- — 1 
 
 
The original of this book is in 
 the Cornell University Library. 
 
 There are no known copyright restrictions in 
 the United States on the use of the text. 
 
 http://www.archive.org/details/cu31924084425143 
 
CORNELL UNIVERSITY LIBRARY 
 
 3 1924 084 425 
 
THE NEW 
 
 BRYANT AND STRATTON 
 
 COMMON SCHOOL BOOK-KEEPING: 
 
 EMBRACING 
 
 SINGLE AND DOUBLE ENTRY, 
 
 AND 
 
 ADAPTED TO INDIVIDUAL AND CLASS INSTRUCTION IN 
 SCHOOLS AND ACADEMIE& 
 
 By S. S. PACKARD, 
 
 Proprietor of Packard's New York Business College 
 AND 
 
 H. B. BRYANT, 
 
 Founder of the Bryant & Stratton Chain of Business Colleges. 
 
 NEW YORK .:• CINCINNATI •:• CHICAGO 
 
 AMERICAN BOOK COMPANY 
 
CoPYKIGHT, 1878, IT 
 
 H. B. BRYANT and S. S. PACKARD. 
 
 ■» 1 Si COM- WH. B'PK'F'O. 
 
 IPrintcft b? 
 
 William Ivieon 
 
 Hew gorh, XX S. a 
 
 1 
 
PREFACE. 
 
 This little book, almost in its entirety, was prepared end published more 
 than seventeen years ago ; and it is not too much to say for it that during the 
 intervening time it has fairly divided with other works on this subject the 
 growing patronage of public and private schools throughout the country. 
 
 That it has answered the purposes which called it into existence is evi- 
 dent, not only in the increasing demand for it, but more pointedly in the 
 almost universal testimony of those best qualified to speak, viz. : the teachers 
 who have used and are now using it as a text-book. Before undertaking the 
 revision, its principal author communicated with a large number of this 
 class, asking for criticisms and suggestions, and especially desiring to know 
 if any radical changes as to matter or arrangement were desirable. The uni- 
 form reply has been that no such changes would add to the efficiency of the 
 work, while they might cause more or less derangement and confusion in the 
 large schools and classes now using the book. Of course, the last considera- 
 tion would have little weight by itself, but if the changes, which might easily 
 have been made, and which, under the plea of novelty and freshness, there 
 was great temptation to make, would be likely to result in no real advantage, 
 then the force of the argument must be recognized. But the author — much 
 as he respects and would defer to the judgment of teachers who are, and are 
 to be his patrons — could not afford to act in this matter contrary to his own 
 convictions. A deference to the opinions of others may be u graceful and 
 proper tribute to the wisdom supposed to exist in "a multitude of counsel," 
 but an author can show no greater respect for this wisdom than to follow 
 strictly the lead of his own well-founded convictions. And it may safelybe 
 assumed that the practice and experience of seventeen years' close attention 
 to the study and appliances of the subject covered in this treatise has not left 
 him without these well-founded convictions. And that they have a full 
 expression in the aspect of the revised book as here presented may also be 
 assumed. 
 
 A work of this scope does not require, nor should it have an elaborate 
 philosophical statement of principles at the outset ; nor should the plain, 
 practical lessons which are its substance be environed with fine-spun theories 
 or nicely-shaded definitions, which belong rather to the esthetics of logic than 
 to the sharp enforcement of primal facts. The purpose of this book is to 
 teach the practical lessons of Book-keeping ; and its plan is to accomplish 
 this in the most direct and positive way. 
 
 To that end, before taking up the science of Accounts as enforced in 
 Double Entry Book-keeping, a proper space is given to the more simple, 
 
 3 
 
PREFACE. 
 
 because less comprehensive processes of Single Entry ; so that the student 
 may get hold of the instrumentalities of his work — technically, " learn the use 
 of his tools," before he is called to the higher possibilities of their achieve- 
 ment. In Single Entry the form, as well as the use of personal accounts is 
 clearly exhibited, and many of the foundation principles of the science of 
 Book-keeping are illustrated ; and not only the characteristics of the Ledger, 
 hut the utility of auxiliary hooks, and their substitution for the ordinary 
 books of original entry are carefully exhibited. In fact, that part of the 
 book has found particular favor in the eyes of intelligent teachers. The use 
 of the same material for Double Entry and Single Entry — as in the case of 
 Set 3 — has afforded a most satisfactory means of distinguishing between the 
 processes of the two methods. 
 
 The enforcement of the principles of Double Entry in Part II is made with 
 as much point and conciseness as the author could command. Nothing 
 essential has been omitted, and no redundancy practiced. The classification 
 of accounts differs from the former edition only in its nomenclature, which is 
 thought to be an improvement, simply because it is more clearly the expres- 
 sion of the real distinction in accounts. 
 
 In the regular order of the book, the plan has been to follow each fully- 
 elaborated set with "Practical Exercises," in which the material only is 
 given — in the shape of memorandum transactions — from which the student is 
 required to write up, circumstantially, all the required books of entry after 
 the preceding models. The good results which have followed this plan have 
 suggested to the author the propriety of furnishing similar memoranda foi 
 the written sets ; and inasmuch as it is deemed best to preserve the Bame 
 order of arrangement as to consecutive pages, the desired memoranda, with 
 such other material as the revision seemed to demand, will be found in the 
 Appendix. It will be well if the student is required to use these memoranda 
 strictly, in writing up the regular sets, rather than to copy from the book. 
 The material for short sets given in the Appendix is to meet the expressed 
 and proper demand of teachers who have felt the need of more frequent 
 tests of their pupils' progress. There are decided advantages in reasonably 
 long sets — and as a matter of drill they cannot profitably be omitted ; but 
 mere routine may be carried too far, and the pupil's mind thus diverted from 
 the application of principles which is the main purpose of teaching. 
 
 But, after all, it is not presumed that any text-book is to supply that part 
 of the work of instruction that belongs to the living teacher. A text-book is, 
 at best, what its name implies, a book of texts, the elaboration, amplification 
 and application of which depends wholly upon the teacher ; and it would be 
 saying too much for any text-book — as well as too little for the teacher — to 
 assume that it should cover all the requirements of individual instruction, 
 even in its material and suggestions. 
 
 There is at least no such claim for this book : the best it can hope to do is 
 to serve as a convenient aid to teachers who will supplement its lessons and 
 vary its methods to suit individual demands and answer a good conscience in 
 the honest discharge of duty. 
 
CONTENTS. 
 
 FACES 
 
 Abbreviations and Characters, 7 
 
 Plan 8 
 
 PART I.— SINGLE ENTRY. 
 
 Introduction to Part I., 11—17 
 
 Questions por Review, 18 
 
 Set I. — Introductory— Showing the use of the Books. 
 
 Remarks, 20 
 
 Day-Book 21, 22 
 
 Ledger, 23—25 
 
 Practical Exercises and Questions, 26 
 
 Set II. — Betaii Dry Goods. (Prosperous.) 
 
 Remarks 28 
 
 Day-Book 29—35 
 
 Index to Ledger, 36 
 
 Ledger, 37 — 40 
 
 Cash-Book, 41 — 44 
 
 Statement, 45 
 
 Examples for Practice, 46 
 
 Practical Exercises, 47, 48 
 
 Questions for Review, 48 
 
 Set III. — Wholesale Dry Ooods. (Adverse.) 
 
 Remarks, 50 
 
 Day-Book . 51—54 
 
 Index to Ledger, 55 
 
 Ledger, 56—59 
 
 Sales-Book, 60 — 63 
 
 Cash-Book 64, 65 
 
 Bill-Book ... 66 
 
 Statement, 67 
 
 Examples for Practice, 68 
 
 Practical Exercises, 69, 70 
 
 Set IV. — Furniture and Cabinet Business. (Prosperous.) 
 
 Remarks, 72, 73 
 
 Day-Book, 74—77 
 
 Sales-Book, 78—83 
 
 Ledger, 84—87 
 
 Cash-Book 88, 89 
 
 Time-Book, ... 90 
 
 Statement, . 91 
 
 Examples for Practice, 92 
 
 Practical Exercises 93 — 95 
 
 Questions for Review, 96 
 
 5 
 
CONTENTS. 
 
 PART II.— DOUBLE ENTRY. 
 
 PAGES 
 
 Introduction to Part II., 99—102 
 
 The Science op Accounts. 
 
 Theory of the Ledger, 103, 104 
 
 Debits and Credits, 105 
 
 Principles, 106 
 
 Questions for Review, 107 
 
 Set I. — Produce Business. (Introductory.) 
 
 Remarks, 110 
 
 Day-Book, Ill, 113 
 
 Journal 113—115 
 
 Ledger, 116—118 
 
 General Statement, 119 — 121 
 
 Examples for Practice 122, 123 
 
 Practical Exercises, 124, 125 
 
 Set II. — Grocery Business. (Prosperous.) 
 
 Remarks, 128 
 
 Day-Book 129—132 
 
 Journal, 133—135 
 
 Ledger, 136—140 
 
 Balance Sheet, 141 
 
 Closing the Ledger, 142 — 147 
 
 Description of Balance Sheet, . . . 147, 148 
 
 Examples for Practice, 149 
 
 Practical Exercises, 150, 151 
 
 Questions for Review, 152 
 
 Set III.— Wholesale Dry Goods. (Adverse.) 
 
 Remarks, 154 
 
 Journal Day-Book, 155 — 161 
 
 Ledger, . 162—167 
 
 Statement, 168, 169 
 
 Examples for Practice and Questions for Review, . 170 
 
 Set IV. — Gentlemen's Furnishing Business. (Prosperous.) f 
 
 Remarks, 172 
 
 Journal, 173 
 
 Cash-Book, .174, 175 
 
 Sales-Book 176, 177 
 
 Ledger, 178—181 
 
 Practical Exercises 181, 182 
 
 APPENDIX. 
 
 Written Sets, etc. 183—195 
 
 Material for Short Sets, . . . ' . . . 196, 197 
 
 Practical Hints, 198—202 
 
 Business Forms, 203 — 208 
 
ABBREVIATIONS AND CHARACTERS 
 
 USED IN THIS BOOK. 
 
 ABBREVIATIONS. 
 
 Ae't. . . 
 Am't. . . 
 Ans. . . 
 Apr. . . 
 Ass'Cd. . 
 Aug. . . 
 
 Bol.. . 
 B. B.. 
 brls.. ■ 
 B. Pay. 
 B.Bee. 
 Blk. . . 
 BoH. . 
 Bro't. . 
 B. W.. 
 
 Cap. 
 C.B. 
 
 Co. . 
 Com. 
 Const. 
 Cr. . 
 
 A 
 
 , Account. 
 , Amount. 
 . Answer. 
 . April. 
 , Assorted. 
 August. 
 
