A. Dalton 917 45 Patterson & Boyd 1480 20 W. G. Anderson 1256 15 Campbell Grocery Co 725 89 J. G. Lennox Co 1121 50 Miller Commission Co 115 43 Total accounts receivable 5831 82 Total resources 11953 05 Liabilities. Notes Payable 873 21 Woodworth & Co 126 81 Davis & Baker Co 1291 40 W. B. Austin 190 13 O. F. Donovan 95 60 Total accounts payable 1703 94 W. B. Walker, Personal % 25 80 Total liabilities 2602 95 Netresources 9350 10 Represented by W. B. Walker, Capital % 8140 86 Add profit for year 1209 24 9350 10 ELEMENTARY SET. COMPLEMENTARY WORK. 29 Oct. 31. Exercises in Writing Drafts. Text pages 174, 175, 176. Budget page 82. #2. Three drafts copied from text. 3. Date, Jan. 3 ; 60 days after date; drawer, H. L. Mer- cer & Sons; payee, Hol- land Mfg. Co.; drawee, Garrison & Hunt; $212.75. Accepted Jan. 10. Due Mar. 4. Endorsement, Pay to the order of Archer & Co. Holland Mfg. Co. #4. Date, Nov. 12; 60 days after sight ; $967.50; draw- er,Hay worth Bros. ; payee, "Ourselves;" drawee, Norton, Dilworth & Co. Accepted Nov. 17. En- dorsement, Pay to the or- der of Wm. Simpson- Hay worth Bros. Due, Jan. 16. #5. Date, Mar. 13; 4 mo.; payee, J. B. Peterson & Co. ; $165. 12 ;drawer, Frank C. Fleming; drawee, Jas. W. Hill & Co. Accepted, Apr. 9. Endorsement, J B. Peterson & Co. Due. July 13. Oct. 31. Exercises in Interest and Discount. Text pages 103-104. 1. 2. 7 45 7 50 3 47 245 4 58 825 250 2 50 2 54 1 56 1245 Bal. 6 26 a Bal. 15 03 a gain. loss. 3. Arithmetical Problem. Dr. Cr. 25 75 97 42 3 50 84 50 215 12 341 90 18 25 18 50 33 71 345 75 Bal. 25( a loss 14 65 74 12 47 76 6777 84 76 427 27 3 on 207 67 350 Net returns 204 17 30 ELEMENTARY SET. COMPLEMENTARY WORK. Oct. 31. Exercises in Real Estate Investment, Expense and Income Accounts. Text pages 111-112. 1* 2. Invest- Expense & Invest- Expense & ment. Income. ment. Income . 1000 65 187 60 2000 10000 160 300 7 50 150 5000 75 320 1 50 60 20 42 13 350 175 1836 35 3216 94 1854 8 75 1875 62 30 85 20 750 120 37 50 397 15 237 50 30 307 80 Net incom e 1178 3 50 65 216 30 5450 87 60 Bal. 276 62 6 Cost 7879 61 Arithmetical Problems. 1. 2. Invest- Expense & Invest- Expense & ment. Income ment. Income 476 18 187 30 153 19 6500 143 16 60 2617 80 . 86 45 460 1487 9 > 28 16 3291 70 36 49 60 986 14 295 60 1697 30 54 35 126 37 784 32 487 16 275 364 10 789 16 396 45 232 12 36 40 2165 7C I 300 7650 Net gain 425 06 600 275 1100 Cost main- 60 270 tenance 8645 1426 20 376 18 Cost plant 14290 57 127 30 9395 81 Cost. ELEMENTARY SET. 31 COMPLEMENTARY WORK. Oct. 31. Exercises in Furniture and Fixtures Investment, and Repairs and Renewals Accounts. Text pages 116-117. 1. 2. F. &F. F&F-R&R. F&F. F & F - R & R. 7 35 2 50 4 25 2 60 16 70 287 20 3 50 29 60 50 5 22 50 2 35 1 75 2 25 50 3 60 42 50 23 75 13 85 16 60 17 50 18 75 24 132 20 30 6 50 441 80 Arithmetical Problems. 1. F& F F& F-R&R. F&P 27 50 22 3 25 12 50 11 50 35 6 75 16 75 1250 4 80 84 50 5 40 2 25 90 24 8 75 36 104 40 25 80 45 22 12 50 3 70 82 40 Cost. 13 30 Cost. 80 2. 90 F&F--R&R 9 25 2 50 50 _ 61 75 Cost. Total 367 45 Cost 277 45 I Nov. 11. Exercises in Bank Discount. Budget pages 89-90. 1. Note due July 1. Cash Book Dr. - Notes Rec. Unexpired time, 60 days. " Cr. - Discount Discount $4 26. 60 ds 425 50 4 26 2. Note due Feb. 12. Unexpired time, 60 days. Discount $12 21. 3. Note due Nov. 8. Unexpired time, 30 days. Discount $4 23. 4. Note due Mar. 31. Unexpired time, 78 days. Discount $8 65. At 7%, $10.09. 5. Note due Dec. 15. Unexpired time, 42 days. Discount 5% - $10 19. Cash Book Dr. - Notes Rec. 1220 60 " " Cr. - Discount. . 