 B 
 
 , Balance. 
 
 , Bill Book. 
 
 . Barrels. 
 
 . Bills Payable. 
 
 . Bills Receivable. 
 
 . Black. 
 
 . Bought 
 
 . Brought 
 
 . Black Walnut. 
 
 c 
 
 , Capital. 
 . Cash Book. 
 . Company. 
 . Commission. 
 . Consignment 
 . Creditor. 
 
 See. . 
 D'Jt. 
 do. . 
 doz. . 
 Dr. . 
 <f*. . 
 
 D 
 
 . December. 
 
 Draft. 
 . The same. 
 . Dozen, 
 i Debtor. 
 , Days. 
 
 EmJb'd. . 
 
 Exch. 
 
 Feb.. . 
 Flg'd. 
 
 mi. . . 
 
 For'd. . 
 FrH. , 
 
 gd. 
 
 Mia. 
 
 E 
 
 Each. 
 
 Errors Excepted. 
 
 Embroidered. 
 . Example. 
 . Exchange. 
 
 Expenses. 
 
 F 
 
 . Favor. 
 . February. 
 . Figured. 
 . Folio. 
 . Forward. 
 . Freight 
 
 G 
 . Gallon. 
 
 H 
 
 . Hogshead. 
 
 LB.. 
 Ins. . 
 Inst. 
 Int. . 
 Inv. . 
 Inv't. 
 
 Jan. 
 
 lbs. . 
 L.F. 
 
 , Invoice Book. 
 . Insurance. 
 , Instant 
 , Interest 
 Invoice. 
 . Inventory. 
 
 J 
 
 , January. 
 
 L 
 
 Pounds. * 
 
 Ledger Folio. 
 
 M 
 
 Mar March. 
 
 Mdse. . . . Merchandise. 
 
 ma Month. 
 
 Mgy Mahogany. 
 
 N 
 fib. .... Number. 
 Nov. .... November. 
 
 o 
 
 Oct October. 
 
 O. LB. . . Outward Invoice 
 [Book. 
 P 
 
 p Page. 
 
 Pay't . . . Payment 
 
 P. C. B. . . Petty Cash Book. 
 
 Pd Paid. 
 
 Phg Package. 
 
 pr Pair. 
 
 per. .... By. 
 Prem. . . . Premium. 
 
 Bec'd 
 B. W. 
 
 S.B. . . 
 Sept. . . 
 Bltip't . 
 Sunds. . 
 
 Y 
 yds. .... Yards. 
 yr. Tear. 
 
 R 
 
 , Received. 
 Rosewood. 
 
 S 
 
 . Sales Book. 
 
 . September. 
 
 . Shipment 
 
 . Sundries. 
 
 CHARACTERS. 
 
 © 
 
 . . . At 
 
 £ . 
 
 . Pound Sterling. 
 
 X 
 
 . Sign of Multiplication. 
 
 % 
 
 . . Account. 
 
 8 . 
 
 . Shilling. 
 
 = 
 
 . Sign of Equality. 
 
 % 
 
 . . Per Cent 
 
 v. 
 
 . Check Mark. 
 
 l 1 
 
 . One and one-fourth. 
 
 $ 
 
 . . Dollars. 
 
 + . 
 
 . Sign of Addition. 
 
 I 2 
 
 . One and one-half. 
 
 t 
 
 . . Cents. 
 
 *^" . 
 
 . Sign of Subtraction. 
 7 
 
 l 3 
 
 . One and three-fourth*. 
 
 IS 
 
PLAN. 
 
 • The book is divided into two parts; Part I. is devoted to 
 Single Entry, and Part II. to Double Entry. Each part has eight 
 distinct series of transactions, comprising eight complete sets of 
 books : four of which are written out in full — the other four given 
 in the form of memoranda for the student to arrange after the 
 models given. 
 
 In Part I., the first written set illustrates only the use of the 
 main books, Day-Book and Ledger ; the second set exhibits results ; 
 Set III. begins with a capital, representing a general merchandise 
 business, shows the use of auxiliary books, and enforces the theory 
 of loss and gain, by comparing the capital at beginning with that 
 at closing. Set IV. represents a furniture business, introducing 
 principal and auxiliary books.. 
 
 In Part II., the first set is introductory, used to enforce the 
 leading principles of the science ; Set II. continues the business 
 begun by Set I., enlarging the field and giving a wider scope of 
 transactions — at the same time more fully presenting the theory 
 and processes of Double Entry. This set is given in colors, as 
 affording a better model for the student. Set III. contains the 
 same material as the corresponding set in Part I., and is used 
 principally to show the differences between Single and Double 
 Entry. Set IV. is a practical set, using all the books of original 
 entry as principal books— posting from them to the Ledger, and 
 dispensing with the Journal, except for such entries as cannot 
 properly appear in the other books. This set presents the eco- 
 nomic methods of Double Entry. 
 
 The intermediate Examples for Practice and Practical Exercises 
 explain themselves. 
 
PART I. 
 
 SINGLE ENTBY. 
 
PART I. 
 
 SINGLE ENTRY. 
 
 INTRODUCTION. 
 
 In getting at the true basis of a science, it is well, if possible, 
 to follow the line of its history, and become familiar with the 
 order and processes of its development. This is especially true of 
 Book-keeping for although it is purely a branch of mathematics, 
 and as such entitled to the favor and consideration of scientific 
 men, yet at no period of its history has it ranked in the estimation 
 of scholars, with the more complex and abstract sciences. It is 
 lamentably true that men will grow.enthusiastic over the solution 
 of a problem in Euclid, or the effect of a combination of move- 
 ments upon a chess-board, who are ignorant of the first principles 
 of this the most beautiful and practical of sciences ; and are con- 
 tent to pass through life, receiving and appropriating the reputa- 
 tion belonging to men of science and erudition, while they are 
 consciously unable to decide the simplest question in partnership 
 settlements, or to appreciate the theory of debits and credits which 
 lie at the basis of Book-keeping. 
 
 It is difficult to account for these facts except upon the ground 
 that Book-keeping is too practical a science, and has too much 
 " the smell of the shop." Whatever the reasons may be, the fact 
 is that not enough interest has been felt in the subject to trace its 
 history, which, therefore, must be inferred rather than compiled. 
 
 The prime condition of life is want, and the plans and pur- 
 poses of life aim at supplying want. This necessity begets 
 
 11 
 
INTRODUCTION. 
 
 industry and frugality, and lays the foundation of progress in 
 wts and civilization. 
 
 To supply the necessities of life the earth, through toil, is 
 made to yield her abundance, and the various channels of enter- 
 prise and skill are laid open. 
 
 The wants of man are so numerous, and the means of supply- 
 ing them so various, that a system of mutual dependence and 
 reciprocal labor becomes not only economical, but essential ; and 
 thus, from the very beginning of human economy has there 
 existed the necessity of a division and classification of labor and 
 wealth. 
 
 The farmer, whose products supply hunger ; the manufacturer 
 of fabrics which are to clothe the body ; the artificer, whose work- 
 manship gratifies the more refined wants ; the man of science, 
 who contributes to the mind ; the spiritual teacher, who ministers 
 to the higher moral faculties, and the common laborer, who does 
 the drudgery of life, are each dependent upon all the others for 
 the sum of material and intellectual comforts which minister to 
 their wants ; and a mutual exchange of these comforts constitutes 
 the foundation principle and impulse of the system of economy 
 which we call Business. 
 
 To facilitate these exchanges it is found necessary to establish 
 some standard of value by which the relative worth of commodi- 
 ties and services may be adjusted. The standard accepted by 
 most civilized nations is gold and silver, which are coined in con- 
 venient particles and become the medium of exchange. 
 
 The particular necessity of Book-keeping is to preserve a 
 record of such exchanges as would otherwise be trusted to mem- 
 ory; although its ultimate purpose embraces other important 
 results. Its simpler purposes are here shown. 
 
 * for example, John Smith is a farmer, and Thomas Jones a 
 manufacturer ; John raises as much food on his farm as is 
 necessary to supply his own wants and those of his neighbor, 
 while Thomas makes clothing sufficient for the demands of both. 
 It is now the easiest thing in the world for both John and 
 Thomas to have food and clothing, simply by exchanging with 
 each other their surplus products. An exchange of this kind 
 would need no record ; and were this the extent to which com- 
 
 13 
 
INTEODUCTION. 
 
 merce had been carried, it is not likely that obstinate brains 
 would have been puzzled with the dry formulas of Book-keeping. 
 But suppose, further, that Thomas should happen to be in imme- 
 diate want of some of his neighbor's surplus food, without the 
 ability, at the time, to render an equivalent in his own products. 
 He says to John, " I want food, and cannot pay for it now, but 
 if you will trust me, I will return you an equivalent when I have 
 completed work now in progress." The conditions being satis- 
 factory, the food is conveyed from John to Thomas, and the 
 promise from Thomas to John. If John is blessed with a faith- 
 ful memory he may be able to retain the facts connected with this 
 transaction, and thus constantly bear in mind that he atuns a cer- 
 tain quantity of clothing, which his neighbor is to bring him at a 
 stated time. But suppose he is not willing to trust to his own 
 memory, nor to that of his neighbor, but desires something tangi- 
 ble which shall at least represent this prospective property — a 
 record which will not fade with the memory, but will stand for 
 the benefit of whom it may concern, even in the absence of those 
 having a personal knowledge of the facts. The person relied 
 upon to fulfill this promise is Thomas Jones, and the most natural 
 form of record would be to write his name in a book kept for that 
 purpose, and state the fact underneath it, thus: 
 
 THOJitAS' JONES. 
 
 Bought of John Smith, a quantity of food, valued at Ten Dollars, for 
 which he agrees to pay a quantity of clothing of equal value, on [naming the 
 date of payment. ] 
 
 A record like the above would be intelligible as containing all 
 the facts, and affording to John Smith a tangible evidence of prop- 
 erty which he owns, but which is in the hands of another party; 
 and if this single transaction comprised all of this nature it would 
 scarcely be worth while to attempt a more concise or symmetrical 
 record. But as dealings of this kind may be very frequent, not 
 only with Thomas Jones, but with other parties, it may be well to 
 ascertain if some more satisfactory and less cumbrous method may 
 not be adopted. 
 
 The simple fact expressed in the foregoing record is that Thomas 
 Jones owes John Smith ten dollars worth of clothing. The only 
 
 13 
 
IKTRODDCTIOW. 
 
 events which can vary this fact are, the payment of the debt, or a 
 part of it, overpaying it, or adding to it by subsequent purchase 
 without payment. There are, really, but two conditions, as per- 
 taining to persons with whom we have dealings on credit, viz. : 
 that of owing, and being owed. These two conditions are exact 
 counterparts, and so far as they are equal, will cancel each other. 
 
 It will therefore he easy to arrange these opposite facts under 
 the names to which they pertain in such way as that not only the 
 facts themselves, but their relative results, may be ascertained at 
 a glance. For example : 
 
 Dr. 
 
 Late. 
 
 1878 
 
 Jan. 
 Mar. 
 
 Rt owe* ut. 
 
 Thomas Jones. 
 
 Dol'e. Cls. Hate. 
 
 To 1 BM. Flour, . 
 " 10 Bash. Wheat, 
 
 BO 
 
 1878 
 Jan. 
 
 Apr. 
 
 15 
 
 By 4 yds. Cloth, 
 " Cash, . . . 
 
 Or. 
 
 Dolls. Ct«. 
 
 This form has been found by experience to be both compre- 
 hensive and practical. It is called an account, and, as will be 
 readily seen, is a statement of dealings with Thomas Jones. 
 On one side are arranged the separate amounts of his indebted- 
 ness to us, and on the other of our indebtedness to. him. The 
 difference or result will be a net amount owing either to us from 
 Thomas Jones, or to Thomas Jones from us. In other words, if 
 Thomas Jones owes us more than we owe him, the indebtedness is 
 in our favor, and may be reckoned as a part of our property ; while, 
 if we owe him more than he owes us, the indebtedness is in his 
 favor, and should be reckoned among our debts. The facts shown 
 in the account given may be thus analyzed: On the first of 
 January Thomas Jones purchased of us 1 barrel of flour at $10; 
 and on the 15th of January, sold us 4 yards of cloth for enough 
 to cancel the debt. The amounts on the opposite sides of the 
 account will now "exactly balance each other, and the result is 
 the same as though the exchange had been made at once. Again, 
 on the first of March he purchased 10 bushels of wheat, for $12.50 ; 
 and on the first of April pays us in cash $5. This leaves a de- 
 ficiency in his account of the difference between $12.50 and $5 ; 
 
 14 
 
INTBODUCTIOU. 
 
 and we say that Thomas Jones owes us $7.50. We have thus a 
 tangible record of property, which if left to memory might be for- 
 gotten, and we thus become losers. 
 
 It will then appear that in all cases where exchanges are 
 effected between parties, either of whom is allowed time to per- 
 form his part of the contract, some written record of the facts 
 is necessary. This written record constitutes the germ of Book- 
 keeping. 
 
 From the foregoing illustration it appears that an account has 
 two sides, a debtor and a creditor ; that upon the debtor side is 
 shown what is owing to us, and upon the creditor side, what is 
 owing by us ; that when the debtor side is the larger, the difference 
 will express an amount belonging to us, and when the creditor 
 side is the larger, the difference will express an amount which we 
 owe. In the former case the account would represent property or 
 resource ; and in the latter, debt or liability. 
 
 In the earlier history of Book-keeping, doubtless this form, or 
 something similar, was deemed sufficient for the purposes of trade, 
 it being absolutely necessary to have some written evidence only 
 of such resources and liabilities as do not exist in tangible form, 
 and which it would be unsafe to trust entirely to memory. It is 
 evident, however, that in an extensive credit business, a book of 
 consecutive record, giving a plain and simple account of the busi- 
 ness as it progresses day by day, would be of essential service, and 
 it is, therefore, the almost universal practice, particularly among 
 merchants and tradesmen, to keep a Day-Book of some form, 
 in which are written the transactions as they occur. 
 
 An example, showing one form of this book, and also that of 
 the Ledger, with the transactions properly transferred, will be seen 
 on the following page. 
 
 10 
 
INTRODUCTION. 
 
 DAY-BOOK. 
 
 New York, January SO, 1878. 
 
 Jan. 
 
 30 
 1 
 
 John Smith, 
 
 " 30 do. Black Silk Dress. 
 " 10 do. Figured Silk. ... 
 
 .®$4 00 
 
 @ 1 50 
 
 . ® 1 25 
 
 . @ 50 
 
 @ 1 50 
 
 Dr. 
 
 $20 
 15 
 
 37 50 
 12 50 
 15 
 
 100 
 75 
 
 
 Mar. 
 
 John Smith, 
 
 By Cash paid on account, 
 
 
 Or. 
 
 i 
 
 These entries, carried to the Ledger, which is the Book of 
 Accounts, would appear thus : 
 
 LEDGER. 
 
 Br 
 
 
 
 John 
 
 Smith. 
 
 
 Or 
 
 i 
 
 Jan. 
 
 30 
 
 
 100 
 
 
 Mar. 
 
 1 
 
 By Cash 
 
 75 
 
 I 
 
 
 
 \ 
 
 The advantages of a Day-Book are twofold; first, it affords 
 a regular daily history of the business ; and next, by giving the 
 particulars and details of each transaction in the Day-Book, the 
 amount alone may be carried to the Ledger, requiring thus less 
 space, and preserving a more symmetrical form of the Ledger 
 accounts. 
 
 The Day-Book and Ledger in Single Entry contain only such 
 transactions as relate to persons. All prudent men, however, will 
 feel the importance of having a strict record kept of the receipts 
 and payments of cash and other people's notes, and of the issue 
 and redemption of their own notes. This is done by means of 
 books specially arranged for such purpose. 
 
 The following are the most simple of these forms : 
 
 16 
 
INTRODUCTION. 
 
 CASH BOOK. 
 
 Jan. 
 
 Amount on hand, 
 Received of James Monroe, on account, . , 
 Paid Store Expenses, as per Expense Book, , 
 
 Lent John Thompson for one*day, 
 
 Received of Jacob Schuyler for Bill of Mdse, , 
 
 " Robert M. Hart " " 
 Paid A. T. Stewart in rail of account, . . . 
 Received for petty sales, as per Cash Drawer, 
 Balance on hand, . 
 
 Amount brought down, 
 
 3000 
 150 
 
 110 
 
 2278 
 
 175 
 500 
 
 400 
 2278 
 
 BILL BOOK. 
 
 Bills Receivable. 
 
 Hi. 
 
 When 
 
 Drawer or 
 
 Drawee or 
 
 
 
 When 
 
 
 When and How 
 
 R«c'd. 
 
 Endorser 
 
 Maker. 
 
 
 
 Due. 
 
 
 disposed of. 
 
 
 1879. 
 
 
 
 1S78 
 
 
 1879 
 
 
 
 1879 
 
 
 1 
 
 Jan. 1 
 
 Rob't Minturn, 
 
 Jas. Cruikshank, 
 
 Dec. 1 
 
 1879 
 
 60 ds. 
 
 Feb. 2 
 
 500 
 
 
 Feb. 2 
 
 Paid. 
 
 2 
 
 " 5 
 
 Chas. Hawley, 
 
 David Woods, 
 
 Jan. 5 
 
 30 ds. 
 
 Feb. 7 
 
 1000 
 
 
 Feb. 7 
 
 Paid. 
 
 8 
 
 Peb.l 
 
 AbramDuryea, 
 
 Duncan Phyfe, 
 
 " 10 
 
 90 ds. 
 
 Ap. 13 
 
 1500 
 
 
 
 
 4 
 
 " 15 
 
 W. W. Granger, 
 
 Ivison & Pbinney, 
 
 .Feb. 15 
 
 60 ds. 
 
 Ap. 17 
 
 300 
 
 
 
 
 Bills Payable. 
 
 
 
 
 No. 
 
 When 
 Issned. 
 
 Drawer or 
 Endorser. 
 
 Drawee or 
 Maker. 
 
 Date. 
 
 Time. 
 
 When 
 
 Due. 
 
 Amonnt. 
 
 When and How 
 Redeemed. 
 
 1 
 2 
 
 S 
 
 1879. 
 
 tfan.12 
 
 Mar. 1 
 
 it «. 
 
 Sam'l Higgins, 
 Peter Cook, 
 John D. Hinde, 
 
 Ourselves, 
 do 
 do 
 
 Jan.12 
 Mar. 1 
 
 15 da. 
 90 da. 
 60 da. 
 
 Jan. 30 
 June 2 
 May 3 
 
 150 
 750 
 300 
 
 
 1879 
 Jan. 30 
 
 Paid. 
 
 These simple and suggestive forms comprise the books com- 
 monly used in Single Entry ; and are sufficient for the immediate 
 demands of business record. However, they are but the preface 
 of the multitudinous appliances which may be made useful in the 
 various departments of business activity, and which, in some meas- 
 ure, will appear in the progressive steps of this little book. 
 
 17 
 
INTRODUCTION. 
 
 QUESTIONS FOR REVIEW. 
 
 1. How can the true basis of any science be best estimated ? 2. Why is this 
 especially true of Book-keeping ? 3. Why has Book-keeping not usually been 
 ranked with abstract sciences ? 4. What is the chief condition of life ? 5. What 
 does this necessity beget ? 6. How are the necessities of life supplied ? 7. What 
 system grows out of the numerous wants of man ? 8. Name some of the classes 
 of men who are mutually dependent one upon the other ? 9. What constitutes 
 the foundation principle and impulse of business ? \] 10. How are these exchanges 
 facilitated ? 11. How is the standard of value represented ? 12. What is the 
 particular necessity of Book-keeping ? 13. In the case cited between John Smith 
 and Thomas Jones, where the food and clothing are simultaneously exchanged, is 
 there any actual need of a written record ? 14. In the case where the payment 
 of the clothing is deferred, why is a written record necessary ? 15. What is the 
 ■ most natural record of the indebtedness of Thomas Jones in the example given ? 
 16. Would this record be intelligible? 17. Why is a more symmetrical and 
 concise record necessary ? 18. What is the simple fact expressed in the foregoing 
 record ? 19. How may this fact be varied ?/20. How many conditions are there 
 pertaining to dealings with persons on credit ? 21. How are these conditions as 
 compared with each other ? 22. How may these opposite facts be best arranged ? 
 23. What is this form called ? 24. How may it be defined ? 25. What facts 
 are arranged on either side of an account ? 26. What is shown by the difference 
 between the sides of an account ? 27. Will you analyze the entries in Thomas 
 Jones' account ? 28. In cases where exchanges are effected involving time in 
 their fulfilment, what is necessary ? 29. What does this written record consti- 
 tute ? ♦'SO. How many sides has an account ? 31. What are they called ? 32. 
 What is shown by the debtor side ? 33. What by the creditor side ? 34. If the 
 debtor side be the larger, what will the difference express ? 35. What, if the 
 creditor side be the larger ? 36. What will the account represent in the former 
 case ? 37. What, in the latter ? 38. In the earlier history of Book-keeping 
 what form of record was probably used ? 39. Why was this form alone suffi- 
 cient ? i '40. What other forms become necessary in an extensive credit business ? 
 41. What book is usually kept by merchants and tradesmen ? 42. What are the 
 advantages of a Day Book ? 43. What class of transactions do the Day Book 
 and Ledger in a Single Entry contain ? 44. What other records will all prudent 
 men keep ? 45. How is this done? 
 
 i8 
 
jS>ET l. — JShnqle ^ntry. 
 