12 21 Cash Book Dr. - Notes Rec. " " Cr. - Discount. . 845 32 4 23 Cash Book Dr. - Notes Rec. 665 20 " " Cr. - Discount. . 8 65 Cash Book Dr. - Notes Rec. 1746 45 " Cr. -Discount.. 10 19 32 ELEMENTARY SET. COMPLEMENTARY WORK. Nov. 15. Exercises in Opening Double Entry Books. Budget page 92. Journal Entries. 1. Cash 2250 Inventory 775 Notes Rec 225 Building and Lot 3500 W. M. Hartman 185 R. C. Martin, Cap 6935 2. Cash 5000 Inventory 2400 Notes Rec 1800 Interest 96 50 Real Estate 4300 Stewart & Co 212 25 Robt. Cranton &Son.... 700 Notes Payable 960 John G. Hall, Cap 12148 75 Nov. 15. Exercise in Delivery Equipment Account. Text page 118. 200 50 25 8 50 150 65 513 50 Net cost 413 50 100 ELEMENTARY SET. COMPLEMENTARY WORK. 33 Nov. 30. Exercises in Preparing Combined Trading and Profit and Loss Statements, and Statements of Resources and Liabilities. Budget pages 102, 103, 104. No. 1. Trading and Profit and Loss Statement, June 30, 19 . H. M. Grace. Returns. Gross Sales 5932 63 Less, - Rebates and allowances 7 46 Net returns from sales 5925 17 Costs. Inventory, May 31, 19 1624 25 Purchases 4188 58 Less, - Goods returned 5 16 Rebates and allowances 12 24 17 40 4171 18 Total cost of purchases 5795 43 Less Inventory, June 30, 19 592 57 Cost of merchandise sold 5202 86 Gross trading profit 722 31 Profit from sale of Valley Truck Farm 350 Farm Income 143 43 Total profits , 1215 74 Expense 132 40 Loss from sale of Farm Equipment 30 Store and Lot Expense 26 87 Farm Expense 9214 Interest 9 17 Total losses 290 58 Net profit for the month 925 16 Closing Entry. Inventory % 592 57 Sales % 5925 17 Profit and Loss % 320 Farm Expense and Income 51 29 Inventory % 1624 25 Purchases % 4171 18 Expense % 132 40 Store and Lot Expense 26 87 Interest 9 17 H. M. Grace, Cap. % 925 16 34 ELEMENTARY SET. COMPLEMENTARY WORK. NOT. 30. No. 1. Statement of Resources and Liabilities, June 30, 19 H. M. Grace. Resources. Cash 1289 96 Inventory, June 30 592 57 Store and Lot Investment 3591 25 Furniture and Fixtures 85 60 C. D. Watson & Co 1156 84 Mitchell Provision Co. 249 70 Columbia Produce Co 685 21 Total accounts receivable 2091 75 Total resources 7651 13 Liabilities. Notes Payable 1316 20 H. M. Grace, Personal % 25 60 J. A. Amsbaugh 317 80 Tulsa Milling Co 926 18 Total accounts payable 1243 98 Total liabilities 1 2585 78 Net resources 5065 35 Represented by H. M. Grace's Capital % 4140 19 Add net profit for month 925 16 506535 ELEMENTARY SET. COMPLEMENTARY WORK. Nov. 30 Continued. No. 2. Trading and Profit and Loss Statement, April 30, 19 John B. Arnold. 35 Returns. Gross sales 4942 97 Less, - Goods returned 22 13 Net returns from sales 4920 84 Costs. Inventory, Mar. 31, 19 1025 13 Purchases 3679 85 Less, - Rebates and allowances 18 54 Personal use J. B. A 10 45 28 99 3650 86 Total cost of purchases 4675 99 Less - Inventory, April 30, 19 721 43 Cost of merchandise sold 3954 56 Gross trading profit 966 28 Farm Income 56 84 Total Profits 1023 12 Expense 159 45 Store and Lot Expense 115 42 Interest 14 41 Farm Expense 79 49 Total losses ~ 368 77 Net profit for the month 654 35 Closing Entry. Inventory %.. 