 INTRODUCTORY. 
 
 DAY-BOOK AND LEDGER, 
 
 SHOWING THE USE OF THE BOOKS, WITHOUT EXHIBITING 
 A GENERAL RESULT. 
 
 19 
 
REMARKS. 
 
 In the brief set which follows are given the simplest forms of 
 Book-keeping— the Day-Book and Ledger. The purpose of the 
 set is mainly to exhibit these books and their uses, in order that 
 they may be fully understood in the uses to which they will here- 
 after be put. 
 
 The transactions which make up this Day-Book do not com- 
 prise the regular occurrences of a business, but only sufficient 
 thereof to exhibit the form of entry ; — hence no complete results 
 are expected. 
 
 The Day-Book contains Original entries of such sales and pur- 
 chases as involve personal indebtedness, and of payments of cash 
 or personal account. In fact, the Single Entry Day-Book and the 
 Single Entry Ledger are used only to exhibit the facts of personal 
 indebtedness. Any other information concerning the business 
 must be gathered from other sources. 
 
 The form of the Day-Book is simple and direct, first giving the 
 name of the person to be debited or credited, with the fact of 
 "Dr." or "Cr.", and next, the detail of the purchase, sale or 
 payment, with the final extension of the amount in the proper 
 column. 
 
 The Student will first copy this Day-Book with much care, 
 then post the items to the Ledger — indicating in the margin of the 
 Day-JBook the page or number of the Ledger account; — next, 
 construct a Day-Book and Ledger of his own from the material' in 
 the Practical Exercises oh page 26. 
 
 20 
 
Set 1.] 
 
 Single Entry— Day -Book. 
 eJew %/cd, JoA /, /fyf. 
 
 Si /0/6. M* ^ffi*, ® &* & 
 
 / „ Mai 'JS£c4 '<&a, / 00 
 
 2S ,, '&€*&</ ityai, „ S2t S 00 
 
 <% /■£»* Me^nt, 2S&>. @ ~20t 
 
 2 
 
 oys 
 ® yst 2 2S 
 
 „ / 00 4 00 
 
 7 2{j ^■adfi&yvC&i, 
 
 c% £0 ■#&. £&am, 
 
 nod, 
 
 //?' s so 
 2 00 
 
 oadA on a /c, 
 
 J 
 
 &0 / ' Vi-C GTWUi, 
 
 &&* <?K* @ty<4 
 
 c% Sy*£. <&i/*. tyinejtai, @ 7fft 37* 
 
 3 £«/. M&Ah*, „ / 00 J 00 
 
 21 
 
Single Entry— Day -Book. ishi 
 
 qAw ^< Jty ■# /fyf. 
 
 7/ 
 
 ■e4. ^$-a&' 
 
 SO &l. Saaai, ' 
 
 yst- 4 SO 
 /St 6 '00 
 //f / ss 
 
 £ 
 
 <% /£/ ^tyt &nf, // 00 
 
 J-'daxa) Sapat, ea. SOO&l. @ iff fiO 00 
 / 
 
 Sj 
 
 /0] 
 
 m — 
 
 c5S olael on 07. C7, {rwawuiale/, 
 
 // 
 
 & 
 
 <r 
 
 <% /004£>. 5£oa/&Lyai, @ fit fi 00 
 
 SO ,, 'fount*/ ,, ,, ft J 00 
 
 3/&b. vdfotySed, ,, 00 60 00 
 
 : /0 
 
 <% /delce M*e, /MOM., @ ft 
 
 22 
 
 /o/ 
 
 J00 
 
 so/ 
 
 /o/ 
 
 73 
 
 S4 
 
smi.] Single Entry— Ledger. 
 
 i 
 
 cl^w-^ <0t-mA<UM: 
 
 
 / 
 
 c% wupeAta}, 
 
 5 
 
 'W 
 
 c% 7V0& J/latJ&'nd 
 
 3 
 
 ■044ZsC£ 
 
 'W 
 
 / 
 
 <3o wanalt&t, 
 
 7 
 
 £f. ^W-gU^n^i. 
 
 efaJy 
 
 c% Q^anaUed ', 
 
 SO 
 
 '*W 
 
 $>■?/ wow. 
 
Single Entry— Ledger. 
 
 5 
 
 fSET L 
 
 J^^>2 
 
 
 J 
 
 C% /ft'A; 
 
 / 
 
 <f 
 
 
 
 
 
 
 
 
 m. &J* 
 
 <^&* #*W! <& 
 
 
 J 
 
 c% Qfu?i(/ueJ , 
 
 / 
 
 <f 
 
 7* 
 
 
 
 
 
 
 
 M. 
 
 y 
 
 q7o G/unaUed, 
 
 // 
 
 <r$ 
 
 8 
 
 @/eAJi&n (i/. P0-ei'Uu^gi4^/. ^h. 
 
 s 
 
 $0 WtmaUed, 
 
 M 
 
 7 
 
 ^cKJijtf/to.) 
 
 /O/ 
 
 24 
 
bbti.] Single Entry— Ledger. 
 
 9 
 
 /<??? 
 
 / 
 
 Asia . 07i &T0a-i 
 
 /o/ 
 
 /<S7? 
 
 7 
 
 e/isfcdJe 
 
 J06 
 
 10 
 
 
 c% Q/un-aUed, 
 
 73 
 
 11 
 
 s: 3. Gf&dd^. 
 
 w 
 
 /o 
 
 c?S / 9+etce +SUcc 
 
 M 
 
 25 
 
PRACTICAL EXERCISES. 
 
 [To be written np after the manner of Set 1.] 
 
 Transactions.— First Series. 
 
 Jan. /.—Sold J. L. Hunt, on %, 5 Ms. Flour, @ $10 Sold C. E. Cady 
 
 25 lbs. Coffee, @ W ; 15 lbs. Oolong Tea, @ 757*. Received cash 
 on%, $10. 
 
 2.— Bought of W. H. Sadler, on %, 50 bush. Winter Apples, @ 50/- ; 
 
 100 bush. " Early Rose " Potatoes, @ $2.50 Sold R. P. DolJ 
 
 bear, on %, 3 brls. Flour, @ $8.50. 
 
 «?.— Sold L. L. Sprague, on %, 5 brls. "Pink Blow" Potatoes, @ $2.75, 
 2 brls. Apples, @ $3. 
 
 ^.-Paid W. H. Sadler, cash, on %, $100 Received of L. L 
 
 Sprague, cash, in full of %, f 
 
 <?.— Bought of B. F. Willson, on %, 5 brls. Mess Pork, @ $18.75. 
 6.— Sold Geo. Haley, on %, 2 brls. Mess Pork, @ $20 Sold 
 
 Wallace P. Groom, on %, 10 lbs. Japanese Tea, @ 97/* ; 100 lbs. 
 
 Crushed Sugar, @ \%f; 25 lbs. Mocha Coffee, @ 31/-. 
 8.— Sold G. E. Detwiller, on %, 3 firkins Prime State Butter, 210 lbs., 
 
 @ 33^. Received cash, on % of same, $50. 
 ?0.— Sold J. C. Miller, on %, 3 boxes Kendall's Laundry Soap, 283 lbs 
 
 //.—Received of Wallace P. Groom, cash, in full of %, $ 
 
 Sold M. Hazzard, on %, 10 boxes Florida Oranges, @ $5.25. 
 /£.— Paid W, H. Sadler, cash, on %, $100. 
 
 QUESTIONS. 
 
 1. What books are kept in Set 1 ?— S. What is the object of the Set?— 
 S. Are any complete results exhibited ?—4.*What facts are presented in the 
 Ledger?— 5 What is the purpose of the Day-Book ?— 6. What is the form of 
 the Day-Book entry ?— 7. What kind of information is contained in the Single 
 Entry Day-Book and Ledger ? ° 
 
J3et 2. jE>INQLE JJnTRY. 
 
 RETAIL DRY GOODS BUSINESS. 
 
 DAY-BOOK, LEDGER, AND CASH-BOOK. 
 
 WITH STATEMENT OF FINAL RESULTS. 
 
 J^rosperoizs. 
 
 37 
 
REMARKS. 
 
 In this set we are enabled to arrive at more perfect and satis- 
 factory results, and to carry out more fully the purpose of Book- 
 keeping — that of exhibiting, at any time, the condition of the 
 business. 
 
 By the use of the Cash Book we compass a most important 
 object, in keeping a check on the receipts and disbursements of 
 cash, and showing the amount on hand. Of all the books used in 
 business none is more essential than this ; and no cautious busi- 
 ness man will ever attempt to do without it. It is true, the 
 amount of cash on hand may be easily ascertained at any time 
 by counting it; but this process affords no test as to improper 
 expenditures or omissions. A faithful record of the receipts and 
 disbursements of cash, however — the difference agreeing with the 
 amount actually on hand — gives a degree of confidence, not only 
 in reference to the cash transactions, but to the business generally, 
 whfch can be secured in no other manner. 
 
 A Cash Book, properly kept, will, at any time, show the amount 
 of cash on hand j and for this purpose mainly is it introduced in 
 this connection. The form here used, though perhaps not the 
 best for general purposes, is extremely simple and easily under- 
 stood. It is customary, in most business houses, to close up the 
 Cash Book at the end of each business day, and bring the balance 
 down as a basis for the next day's transactions. We have varied 
 this plan to better suit our convenience, closing up each week 
 during the first month's business, and only once in the next 
 month. This is deemed sufficient for purposes of illustration. 
 
 The particular advance which is made in this set over the pre- 
 ceding is more apparent in the statement which follows the Cash 
 Book, and which will show, at a glance, the real design of Book- 
 keeping. 
 
 Nothing is more desirable in connection with business record 
 than the ability to exhibit results in a clear and unmistakable 
 manner. To this end the learner should be taught to attach much 
 importance to the statements given in connection with the various 
 sets, and particularly to the principles deduced therefrom. 
 
 28 
 
Sets.] Single Entry— Day -Book. 
 
 r 
 
 
 s 
 
 4 
 
 i 
 
 r 
 
 aw4c£ Cr. g&* 
 
 So tydtl, SVanne/f 
 
 @ /St 
 
 J 00 
 
 4gf* 
 
 0/ SO 
 / 00 
 S 00 
 
 /S 00 
 
 So /Syt/j. WcMtinelis, @ / 00 
 
 „ / Sf 
 
 4. 
 
 /S 00 
 SS 00 
 
 4000 
 
 /? 
 
 £7J. C/'e^t^ze^ 
 
 So /Oyat. WL&np, @ J 00 
 
 SlitmmtnQJ, e/c, 
 
 s 
 
 '1. 
 SO 00 
 
 /ooo 
 
 @ so? 
 „ /so 
 
 S 00 
 /S 00 
 
 Si /Sy/*. 'gdiau £/!&, @ /SO 
 
 If ,, Sine 38ioadi4/£, ,, 4 00 
 
 t 
 
 /<f 00 
 24 00 
 
 drv v>adA on %, 
 
 40 
 
 to 
 
 s/ 
 
 /o 
 
 29 
 
2 
 
 Single Entry— Day -Book. [set a 
 
 
 r 
 
 7J 
 
 r 
 
 pj 
 
 f 
 r 
 
 /OJ 
 
 c% 2Syd!i. /0-4 Gfitce&na, 
 '0 
 
 @ ys* 
 „ /oo 
 
 „ /St 
 
 /ffS 
 
 too 
 / ffl 
 
 If 
 
 S7 
 /s 
 
 2P 
 S 
 
 ss 
 
 
 
 
 
 <% 2Sp<6. 38/LJ @) OM £k, 
 SO ,, 3&/eaonei/ &4Ui/mGj 
 
 /? 
 
 @ 2 00 
 
 „ /St 
 
 SO 00 
 
 y so 
 
 so 
 
 
 
 
 
 d>y wadn on %, 
 
 
 <&. 
 
 
 
 /Oya&. ^od/en @)ama*f, @ SSt 
 /•& ,, dtazcn ^Oom-6aj.the, ,, / SO 
 
 too 
 
 2 SO 
 2/00 
 
 so 
 
 
 /2pdb. SiencA ''ga&o, @ /St 
 Jcfy. &k/,k- 3S^/„9UI, „ 2St 
 tfdXecxd Sioat/, ,, Jr 
 
 /OO 
 
 /so 
 
 S2 
 
 *7 
 
 
 
 
 
 
 
 2 00 
 /SO 
 
 so 
 
 
 
 
 
 30 
 
[sbts. Single Entry— Day -Book. 
 
 
 //, 
 
 //, 
 
 
 
 
 S9 
 
 jSa.'m.ed- G&CuAtvie-t, 
 
 <% 20yaH. 5&Meyl, @ SO* /0 00 
 
 SO „ 'gouUz, e&ant, ,, JO* ? 00 
 
 / </oz.. <&n6, Sacdd, J 00 
 
 <% /Oydb. c^/JUi^ ® 4 00 JO 00 
 
 SO „ ^£& <&u&, „ /Sf 6 £0 
 
 SO ,, &/l e t ^amt'ucj, „ /2? 2 JO 
 
 /S „ 'go&on glama*?, „ 2St J ?S 
 
 JO „ 'igoJtma,/*,, „ Jjt ? ?0 
 
 ■jn. 
 
 31 
 
Single Entry-tDay-Book. 
 
 [Set 2. 
 
 /■A 
 
 <% /0y<6. ^faa/ ifa/meS, @ ?St /SO 
 
 6~ „ gU&s glu&np, „ /Of fa 
 
 / „ SLhe £/k6n, 2 00 
 
 /O tt^ethj c/taid/. . . 4 f 40 
 
 /O 
 
 SO 
 
 ?7 
 
 ■mad- SSg/etzn, 
 
 <% 6~yb M&c4 '@S aa u6n, @ 2 00 /2 00 
 /«^. =2£*«» ^%^S., „ SO? 6~ 00 
 6~^*A> ^md> 2&odc, ,, 2Sf / SO 
 
 SO 
 
 *t£est 
 
 
 % 
 
 'St. 
 
 vii.enz.c- ^T-Ce^u^^tdj 
 
 &e /4 <uckl. i/im&n, 
 
 /fail rbti/ ffi&uej, 
 
 / 2S 
 
 /? SO 
 
 / 00 
 
 /p 
 
 SO 
 
 20 
 
 40 
 
 /$ 
 
 SO 
 
 32 
 
8BT8.] Single Entry— Day -Book. 
 
 uts 
 
 /. 
 
 5 
 
 
 i 
 
 Jpewiied ^gtzvnfid&Ctf, 
 
 
 
 m. 
 
 
 
 
 c% /2 ya&. &a&amJ, 
 
 @ 
 
 2ft 
 
 J 00 
 
 
 
 
 (j 
 
 SS y/ i&wi. lAlom&a&tne, 
 f 
 
 // 
 
 /SO 
 
 S2 SO 
 
 SS 
 
 SO 
 
 
 
 
 
 <%. M C^**^ 
 
 
 
 m. 
 
 
 
 c% /0y£. M& @) oaM 6k, 
 
 © /<fJ 
 
 SfJO 
 
 
 
 
 
 2S ,, dfi&t&n Q/fyeewiad, 
 
 // 
 
 /2t 
 
 J 00 
 
 
 
 
 
 •cO ,, T&dtecK ~G>cnanam / 
 
 // 
 
 20 f 
 
 j 00 
 
 23 
 
 SO 
 
 
 
 
 
 c^«4«4 &Mo*6* p <*§*.. 
 
 
 
 m. 
 
 
 
 / 
 
 
 on %, 
 
 
 2000 
 
 
 
 & ©f SLcJicu^ 
 
 
 
 m. 
 
 
 
 
 <% /Syai. ®a*(@Su#iy, 
 
 @ 
 
 20? 
 
 j oo 
 
 
 
 
 
 /0 ,, <u£i&UMl f/ 
 
 ■t/ 
 
 sot 
 
 J 00 
 
 
 
 
 r 
 
 
 // 
 
 m 
 
 J SO 
 
 so 
 
 SO 
 
 
 
 • 
 
 
 I$£-e&tt4<£ or. j$&-n&tdiM4, / 
 
 
 
 m. 
 
 
 
 ' 
 
 c% cf^zy, tAiloacfoutdn, 
 
 @ J 00 
 
 32 00 
 
 
 
 
 
 /0 „ @toe4&h,, 
 
 „ 2 00 
 
 20 00 
 
 
 
 
 
 f // Q/adthf 
 
 
 
 2 00 
 
 
 
 
 
 f&u'mmengj, 
 
 
 
 S00 
 
 sp 
 
 
 
 
 
 
 Skii^e't^ Iqfeiweued^, 
 
 
 
 m 
 
 
 
 
 <% /4y<6. @>um 3Z&, 
 
 @ 2 00 
 
 — , , _ 
 
 2f 
 
 
 33 
 
6 
 
 Single Entry— Day -Book. 
 6f. J&m, &£au ft /4ffl. 
 
 [Set 3. 
 
 
 
 CStQ&u&irf < ~^. <§ytle0ice4 / 
 
 
 
 m. 
 
 
 
 
 c% /Oyt/l. S^anne/? 
 
 @ 
 
 so? 
 
 soo 
 
 
 
 
 
 6 J£ehen J%0d&&. / 
 
 // 
 
 JS"? 
 
 2 2ff 
 
 
 
 
 C 
 
 /0 
 
 // 
 
 /sf 
 
 2 40 
 
 P 
 
 6e 
 
 
 
 
 
 Cratoae ^PC&uevidj 
 
 
 
 <$*. 
 
 
 
 $ 
 
 %Jly T&cun en a /c. 
 
 
 
 
 SO 
 
 
 
 &k. &e). dr-wvney, 
 
 
 
 m. 
 
 
 
 c% A acid ^Gen/d crlOode, 
 
 ® 
 
 2Sf 
 
 /so 
 
 
 
 
 
 //ati G&dAenc/&lit / 
 
 
 
 / 00 
 
 
 
 
 $ 
 
 / ,, rati/ ^dvai, 
 /S 
 
 
 
 ys 
 
 J 
 
 2S 
 
 
 
 
 
 (pawied- ^gatnfa&ecty 
 
 
 
 m 
 
 
 
 c%> /O-uefa. ^Bicactw/n, 
 
 @ 4 00 
 
 40 00 
 
 
 
 
 $ 
 
 tf ,, &oedlCii, 
 
 „ 2 00 
 
 /2 00 
 
 S2 
 
 
 
 
 
 • 
 
 <Ml. $&* dFe4<i44&<u, 
 
 
 
 <& 
 
 
 
 3&U ToadA &n % / 
 
 
 
 
 SS 
 
 
 
 r 
 
 /2l 
 
 f& 
 
 
 
 
 
 
 
 dk&w, $ $§&*<££&<$ Jr 4 " 
 
 
 
 m. 
 
 
 
 o% •¥ <U6M, i-J)e<&vet fZwow, 
 
 @ S 00 
 
 /2 00 
 
 
 
 
 
 / ,, ofadth, 
 
 
 
 4 00 
 
 
 
 
 r 
 
 7J 
 
 &HinnMhctf j/el Teoad-t ana %%&, 
 9/ 
 
 
 ff 00 
 
 24 
 
 
 
 
 
 
 < ~-0@'te.<lU& ($?<£&&£&&■&, 
 
 
 
 <<§*. 
 
 
 
 a&u l&adn <eh jftweetf %, 
 
 
 
 
 // 
 
 ss 
 
 31 
 
Bet 2.] SlNGLE ENTRY— DAY - BOOK. 
 
 r 
 
 /o> 
 
 Ml 
 
 /s, 
 
 r 
 
 2? . 
 
 < 2t»u6 %o</, 
 
 S0/&. 3B*Oa, 
 
 @ S00 /0 00 
 
 „ /St <roo 
 
 dhvned. @f~. £fjidA, 
 
 <% /Sy<6. ^&U4. </e t^tke, @ 25* S 2S 
 /4 „ Styelv/SMf, „ /SO 2/00 
 
 Summtkad /ol £2kaU, /O 00 
 
 fenced, 
 
 & /2y<6. Aac/c£//?, @ 4 00 U00 
 
 f „ M£*t ' gSozH&n, ,,2 00 /2 00 
 
 SO 
 
 •mad liz/ea^ 
 
 <% SO yd. Mown, gftea/my, @ /2t 6 00 
 /0 „ MejSx/S&nnc/, „ ?St 7 SO 
 
 JMh ©aw <« jmwV^ 
 
 S/ 
 
 ss 
 
 /<* 
 
 2S 
 
 So 
 
 /s 
 
 so 
 
 ss 
 
 35 
 
Index to Ledger. 
 
 [Set 2. 
 
 'el, o/amal, £ 
 
 N 
 
 &*&*</,&!&:, // 
 
 Q. 
 
 
 n 
 
 F 
 
 4evend, ofifaac, . 
 
 fz/n&mad J£, ^T/.-. --.-__._ $ 
 
 H 
 
 ae% e£ ef., al*i., . 
 