721 43 Sales % 4920 84 Inventory % 1025 13 Purchases % 3650 86 Expense % 159 45 Store and Lot Expense 115 42 Farm Expense and Income 22 65 Interest 14 41 John B. Arnold Cap. % 654 35 36 ELEMENTARY SET. COMPLEMENTARY WORK. Nov. 30. Continued. No. 2. Statement of Resources and Liabilities, April 30, 19 John B. Arnold. Resources. Cash 2811 11 Inventory, April 30, 19 721 43 Notes Receivable 903 90 Store and Lot Investment 3514 20 Furniture and Fixtures 189 90 R. A. Johnson 526 80 E. R. Payne 325 92 Edward Parker 741 56 Total accounts receivable 1594 28 Total resources "~ ~~ 9734 82 Liabilities. Notes Payable 2126 50 John B. Arnold, Personal % 126 42 R. J. Smith & Co 1626 60 Jones & Warner 1425 15 Total accounts payable 3051 75 Total liabilities " 5304 67 Net resources 4430 15 Represented by John B. Arnold's Capital % 3775 80 Add profit for the month 65435 443015 ELEMENTARY SET. COMPLEMENTARY WORK. Nov. 30 Continued. No. 3. Trading and Profit and Loss Statement, Dec. 31, 19 J. M. Warren. 37 Returns. Gross sales 15829 03 Less, - Goods returned 29 58 Rebates and allowances 53 24 82 82 Net returns from sales 15746 21 Costs. Inventory, January 1, 19 2647 19 Purchases 14048 29 Less, - Goods returned 122 50 13925 79 Total cost of purchases 16572 98 Less Inventory, Dec. 31, 19 3624 80 Cost of merchandise sold " 12948 18 Gross trading profit 2798 03 Store and Lot income 514 48 Farm Income 67 96 Interest 22 60 Profit from sale of White Oak Farm 450 Total profits 3853 07 Store and Lot Expense 495 27 Farm Expense 197 63 Loss on sale of Farm Equipment 25 Expense 1025 42 Total Losses ~ .JZ 4 ?.?? Net profit for year 2109 75 Closing Entry. Inventory % 3624 80 Sales % 15746 21 Store and Lot Expense and Income ... 19 21 Interest 22 60 Profit and Loss % 425 Inventory % 2647 19 Purchases 13925 79 Farm Expense and Income 129 67 Expense 1025 42 J. M. Warren, Cap. % 2109 75 38 ELEMENTARY SET. COMPLEMENTARY WORK. Nov. 30 Continued. Statement of Resources and Liabilities, Dec. 31, 19 J. M. Warren. Resources. Cash 2988 92 Notes Receivable 2214 45 Inventory Dec 31 19 . 3G24 80 Store and Lot Investment 4215 90 Furniture and Fixtures 322 40 Personal Accounts Receivable 5114 34 J. M. Warren, Personal % 19 16 Total resources 18499 97 Liabilities. Notes Payable 4629 45 Personal Accounts Payable 3514 26 Total Liabilities 8143 71 Net resources . inocft oc Represented by J. M. Warren's Capital % . . 8246 51 lUOOO ^0 Add profit for this month 2109 75 10356 26 ELEMENTARY SET. 39 COMPLEMENTARY WORK. Nov. 30 Continued. No. 4. Trading and Profit and Loss Statement, Dec. 31, 19 . F. B. Clarke, Returns. Gross sales 15834 61 Less, Goods returned 72 46 Rebates and allowances 89 20 161 66 Net returns from sales 15672 95 Costs. Inventory Jan 1 19 3453 25 Purchases 14347 72 Less, Goods returned 29 45 Rebates and allowances 56 24 Donation for charity at cost . . 20 85 Personal use F. B. C 19 32 125 86 14221 86 Total cost of purchases 17675 11 Less Inventory, Dec. 31, 19 3720 14 Cost of merchandise sold 13954 97 Gross trading profit . 1717 98 Farm Income 175 15 Total profits 1893 13 Store and Lot Expense 256 70 Farm Expense 50 59 Expense 1526 30 Interest 125 80 Total losses 1959 39 Net loss for the year 66 26 Closing Entry. Inventory % 3720 14 Sales % 1567295 Faim Expense and Income 124 56 F. B. Clarke, Cap. % 66 26 Inventory % Purchases % Store and Lot Expense Expense % Interest 3453 25 14221 86 256 70 1526 30 12580 40 ELEMENTARY SET. COMPLEMENTARY WORK. Nov. 30 Continued. No. 4. Statement of Resources and Liabilities, Dec. 31, 19 F. B. Clarke. Resources. Cash 1170 46 Notes Receivable 3312 62 Inventory, Dec. 31. 19 3720 14 Store and Lot Investment 5245 Green Spring Farm Investment 2092 60 Furniture and Fixtures 529 70 Farm Equipment 425 62 Personal Accounts Receivable 1879 50 F. B. Clarke, Personal % 21 15 Total Resources 18396 79 Liabilities. Notes Payable 3975 29 Personal Accounts Payable 4191 26 Total liabilities 8166 55 Net resources 10230 24 Represented by F. B. Clarke, Capital % - 10296 50 Less net loss for the year 66 26 ~' 10230 24 i TEXT BOOK. SYLLABUS No. 3. Exercises in Warehouse Supplies Accounts. Page 59. 1. Boxes 146 19 Brls 8 Nails 4 75 Paper 18 45 Twine 450 Strap 31 20 Excel 6 70 219 79 Boxes Trad. %. . . 13 20 206 59 219 79 Addition to cost of mdse 206 59 Arithmetical Problems. 41 Costs. Deductions. 151 50 9 60 34 1250 3 50 22 10 10 20 22 16 5 21 60 950 25746 22 10 235 36 Increased cost. Costs. 216 50 261984 54 26 34 11640 71 20 311220" 6040 3051 80 Net Cost. Exercises in Warehouse Labor Accounts. Page 61. Deductions. 1520 4520 6040 1. 250 311 45 350 320 216 65 234 17 3765 1644 62 Trad. % 168227 168227 Arithmetical Problem. Costs. 160 175 17350 119 75 16050 148 75 80 87 50 141 50 137 50 163 121 50 1668 50 74 50 1594 00 Net Cost. 42 TEXT BOOK. SYLLABUS No. 3. Exercises in Purchase and Sales Discounts. Page 68. 1. Prch. Discount. Trad. 26 11 742 % 2115 91 214944 31745 28750 411 16 27576 471 12 386 45 214944 (a) Would decrease cost of prchs. (b) Would increase gains or decrease 2. Sales Discount. 326 65 6 50 512 62 3 65 387 90 2262 77 Trad. % 216 65 31230 516 80 2272 92 2272 92 Prch. Discount. Sales Discount. Trad. %35 13 14 60 8 12 5 75 6 66 35 13 35 13 3 65 31 67 Trad. % 1345 641 3 66 450 31 67 31 67 Arithmetical Problems. 1. 416 21 21320 67 89 69730 24 83 672 47 = Net Discounts. 2. 8998 11496 34225 211 88 401 74001 1900 08 85 1815 08 = Net Discounts. TEXT BOOK. SYLLABUS No. 3. Exercises in Preparing Trading Statements. Page 75. 1. 43 Returns. Gross Sales 6824 50 Less Rebates and allowances . . 56 91 Goods returned 12 30 69 21 Deduct - Sales discount 6755 29 163 20 Net returns from sales 6592 09 Costs. Inventory - close last fiscal period. 6981 46 Purchases 3010 50 Less - Rebates and allowances 28 17 Goods returned 19 14 47 31 9QA3 1Q Add Warehouse supplies 125 47 Warehouse labor 112 50 Total cost of purchases 10182 62 Deduct Purchase discounts 212 44 Net cost of purchases 9970 18 Less Inventory present fiscal period 5147 96 Cost of merchandise sold .' 482222 Gross trading profit. . . 1769 87 Journal entries opening trading account. Sales 6755 29 Purchase discounts 212 44 Inventory (present) 5147 96 Trading % Trading % 12115 69 Purchases Inventory (last) Warehouse supplies Warehouse labor Sales discounts P.&L.% 12115 69 2963 19 6981 46 125 47 112 50 163 20 1769 87 Journal entry omitting trading account, - Same as above, omitting "trad- ing %" items. 44 TEXT BOOK. SYLLABUS No. 3. Trading Statements Continued. 2. Returns. Gross Sales 38500 Less Goods returned 1500 37000 Deduct Sales discount 490 Net returns from sales 36510 Costs. Inventory (last fiscal period) 16000 Purchases 45900 Less - Goods returned 300 45600 Add - Warehouse supplies 475 Warehouse labor 850 Total cost of purchases 62925 Less - Inventory (present fiscal period) 29336 45 Cost of merchandise sold 33588 55 Gross trading profit. . 2921 45 Journal Entry. Sales 37000 Inventory 29336 45 Trading Trading % 66336 45 Inventory Purchases Warehouse supplies " labor Sales discounts P.AL.% 66336 45 16000 45600 475 850 490 2921 45 TEXT BOOK. SYLLABUS No. 3. Trading Statements Continued. 3 45 Returns. Gross sales . . . . 28343 77 Less Rebates and allowances . 238 45 Deduct - Sales Discounts 28105 32T 432 50 Net returns from sales 27672 82 Costs. Inventory (last period) 9455 28 Purchases. .. . 