 U 
 
 I J 
 
 K 
 
 
 / 
 
 X Y 
 
 Jzf«*< efan,*! W, /0 
 
 M 
 
 36 
 
Set 2.] 
 
 Single Entry— Ledger. 
 i 
 
 %y/cau 
 
 o>3 J&etdA; 
 
 2000 
 
 
 '<)e., 
 2000 
 
 4000 
 
 <3tz>m€4- ' r 
 
 '*99 
 
 
 
 
 
 
 W9 
 
 
 
 
 
 ' 
 
 .jfyt. 
 
 / 
 
 c% i/Kade,, 
 
 / 
 
 # 
 
 20 
 
 JXfU. 
 
 / 
 
 £&u &a<m, 
 
 / 
 
 SO 
 
 
 // 
 
 /s 
 
 // // 
 
 2 
 
 J 
 
 *7 
 
 
 
 
 
 
 
 t/pca-u 
 
 / 
 
 // // 
 
 4 
 
 ss 
 
 so 
 
 
 
 
 
 
 
 // 
 
 /j- 
 
 // // 
 
 120 57 
 
 S 
 
 S2 
 
 i 30 
 
 si 
 
 
 
 
 
 
 
 jf£. !^?wtd&n £y. c/ri#m*zd. 
 
 
 0% i/fcc/Jc., 
 
 JO 
 
 Jtfti. 
 
 SO 
 
 Sou T&atA, 
 
 40 
 
 dC 
 
 "44WZ, 
 
 *m 
 
 
 
 
 
 
 'W 
 
 
 
 
 
 
 J^k. 
 
 4 
 
 c% tst€c&te./ 
 
 / 
 
 SO 
 
 
 tdfa'jM 
 
 /s 
 
 t3Bw <&adA, 
 
 
 2S 
 
 
 v'ftau 
 
 2 
 
 // '/ 
 
 4 
 
 2S 
 
 SO 
 
 // 
 
 2S 
 
 // // 
 
 
 6/ 
 
 ss 
 
 // 
 
 /* 
 
 it // 
 
 S 
 
 J 
 
 2S 
 
 
 
 
 
 
 
 
 
 
 
 ft 
 
 SS 
 
 
 
 
 
 tf 
 
 ss 
 
 
 
 
 
 
 
 
 
 
 
 
 
 37 
 
Single Entry— Ledger. [set 2. 
 
 5 
 
 ^foa't 
 
 c% vwade., 
 
 // // 
 
 so 
 
 6 
 
 <£€l<eZsC <£?€£4Ae44d 
 
 *w 
 
 
 
 
 
 
 /iJ9 
 
 
 
 
 
 
 ufyi. 
 
 s 
 
 c% vMcMe., 
 
 / 
 
 42 
 
 
 xSVCCVU 
 
 /o 
 
 <Jj-u tDadrt, 
 
 f 
 
 so 
 
 
 // 
 
 so 
 
 // // 
 
 SO so 
 
 J 
 
 60 
 
 SO 
 so 
 
 
 
 
 
 
 
 ^^UU @0ee/wA. <$*. 
 
 
 <r 
 
 GS0 vdtakte.j 
 
 2 
 
 if 
 
 ss 
 ss 
 
 
 /s 
 
 2/ 
 
 
 2 
 
 // 
 
 2f 
 
 ss 
 ss 
 
 
 
 
 
 
 8 
 
 W*. SyedcdJ 0e^€U€d/. 
 
 /<??? 
 
 
 
 
 
 
 *W 
 
 
 
 
 
 
 Jtfii. 
 
 /o 
 
 c% vQ&Me., 
 
 2 
 
 & 
 
 so 
 
 J*fii. 
 
 '7 
 
 €Ui&!4£& 
 
 S 
 
 # 
 
 SO 
 
 *May 
 
 / 
 
 // // 
 
 28 
 
 S 
 
 2<r 
 
 85 
 
 50 
 
 
 
 
 
 
 
 
Set 8.] 
 
 Single Entry— Ledger. 
 
 9 
 
 'W 
 
 
 
 
 
 
 '*& 
 
 
 
 
 
 
 cJ^i. 
 
 /s 
 
 c% tsWctoe,, 
 
 s 
 
 2? 
 
 SO 
 
 <jfyi. 
 
 30 
 
 <58w loadn, 
 
 4 
 
 20 
 
 
 // 
 
 /? 
 
 31 SO 
 
 3 
 
 22 
 
 Si 
 
 so 
 
 
 
 
 
 
 
 (3ewn€d- 
 
 10 
 
 ^jid.^.. ^-i, 
 
 Wf 
 
 
 
 
 
 
 
 
 
 
 
 
 ^u. 
 
 // 
 
 C% i^WA/ 
 
 2 
 
 3 
 
 SO 
 
 
 
 
 
 
 
 i/may 
 
 27 
 
 // • / 
 
 7 
 
 M 
 
 2S 
 
 
 
 
 
 
 
 
 
 
 
 37 
 
 75 
 
 
 
 
 
 ' 
 
 
 11 
 
 m? 
 
 
 
 
 
 
 'W 
 
 
 
 
 
 
 Jifk. 
 
 // 
 
 t% gS'joit/eL, 
 
 2 
 
 S7 
 
 SO 
 
 unfit. 
 
 20 
 
 %j>u T&adSi, 
 
 3 
 
 so 
 
 
 // 
 
 20 
 
 &a tSVuMc,, 
 
 3 
 
 V 
 
 OS 
 
 
 
 
 
 
 
 isftau 
 
 tf 
 
 85 OS 
 
 4 
 
 so 
 
 135 
 
 so 
 
 os 
 
 
 
 
 
 
 
 12 
 
 <@f*. d^in d ^S^i^e^ dl. <$* 
 
 /m 
 
 
 
 
 
 
 'W 
 
 
 
 
 
 
 jfyi. 
 
 2S 
 
 c% vMcnle., 
 
 4 
 
 /o 
 
 SO 
 
 ts&fa-u 
 
 27 
 
 J&y Qft&naUedj 
 
 7 
 
 /<r 
 
 
 vwfay 
 
 20 
 
 1 6 SO 
 
 <f 
 
 24 
 
 3i 
 
 so 
 
 
 
 
 
 
 
 39 
 
Single Entry— Ledger. 
 
 13 
 
 [Set 2. 
 
 /S79 
 
 27 
 
 c% is/cade. 
 
 s/ // 
 
 
 JJ 
 
 so 
 so 
 
 S<S79 
 
 so 
 
 ■d/b, 
 
 33 
 
 S3 
 
 14 
 
 ltPC£4. 
 
 rf79 
 
 c% tsv&we. 
 
 // // 
 
 s 
 
 ? 
 
 p 
 £0 
 
 fa 
 
 40 
 
sot a] Single Entry— Cash - Book. 
 
 Received. (Paid. 
 
 SS79 
 
 
 
 
 
 
 
 jfyi. 
 
 / 
 
 s 
 3 
 
 t&&moato9 on Aanay 
 
 xSautj/ol dva^tbn y, pod*. d9a?nAdj etc. 
 ijfteeewea jfoi. Aewy dated ww aay, 
 
 %^Bu/jf0l tnauLance, %jq on p<70O(? / 
 
 tsatfj crLayaaa on ^/cade. , 
 *SLeceweaAo I Ac&t-u dated *Atd aay / 
 
 SDieu* oetd jfol /teidonat eat/tended, 
 
 ^/ata Aoi^ei on a /c of t&aaed, 
 £%cc64uea/ol AeA&u dated *5*W tAzy, 
 
 /soo 
 //s 
 
 /fS 
 
 2d 
 23 
 
 <r 
 
 20 
 S 
 
 /S 
 S 
 
 
 
 ■t 
 
 t/W* c&AendeJ cteantna dvote, 
 iSa&ffot / -Gear Aend, 
 Jaeccevecf foi Zie'/Zu dated vAtd aay, 
 
 //o 
 
 SO 
 
 2 
 
 SO 
 
 
 s 
 
 ^ov/Joi. ^£e&et Aledd, 
 
 t^ue/jfot Attvtma 46&A& #« wtnaou*, 
 cnecetvef/fol Ae&u dated ^ntd afa-u, 
 Meccvuea' of Q#a?ned &am/i-d&-fc on a /c, 
 
 ^att/ Ctetif d dateti-u. 
 
 /S-3 
 
 2S 
 
 7 
 
 2 
 
 to 
 so 
 
 
 f 
 
 /o 
 
 
 
 
 
 
 
 
 /S 
 
 
 
 
 $ece€&ca / fot Ae&u dated «£w afay, 
 
 /oo 
 
 
 
 
 
 
 S&amnce on Aana, 
 
 
 
 2W 
 
 <?£ 
 
 
 ' 22<r/ 
 
 23 
 
 22<?/ 
 
 23 
 
 
 •<r 
 
 xASatewtce '6loua& aoutn, 
 
 ^Pau/foi / axxt, 4*a6cd ^unhe, 
 
 &M^f&i ealUaae Atie, 
 £flece&t>ea / fol Aev&u dated v&ed aa?/. 
 
 2/99 
 
 2/S 
 
 <TS 
 
 / 
 4 
 
 20 
 
 
 9 
 
 S&u/j/et t/Ltruaae, pJ; AotSeiaaa, fiS / 
 &ntafOi dAotv cade j 
 
 iBalUcd oitei. 
 
 
 
 7 
 
 20 
 
 
 
 24/4 
 
 <?S 
 
 32 
 
 20 
 
 41 
 
2 
 
 Single Entry— Cash - Book. iset& 
 
 Received. (Paid. 
 
 /<?79 
 
 
 
 
 
 
 
 <J^i. 
 