2236454 Less - Rebates and allowances 148 50 22216 04 Add Warehouse supplies 370 20 " Labor 1220 Total cost of purchases 33261 52 Deduct purchase discounts 316 45 Net cost of purchases 32945 07 Less - Inventory (present) 8990 60 Cost of Mdse. sold 23954 47 Gross trading profit. . . 1 371835 Journal Entry. Inventory (present) 8990 60 Sales 28343 77 Purchase Discounts 316 45 Purchase Rebates and allowances 148 50 Inventory (last) Purchases Warehouse Supplies Warehouse Labor Sales Rebates and allowances Sales Discounts . . 945528 2236454 37020 1220 238 45 43250 46 TEXT BOOK. SYLLABUS NO. 3. Trading Statements Continued. 4. Returns. Gross Sales. 138984 12 Less Rebates and allowances 438 68 138545 44 Deduct - Sales Discounts 711 28 Net returns from sales 137834 16 Costs. Inventory (last) 33400 Purchases . 124365 90 Less Rebates and allowances 147 77 124218 13 Add - Freight In 1743 45 Warehouse Supplies . ... 847 19 " Labor 1463 70 Total cost of purchases. 161672 47 Deduct - Purchase discounts 4,54 86 Net cost of purchases 161217 61 Less - Inventory (present) 49312 30 Net cost of Mdse. sold 111905 31 Gross Trading profit 25928 85 Journal Entry. Sales 138984 12 Purchase Rebates and allowances 147 77 Purchase Discounts 454 86 Inventory (present) 49312 30 Purchases Inventory Freight In Warehouse Supplies Warehouse Labor , Sales Rebates and allowances Sales Discounts , P. & L. % 124365 90 33400 1743 45 847 19 1463 70 438 68 711 28 2592885 TEXT BOOK. SYLLABUS No. 3. Trading Statements Continued. 5. Purchases. 47 Prchs 66719 25 Fr., Exp., Dra 793 50 Dut., Stor., etc 3670 Com. and Sal 1600 Ware. Exp 2150 74932 75 Prch. Ret 250 Reb. and allow 378 50 Sale on Com 1200 Rebates on frt. bills 66 1894 50 Bal... ..7303825 Returns. Gross Sales 59718 50 Less Sales Discts 928 75 Net returns from sales 58789 75 Costs. Inventory (last) 9845 Purchases 66719 25 Less - Goods returned 250 Reb. and Allow. 378 50 Goods shipped for sale 1200 Frt. rebates 66 1894 50 64824 75 Add - Frt. Exp. and Dra. ... 793 50 Duties, Stor., etc 3670 Pch. Agent's Com 1600 Warehouse Expense 2150 Total cost of goods purchased 82883 25 Less - Inventory (present) 26750 Cost of Mdse. sold 56133 25 Gross trading profit 2656 50 Journal Entry. Sales 59718 50 Inventory (present) 26750 Sales Discts 928 75 Inventory (last) 9845 Purchases 73038 25 P. & L % 2656 50 (d) Cost mdse. sold, 56133 25 - Gross trading profit, 2656 50. (e) Cost of goods purchased . . . 82883 25 Less - Inventory 23345 50 Cost of mdse. sold 59537 75 Net returns from sales 58789 75 Gross trading loss 74800 48 TEXT BOOK. SYLLABUS No. 3. Trading Statements Continued. 6. (a) Purchases 41315 Sales 39816 Returned Sales 450 Warehouse Expenses 475 Warehouse Labor 950 Sales Discounts 245 (b) Returns. Sales 39816 Less - Returned sales 450 Net invoice price of sales 39366 Deduct - sales discts 245 Net returns from sales 39121 Costs. Purchases 41315 Add Warehouse Expense 475 " Labor 950 1425 Net cost of purchases 42740 Less - Inventory (present) 7863 Net cost of goods sold 34877 Gross trading profit 4244 (c) Journal Entry. Sales 39816 Inventory 7863 Purchases 41315 Ret. Sales 450 Ware. Expense . . . 475 Ware. Labor 950 Sales Discounts 245 P. &L% 4244 TEXT BOOK. 49 SYLLABUS No. 3. Trading Statements Continued. Page 78 - Arithmetical Problems. Costs. Invt 6750 Prchs 27315 Frt 226 Duties 112 Ware. Sup 133 Ware. Lab 375 Total cost of purch.. 34911 Prch. R. and A 328 75 Prch. Ret 95 Prch. Dis 212 635 75 Net Cost 34275 25 Cost of Prchs 34275 25 Cost of sales 34275 25 Net ret. from sales . . 31476 75 Sales. Total sales 32421 50 Ret. Sales 428 75 Net sales 31992 75 Sales discounts 516 Net returns from sales 31476 75 Net Cost 34275 25 Gross Trad. Loss . . 