 9 
 
 SO 
 
 *slcc£4vea jfol /tc//u dated tf/W aav, 
 
 *Satcf <fy>eK-4eed,ei on. %, 
 **/aue d/na&etx&md &f eat/tende, 
 x/teceevea jfol Ae&v Jaded AtocJ a&v, 
 
 24/4 
 76 
 
 fS 
 
 J2 
 
 2S0 
 
 /O 
 
 / 
 
 20 
 2^ 
 
 
 
 //o 
 
 
 
 
 
 // 
 
 iSata 4.en>f tnjkdfvo wvtct'M &/, 
 *Saca on M , «c»KK(i« / 
 Jzecetvec/ fol /le^-Zu dated ^/uJ aay / 
 
 
 
 200 
 2S 
 
 
 
 
 76 
 
 7S 
 
 
 
 
 /s 
 
 ,7lec6*ve£f ef &uie&f Wfte&focft, on %, 
 3lece*itea / j&€ Aerf/u dated vaid </au 
 
 /s 
 
 
 
 
 
 /J 
 
 3%cce4vea j fo t Ae^'/u dated vfad aay- f 
 JSa-Cance on Aanef, 
 
 ff 
 
 7s 
 
 23S6 
 
 *7 
 
 
 2#7S 
 
 ss 
 
 2#7S 
 
 ss 
 
 
 /s 
 
 .-Aja-Cance wioetgdv't ewutn, 
 
 *Sata ez$/Uedd cnaiaed, 
 
 x/at& cai/ien#el jfol 4,ep.ati£na_d*ole / 
 Sftecetvea jfoi. nev&u dated %fted aa-u, 
 
 2SS/> 
 
 *7 
 
 / 
 / 
 
 so 
 
 S3 
 
 
 
 9S 
 
 
 
 
 
 tf 
 
 Sleeetktea jfo 1 Ae&vu dated dned aevu, 
 
 ftf 
 
 7s 
 
 
 
 
 // 
 
 Jkecewea jfol Aev&u dated wtd aav, 
 
 /2/f 
 
 s/ 
 
 • 
 
 
 
 /f 
 
 %sa€& diava&e, $■¥ ; jfietawt, $/ £0/ 
 &Lecetwea jfol p.e#&u dated dwtd aay / 
 
 /rs 
 
 
 // 
 
 SO 
 
 
 /9 
 
 Steceweajfot Aewv dated dntd day, 
 SZece&veet oj? &. SA %Sacxaia! on % / 
 Slecctkiea £&t Aeweu dated w*d day, 
 
 2/0 
 
 so 
 
 
 
 
 20 
 
 SO 
 
 
 
 
 
 
 //2 
 
 s-/ 
 
 
 
 
 
 JbaCance on nana, 
 
 
 
 J/44 
 J2/S 
 
 4f 
 
 
 32/S 
 
 24 
 
 24 
 
 42 
 
Set 3.] SINGLE ENTRY— CASH - BOOK. 
 
 I^eaeived. (Paid. 
 
 WP 
 
 
 
 
 
 
 
 -J^k 
 
 22 
 23 
 
 J&atance on nana, 
 
 $ki/jfol 2 Sent ^oaf, @ JS 00, 
 
 J^atc/ balance on cMtifiit&tte, 
 Jiece&vet/ jfol /te&y dated dfttd c/au, 
 ttecee&et/ /oi Ae&u dated ^>w (/ay, 
 
 3M 
 
 /03 
 
 /2? 
 
 4/ 
 
 20 
 
 so 
 
 S3 
 
 
 
 24 
 
 $£ecetvea jfoi Ae&du dated wed aau, 
 
 SfO 
 
 fff 
 
 
 
 
 2S 
 
 Jratd foolC-nee/iel on % / 
 j%ece*iteafo4 Ae&u dated ^&d day, 
 
 ps- 
 
 
 /J 
 
 
 
 26 
 
 Mecei'vcc/ foi Aed/u dated rf/W aav 
 
 /S3 
 
 7* 
 
 
 
 
 27 
 
 tSate/fol alepuaae, 
 i3&^jfot AolveLaae, 
 £hecewec/ /ol A&v/u dated %n*d day, 
 
 <J>a£ance on nana, 
 
 tyj 
 
 M 
 
 /6 
 
 7* 
 
 
 3??2 
 
 7S 
 
 3<??2 
 
 ys 
 
 
 2? 
 
 3&atetnc& <&loaan* ' d&um, 
 
 ^ratd? &x/iiedJ cftaiaed on Ziacdaae 
 
 jfiotn wnibaao, 
 iffixta'j&e ta& e n vw6/de., 
 •fflecaevec/jfot Ae&u dated dntd aau, 
 
 SMS 1 
 
 7S 
 
 SO 
 
 / 
 24 
 
 so 
 7* 
 
 
 30 
 
 Meeetvet/ off e&med iJwh&adel, on %, 
 Mececvea' o/ J£. J^f cfflomad, thd&te. 
 
 20 
 
 
 
 
 
 
 40 
 
 
 
 
 
 
 $eced&ea / fol /te&u dated *£w dau, 
 
 /2S 
 
 
 
 
 
 
 <J}a€ancc on nana, 
 
 
 
 4/3/ 
 
 60 
 
 
 4/S7 
 
 #s 
 
 4/ty 
 
 <rs 
 
 "43 
 
4 
 
 Single Entry— Cash - Book. [set a. 
 
 ^Q-tHd-A. Received. <Paid. 
 
 a& 
 
 
 
 
 
 
 
 \/fCay 
 
 / 
 
 ooadtnce on Aant/, 
 
 MS/ 
 
 to 
 
 /o 
 
 
 
 2 
 
 •Sataj/ol a/a/tonetou, 
 
 
 
 / 
 
 SO 
 
 
 S 
 
 &Li/&>d*A, 3^U« f^o., <m %, 
 
 
 
 2000 
 
 
 
 7 
 
 xSata cteifi d dazafou, 
 xJbece&veajfol dotted vned tetee&j 
 
 W 
 
 M 
 
 SO 
 
 
 
 so 
 
 
 so 
 
 
 
 
 
 /2 
 
 
 
 /S?S 
 
 M 
 
 
 
 i/cue/on % Of 4end, 
 xSati/fol calUaae fate, 
 
 
 
 SO 
 
 
 
 
 
 
 /s 
 
 
 
 /4 
 
 i/lecewea -foi dated wed t&ee&, 
 iMecewee/ of *A, ^£. Swrneu, on a /c, 
 
 sss 
 
 2S 
 
 
 > 
 
 
 /S 
 
 2S 
 
 
 
 
 
 // 
 
 \Sacafol von. of t/wtp&j 
 
 
 
 /2 
 
 
 
 20 
 
 *Saia ^&ad ww. 
 
 
 
 /O 
 
 24 
 
 
 2/ 
 
 dLeceweafttfTZxulud Jrweewcfi, t'n jftdtof a /c , 
 Jwkcaeiieaf j/ot dcded vned t&eeft, 
 
 // 
 ?2S 
 
 SS 
 <?S 
 
 
 
 
 2S 
 
 xSLecetvea of Jl. dt, <Svnnep / en^u^of a /cj 
 
 £/ 
 
 SS 
 
 
 
 
 2t 
 
 tSatizfol Aodvaae dzamYzd, 
 
 
 
 S 
 S 
 
 
 
 2f 
 
 ffieceweajfol daded dfad -toeex, 
 
 <Jlece#t>ed ' o/ cM> mod ^zfean, th jfaMTof %, 
 
 S7S 
 
 24 
 
 
 
 
 SO 
 
 ss 
 
 
 
 
 
 
 diadanco on nana, 
 
 
 
 2?0<S' 
 
 26 
 
 
 (ffaO 
 
 <r<r 
 
 tffaO 
 
 #<? 
 
 
 
 SBtdanec on nance. 
 
 2P0$ 
 
 2f 
 
 
 
 44 
 
ST ATEM ENT. 
 
 The results of the foregoing record will be found condensed and 
 classified in the statement which follows. A statement showing 
 the condition of a business must of necessity exhibit its property 
 and debts, or, as usually expressed, its resources and liabilities. 
 The sources from which these facts are obtained in the present 
 instance, so far as the record goes, are the Ledger and the Cash 
 Book — the former giving the debts due to and from the concern, 
 and the latter the amount of cash in possession. The value of 
 unsold goods has to be obtained from actual inventory and ap- 
 praisement, as is the case in any system of bookkeeping. 
 
 Resource, "<" Prnpfirfy, 
 
 
 
 
 
 1. From Ledger Accounts. — Balances due from 
 
 
 
 
 
 persons. 
 
 
 
 
 
 James Campbell, - - - 
 
 120 
 
 57 
 
 
 
 David P. Johnson, - - - 
 
 80 
 
 
 
 
 Isaac Stevens, 
 
 30 
 
 50 
 
 
 
 Bobert Demarest, - - - 
 
 28 
 
 
 
 
 James Atwater, - - - 
 
 31 
 
 50 
 
 
 
 James W. Lusk, 
 
 37 
 
 75 
 
 
 
 S. S. Packard, 
 
 85 
 
 05 
 
 
 
 »ohn J. Howell, Jr., 
 
 16 
 
 50 
 
 
 
 Bobert C. Spencer, 
 
 69 
 
 68 
 
 
 
 2. From Cash Book. — Balance of Cash on hand, - - 
 
 2908 
 
 26 
 
 
 
 3, From Inventory. — Merchandise on hand, - - - 
 
 1075 
 
 45 
 
 4483 
 
 28 
 
 I.iahilit.iflRj nr Dalits. 
 
 
 
 From Ledger Accounts. — Balance due Roberts, 
 
 
 
 
 
 Rhodes & Company, 
 
 
 
 2000 
 
 
 Worth at the close, . - - 
 
 2483 
 
 26 
 
 
 
 
 1500 
 
 
 Net gain, - - 
 
 983 
 
 26 
 
 45 
 
DEDUCTIONS 
 
 From the foregoing analysis : 
 /. — To ascertain the net capital at any time. 
 Subtract the sum of the liabilities from the sum of the resources. 
 2- — To ascertain the net gain during any period. 
 
 Subtract the net worth at the beginning from the net worth at the close of 
 such period. <- 
 
 [And by inference : — /. To ascertain the net insolvency at any time, 
 subtract the sum of the resources from the sum of the liabilities. 2. To 
 ascertain the net loss during any period, subtract the net worth at the close 
 from the net worth at the beginning of such period.] 
 
 EXAMPLES FOR PRACTICE. 
 
 [Let the student ma^e ont from these Items written statements corresponding with that 
 on the previous page.] 
 
 Example I. — A merchant commenced business with a capital Of $5000. 
 At the end of the year he gathers from his books the following facts: 
 Amount of Cash received, $15000 ; Amount paid out, $10500 ; A. B.'s account 
 stands, Dr. $1500, Cr. $1000 ; C. D.'s, Dr. $4000, Cr. $3500 ; E. F.'s, Dr. $975, 
 Cr. $450 ; G. H.'s, Dr. $483.75, Cr. $300 ; Merchandise on hand, as per 
 inventory, $2750 ; Amount owing to J. K., $1500. 
 
 Required, the net capital at closing, and the net gain during business. 
 
 Example II.— A. and B. commence business with the following resources : 
 Cash, $3000 ; Notes, $1500 ; Merchandise, $3500 ; Real Estate, $10000 ; 
 Balance due on personal accounts, $12500. At the end of six months, their 
 resources and liabilities are as follows : Cash on hand, $1500 ; Cash ir Bank, 
 $4000 ; Notes, $3500 ; Merchandise, $3750 ; Keal Estate, $15000 ; Due on 
 Personal Accounts, $5000. — Amount due from the firm, on their notes, $750 ; 
 Amount due to persons on account, $1500. 
 „ # Required, the capital at commencing; at closing ; and the net gain. 
 