2798 50 Costs. Invt 8650 Prchs 39423 50 Agts. Com. and Ex. . 628 Ware. Ex 2065 Duties 845 Total cost of purch.. 51611 50 Cr 1126 12 Ship 1600 Prch. Dis. . 894 3620 12 Net cost prchs 47991 38 Invt....... 7833 48 Cost sales.. . 40157 90 Sales. Gross Sales 43318 60 Ret. Sales 983 Net sales 42335 60 Sales Dis 1225 Net returns from Sales 41110 60 Cost Sales. 40157 90 Gross Trading Profit . 952 70 4. Gross trading profits same as shown in trading statements. 50 TEXT BOOK. SYLLABUS No. 3. Exercises in Sales Expense Accounts. Page 84. 1. 2. 1500 5473 42 P. & L. % 1200 300 846 15 618 26 3024 52 P. & L. % 341 60 45 85 185 30 216 25 216 50 180 67 175 16 218 90 25 116 45 45 60 190 213 70 60 600 480 3324 52 3324 52 126 50 = 2325 Net cost 3024 52 31 75 720 6530 211 60 60 5473 42 5473 42 Page 85 - Arithmetical problems. 1. Costs. Less 900 316 75 165 57 50 78 75 12 137 50 111 60 14825 80 300 75 18 26 30 cost. 2130 15 14825 1981 90 Net Costs. Less 1567 18 9 60 216 40 21 50 262 81 4 12 387 90 35 22 86 50 2520 79 3522 2485 57 Net cost. TEXT BOOK. SYLLABUS No. 3. Exercises in Administrative Expense Accounts. Page 90. 1. 51 3000 12 50 1200 2 60 157 16 122 5731 89 P. & L. % 71 65 500 200 150 346 18 2. 5000 7290 44 P. & L. % 1800 142 75 130 81 50 50 86 19 729044 729044 5746 99 5746 99 Net cost 5731 89 Page 91 - Arithmetical Problems. 1. 4000 1600 9645 150 9235 700 380 167 18 7185 98 Net cost. Net cost 7290 44 2. 2500 975 60 7230 61 25 250 75 30 75 4098 55 Net cost, Exercises in Insurance Accounts. Page 97. 1. Mar. 1 1 yr. 1% Aug. 1 lyr. U% Nov. 1 lyr. U% 80 75 12 50 167 50 Dec. 31 10 mo 66 67 31 5 mo 31 25 31 2 mo 208 Balance 67 50 167~50 2. Jan. 2 48 Mar. 15 19 20 Apr. 1 2880 Balance. 96 00 11 20 July 1 20 1 28 Dec. 31 15 20 31 21 60 84 80 52 TEXT BOOK. SYLLABUS No. 3. Exercises in Insurance Accounts. 3. Page 97. Date of entry Exp'd time On policy of Exp'd Pre. val. Totals per mo. Jan. 4.... 4000 1 09 43 20 Feb. 28.... 2000 1 08 21 60 Mar. 25. . . . 6000 1 08 64 80 July 7.... 3000 32 40 Nov. 1.... 2000 21 60 I.... 2000 21 60 Jan. 31 Feb. 28 Mar. 31 31 Apr. 30 30 30 May 31 31 31 June 30 30 30 July 31 31 31 31 Aug. 31 31 31 31 Sep. 30 30 30 30 Oct. 31 31 31 31 Nov. 30 30 30 30 30 30 Dec. 31 31 31 31 31 31 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. 1 mo. Jan. 4 4 4 Feb. 28 Jan. 4 Feb. 28 Mar. 25 Jan. 4 Feb. 28 Mar. 25 Jan. 4 Feb. 28 Mar. 25 Jan. 4 Feb. 28 Mar. 25 July 7 Jan. 4 Feb. 28 Mar. 25 July 7 Jan. 4 Feb. 28 Mar. 25 July 7 Jan. 4 Feb. 28 Mar. 25 July 7 Jan. 4 Feb. 28 Mar. 25 July 7 Nov. 1 Nov. 1 Jan. 4 Feb. 28 Mar. 25 July 7 Nov. 1 Nov. 1 3 60 3 60 3 60 5 40 10 80 10 80 1080 13 50 13 50 13 50 13 50 17 10 17 10 3 60 3 60 1 80 ~ 3 60 1 80 5 40 3 60 1 80 5 40 3 60 1 80 5 40 3 60 1 80 5 40 2 70 3 60 1 80 5 40 2 70 3 60 1 80 5 40 2 70 3 60 1 80 5 40 2 70 3 60 1 80 5 40 2 70 1 80 1 80 3 60 1 80 540 2 70 1 80 1 80 205 20 Balance 133 20 72 TEXT BOOK. SYLLABUS No. 3. Exercises in Preparing Profit and Loss Statements. Page 124. 1. Credits. 53 Gross trading profit P&L % Debits. Selling Expense 2836 50 Freight 419 98 3256 48 Administrative Expense 4127 62 General Expense 1541 24 Insurance Expense 226 15 Interest 35 50 Real Estate Expense and Income 260 45 Furniture and Fixtures Repairs and Renewals 43 75 Net profit for year (Detailed Statement) Credits Gross trading profit. P. & L % Debits. Selling Expenses. Sample cases 90 44 Advertising and Premiums 642 20 Delivery charges 426 25 Salesmen's salaries and com 14 00 Traveling exp 125 10 Miscellaneous 152 51 Total 2836 50 Freight 419 98 3256 48 Administrative Expenses. Office supplies 152 16 Legal advice 15 Salaries of office help 815 60 Managers' salaries 3000 Miscellaneous 144 86 4127 62 General Expenses. Light and heat 315 25 Rent 1200 Miscellaneous 25 99 1541 24 Insurance Expense 226 15 Interest 35 50 Real Estate Expense and Income 2GO 45 Furniture and Fixtures Repairs and Renewals 4375 Net profit for year Journal Entry (for both statements). Profit and Loss 23876 40 Sales Expense 2836 50 Freight 41993 Administrative Exp 4127 62 General Exp 1541 24 Insurance Exp 226 15 Interest 35 50 Real Estate Expense and Income 260 45 Fur. and Fix. repairs and renewals 43 75 Undivided Profits 14385 21 23876 40 9491 19 14385 21 23876 40 19 14385 21 54 TEXT BOOK. SYLLABUS No. 3. Profit and Loss Statements Continued. 2. Credits. 34881 18 437 25 1400 36718 43 Interest Real Estate Income Sales Expense Debits. 3660 12 6133 56 1938 27 720 20 362 65 12814 80 Insurance Expense Real Estate Expense Net profit for one-half year. . . 23903 63 (Detailed Statement.) Credits. Gross trading profit 34881 18 Interest 437 25 Real Estate Income 1400 36718 43 Debits. Selling Expenses. Salesmen's salaries .. 1600 954 50 436 610 59 62 3660 12 Administrative Expenses. Officers' salaries .. 4000 Office help 1400 Office supplies 415 25 318 31 6133 56 General Expenses. Rent . 1800 Miscellaneous 138 27 1938 27 Insurance Expense 720 20 Real Estate Expense 362 65 12814 80 Net profit for one-half year 23903 63 Journal Entry. Profit and Loss 34881 18 Interest . 437 25 Real Estate Income 1400 Sales Expense 3660 12 6133 56 1938 27 720 20 Real Estate exp . . 362 65 Undivided profits... 23903 63 TEXT BOOK. 55 SYLLABUS No. 3. Profit and Loss Statements Continued. 3. Credits. Gross trading profit Profits on property sale Real Estate rents Interest Purchase discounts. . . Debits. Sales Expense 396 31 Salesmen's salaries and exp 5160 75 Advertising 2145 43 Delivery exp 739 20 Freight 181 12 Administrative exp 363 78 Salaries 9341 13 Office supplies 1186 61 General Expense 417 74 Rent and taxes 3175 Sales discounts 1839 34 Expired insurance 616 17 Discount 76 45 Real Estate Repairs and Renewals 128 19 Net profit for period 33746 87 2638 40 950 319 50 721 80 8622 81 10891 52 6252 89 37876 57 25767 22 12109 35 56 TEXT BOOK. SYLLABUS No. 3. Profit and Loss Statements Continued. 3. Journal Entry. Profit and Loss 33746 87 % showing property profit 2138 40 Real Estate rents 950 Interest 319 50 Purchase Discounts 721 80 Sales expense 396 31 Salesmen's salaries and expense 5160 75 Advertising 2145 43 Delivery expense 739 20 Freight 181 12 (d) 25 . 5 % Administrative expense 363 78 Salaries 9341 13 (e) 32.2 % Office supplies 118661 General expense 417 74 Rent and taxes 3175 Sales discounts 1839 34 Expired insurance 616 17 Discount 76 45 Real Estate Repairs and Renewals 128 19 Undivided profits 12109 35 Arithmetical Problems. 1. 2. 9341 46 105050 8290 96 Net Trading Profit. 1050 504-9341 46 = 11.2% 1421 50 -T- 12736 15 = 11.1 % Selling. 1850 4- 12736 15 = 14.5 % Admin. 315 4- 12736 15 - 2.4 % Gen. Exp. 6724 75 3. 18950 = 35.5% TEXT BOOK. SYLLABUS No. 3. Exercises in Distributing Profits. Page 128. 1, 2 and 3 same as in text. 4. Undivided Profits 3160 M. G. Nilan, Personal M. G. Nilan, Capital 57 15645 3003 55 5. Undivided Profits 5630 10 O. P. Hamlin, Personal . . . O. P. Hamlin, Capital F. W. Gray, Personal F. W. Gray, Capital 6. Undivided Profits 16000 Dividend Reserve Fund for Dep Surplus Exercises in Combined Statements. Page 146. 2. Trading and Profit and Loss Statement, December 31, 19 Hicks and Anthony. Journal Entry to Close Trading Accounts. Sales 29341 37 Purchase discounts 821 76 Inventory (present) 9524 15 Purchases 12618 35 Inventory (last) 19444 50 Warehouse supplies 221 50 labor 1560 45 Sales discount 1425 80 Profit and Loss % 4416 68 445 330840 556 1320 70 3000 3000 10000 Journal Entry to Close Loss and Gain Accounts. Profit and Loss 4416 68 N. W. Hicks' Cap., * loss 644 83 A. R. Anthony's Cap., loss 644 83 Sales expense 2436 Admin, expense 1833 75 General expense 721 60 Insurance expense 528 37 Interest 72 12 Real estate expense 114 50 The above entries may be combined into one entry by arranging all debits together and all credits together, and eliminating the debit and credit to Profit and Loss % entirely. 58 TEXT BOOK. SYLLABUS No. 3. Exercises in Combined Statements. Page 146. 1. Combined statements shown in illustration 87. Journal entry shown in illustration 88. Statement of Resources and Liabilities shown in illustration 93. Trading and Profit and Loss Statement, December 31, 19 Hicks and Anthony. 2. Returns. Gross sales 29341 37 Less - sales discounts 1425 80 27915 57 Costs. Inventory (last period) 19444 50 Purchases 12618 35 Less - Purchase discounts 821 76 11796 59 Add warehouse supplies 221 50 warehouse labor 1560 45 Net cost of purchases 33023 04 Less inventory 9524 15 Cost of merchandise sold. . 23498 89 Gross trading profit 4416 68 Expenses. Sales expense 2436 Administration expense 1833 75 General expense , 721 60 Insurance expense 528 37 Interest 72 12 Real estate expense 114 50 5706 34 Net loss for the period ... 1289 66 N. W. Hicks' Cap. %> \ net loss 644 83 A. R. Anthony's Cap. %, i net loss 644 83 1289 66 1289 66 TEXT BOOK. SYLLABUS No. 3. Combined Statements Continued. Statement of Resources and Liabilities, December 31, 19 Hicks and Anthony. 59 Resources. Cash 916 36 Inventory, Dec. 31 9524 15 Notes receivable 1690 Accounts receivable 7946 27 Total current resources 20076 78 Insurance (unexpired premiums) 61 50 Real estate and building 6500 Furniture and fixtures 286 90 Delivery equipment 554 32 7341 22 Total resources 27479 50 Liabilities. Accounts payable 6423 19 Notes payable 2346 12 Total liabilities 8769 31 Net resources 18710 19 Represented by N. W. Hicks' Cap 11174 93 Less Per. % 1200 Net loss 644 83 1844 83 9330 10 A. R. Anthony's Cap . 11174 92 Less Per. % 1150 Net loss 64483 179483 938009 1871019 60 April. TEXT BOOK. SYLLABUS No. 3. Exercises in Preparing Analysis Sheets. Page 149. 1. May. June. Postage, Tele, and Teleph. Light and Heat. Miscell. 12 50 1 75 10 3 2 75 16 9 63 6 15 3 50 3 50 9 60 3 50 85 31 78 30 00 Tot al 105 10 31 78 30 16688 Postage, Tele, and Teleph. Light and Heat. Miscell. 1 30 2 60 12 50 3 20 6 75 11 50 7 75 6 85 18 25 98 75 18 25 19 60 19 60 136 60 Postage, Tele, and Teleph. Light and Heat. Miscell. 10 9 50 3 20 2 40 4 3 35 7 50 8 25 8500 11050 12 70 10 12 70 133 20 Item. April. May. Total 2 mo. June. Total 3 mo. Coal 16 1G 16 Electric light 9 63 11 50 21 13 9 50 30 63 Gas 6 15 6 75 12 90 3 20 16 10 Cleaning 7 7 10 65 17 65 Telephone 12 50 12 50 25 25 Telegrams 1 75 1 30 3 05 3 05 Stationery and printing 15 85 7 75 23 60 23 60 Postage. . 13 2 60 15 60 10 25 60 Rent 85 85 170 85 255 Long distance calls ... . 3 20 3 20 3 20 License 6 6 6 Directory 4 4 Brooms and supplies 3 35 3 35 Repairing typewriter 7 50 7 50 166 88 136 60 303 48 133 20 430 68 YC 45034 5 UNIVERSITY OF CALIFORNIA LIBRARY