 ' Example III. — A merchant's capital at beginning is $3500. At the close 
 of the period for which results are desired he has property and debts as 
 follows : 
 
 Property.— Cash, $1575 ; J. L. Hunt's note, $3750 ; . Merchandise, $4000 ; 
 Due from persons, viz. : A. C. Lobeck, $150 ; Lottie Hill, $175 ; J. R. Bow- 
 man, $107.25 ; W. J. Maxwell, $315. 
 
 Debts.— Note favor Thomas Hunter, $1500; do. favor Henry Kiddle, 
 $3000; Due on personal %, viz. : Eednor R. Wood, $750; Hugh Foulke, 
 $375 ; W. E. Crocker, $1375. 
 
 Required, the capital at the close, and the net gain or loss. 
 
 46 
 
PRACTICAL EXERCISES. 
 
 [To be written np as in Set 2.] 
 
 Transactions. — Second Series. 
 
 Tilly /. — Commenced Business with Cash on hand, $1500 Bo't of Har- 
 rison Scott, on a / c , 50 brls. Genesee Floor, @ $8 ; 2 hhds. Molasses, 
 
 140 gals., @ 40? ; 12 boxes Soap, @ $4 ; 6 half chests Y. H. Tea. 
 
 @ $20 Paid for stationery and sundry expenses, $50 
 
 Rec'd Cash, for petty sales, $15. 
 2.— Sold J. W. Hosted, on %, 10 brls. Genesee Flour, @ 9.25 ; 4 boxes 
 
 Soap, @ $4.25 Paid drayage, $2 Rec'd Cash for petty 
 
 sales, $50. 
 3.— Sold John Banks, on %, 15 brls. Flour, @ $9.50; 3 half chests 
 
 Tea, @ $25 Paid Harrison Scott, Cash on % , $200 Rec'd 
 
 Cash for petty sales, $75. 
 4.— Bo't of Henry P. Smith, on %, 10 hhds. Molasses, 1200 gals., @ 
 
 50? ; 12 boxes Havana Sugar, 3750 lbs., @ 6? Sold J. C. Hall, 
 
 on %, 10 gals. Molasses, @ 75?. ; 1 brl. Flour, @ $9 Rec'd 
 
 Cash for petty sales, $110. 
 6. — Sold Henry P. Smith, on %, 5 brls. Flour, @ $9 Rec'd Cash 
 
 on %, of John Banks, $50 Rec'd Cash for sales this day, 
 
 $115.7t>. 
 6. — Paid Cash for stationery, $5.50 Rec'd Cash for sales this 
 
 day, $110.75. 
 8.— Bo't of C. J. Judd, on f c , 5 brls. Coffee Sugar, 1000 lbs., @ 6J? ; 
 
 6 hhds. Molasses, 4000 gals., @ 50? Rec'd Cash for sales 
 
 this day, $75.50. 
 
 9. — Paid Cash for clerk hire, $50 Rec'd for sales this day, $50. 
 
 JO.— Rec'd Cash for sales this day, $83.30. 
 
 //.—Sold John Banks, on %, 10 gals. Molasses, @ 60?; 50 lbs. Coffee 
 
 Sugar, ©7?; 1 brl. Flour, @ $9 Rec'd Cash for sales this 
 
 day, $68.50. 
 12.— Paid C. J. Judd, Cash on % , $500 Rec'd Cash for sales this 
 
 day, $75. 
 13.— Rec'd Cash for sales this day, $117.50. 
 15.— Bo't of Thomas Palmer, on %, 3 brls. Soda Crackers, @ $4 20; 
 
 12 boxes Butter Crackers, 360 lbs., @ 6? ; 40 loaves Bread, @ 10? 
 
 Paid porterage in Cash, $3 ; For cleaning store, $5 
 
 Rec'd Cash for sales this day, $123.75. 
 16, — Paid' James Smith, Cash for repairing store, $25 Sold Rob't 
 
 Hayward, on ^, 1 brl. Soda Crackers, @ $5; 3 boxes Butter 
 
 Crackers, 00 lbs., @ 7? Rec'd Cash for sales this day, 
 
 $1)7.50. 
 
 47 
 
QUESTIONS FOR REVIEW. 
 
 17-— Rec'd Cash for sales this day, $125.75. 
 
 /S.— Sold W. P. Norman, on %, 100 lbs. Sugar, @ If; 50 gals. Molasses, 
 
 @ W ; 60 lbs. Sugar, @ If Paid Smith & McDougal for 
 
 Printing Circulars, $5.50 Ree'd Cash for sales this day, 
 
 $88.93. 
 
 19.— Paid Cash for postage stamps, $3 ; letter paper, $5 Eec'd 
 
 Cash for gales this day, $98.37. 
 
 20.— Rec'd Cash for sales this day, $117.95. 
 
 22 Rec'd Cash, on %, of John Banks, $50 Sold Robert Hay- 
 ward, on ^,30 gals. Molasses, @ 60s«; 2 h'f chests Tea, @ $25 
 Rec'd Cash for sales this day, $84.28. 
 
 23.— Rec'd Cash, on %, of Rob't Hay ward, $30 Rec'd Cash for 
 
 sales this day, $75. 
 
 24-.— Sold J. C. Buttre, on %, 1 hhd. Molasses, 75 gals., at m? 
 
 Rec'd for sales this day, $65.75. 
 
 25.— Rec'd Cash of Rob't Hayward, in full of %, $49.30 Rec'd 
 
 Cash for sales this day, $78.25. 
 
 26. — Rec'd Cash for sales this day, $48.95. 
 
 H 7.— Paid clerk's salary in Cash, $50 Rec'd Cash, on % , of J. C. 
 
 Hall, $16.50 Paid Henry P. Smith, Cash in full of %, $780 
 
 Rec'd Cash for sales this day, $81.38 Mdse. unsold, 
 
 amounts, per inventory, to $1500. 
 
 QUESTIONS FOR REVIEW. 
 
 1. What more perfect results are shown in Set II. 1 — 2. What important 
 end is accomplished in keeping a Cash Book V — $. How may the amount of 
 cash on hand be ascertained without the use of a Cash Book 1 — 4. What tests 
 are omitted if we depend solely upon counting the cash ? — 5. What ad van 
 tages are there in a faithful record of receipts and disbursements of cash 1 — 
 6. What will be shown at any time by a Cash Book properly kept ? — 7. How 
 often in business is it customary to close up the Cash Book ? — 8. How often 
 is the Cash Book, used in this connection, closed 1 — 9. What is a desirable 
 feature in business record 1 — 10. From what sources are the facts exhibited 
 in the Statement on page 45 obtained 1 — 11. What is an indispensable requi- 
 site to any statement showing the condition of business "? — IB. What is the 
 rule for ascertaining the 'present worth of a concern ? — IS. What, for ascer- 
 taining the gain during business f—14. How may the net insolvency be found T 
 — 15. How the net loss ? 
 
 4S 
 
pET 3. £>INQLE J^NTRY. 
 
 WHOLESALE DRY GOODS BUSINESS. 
 
 (PARTNERSHIP.) 
 
 DAY-BOOK, LEDGER, SALES-BOOK, CASH- 
 BOOK, AND BILL-BOOK. 
 
 WITH STATEMENT OF AFFAIRS AT BEGINNING, AND FINAL RESULTS. 
 
 jZLcLverse. 
 
REMARKS. 
 
 Isr this set we have enlarged the area of our work, first, by 
 enlarging oar business, and next by adding to the variety of the 
 transactions. The feature of this set consists principally in the 
 auxiliary books. The form of Cash Book here given differs from 
 that in Set II. in its arrangement of receipts and payments. This 
 form is the one in common use, and is better than the other, 
 mainly on account of its complete separation of these two condi- 
 tions ; the receipts being placed on one page, and the payments on 
 the other. The Bill Book and Sales Book will explain themselves. 
 There are more comprehensive forms for the Bill Book in use, but 
 the one here shown is the common form, and has the merit of sim- 
 plicity and plainness. The Sales Book is an essential auxiliary 
 for a merchant, particularly where any amount of wholesaling or 
 general credit business is done. It is not really necessary that the 
 credit sales should be entered on the Day Book, as they may easily 
 be posted from the Sales Book direct; but as many merchants 
 adopt the plan of posting only from the Day Book, and as there 
 are some very good reasons for adopting this policy, we have here 
 given it the preference. The initials, " D. B.," " C. B.," and " B. B.," 
 in the margin of the Sales Book, (standing for Day Book, Cash 
 Book, and Bill Book), will indicate the books wherein are entered 
 the various resources received for merchandise. The Sales Book 
 is not, properly speaking, a book of results, and is not consulted 
 in making up our list of resources and liabilities. 
 
 In the former set the result of the business was a gain ; in 
 this a loss has been sustained, which is shared equally by the two 
 partners. 
 
 In writingjip this set let the student observe the order of 
 dates in the various books, and complete the record of each trans- 
 , action before proceeding to the next. For example : On the 1st 
 of July, Robert Van Schaick purchased a bill of goods for which 
 he paid cash. This entry is first made in the Sales Book, from 
 which the amount is transferred to the Cash Book, and marked 
 " C. B." in the margin of the Sales Book. The succeeding entries 
 in the Sales Book are, in the same manner, transferred to the 
 appropriate books which are indicated in the margin. 
 
 W 
 
8bt3.j Single Entry— Day -Book. 
 
 $4- @. @ty~~t, 
 
 xsW&icAancuJe, aJ net vwendply, 
 
 !&€*?&, ad £et T&adfi dfexm, 
 
 lAta&tnced ezae en ZieUonae accoan€j , 
 
 <J$conjco J&ad&fLf 
 
 $<$ ® 
 
 wow *'n cOneon xAtanrt, 
 
 dlte&ia. 
 
 c% vadancc ■favol 0f ^(u, i*4)» ■Juiuan't, 
 
 
 bii/a?t</j 
 
 
 /SCO 
 /20O 
 
 too 
 7so 
 
 soco 
 
 3000 
 
 ?0?£ 
 
 #000 
 
 S00 
 
 7*0 
 
 J?£ 
 
 51 
 
Single Entry— Day -Book. [s et3 - 
 
 fl 
 
 7j 
 
 
 9 add on %, 
 
 £ 
 
 <$jy&*, ofo*&~ $><&>. fat <fy.J, <&. 
 
 / — 
 
 <$& jUwo/tSPZ&ie, Aei wetted UBooftj 
 
 Sew &€&&<&■£&■&(€>£ a /c / 
 
 , SO — 
 
 ■<§*. 
 
 *0; 
 
 fi 
 
 *&3t4>&49t<€&% 
 
 c% <foff< of %/fcade. /tei Q7a€ed idjeon, 
 
 c% &aw« on a fc, 
 
 2S0 
 
 sys 
 
 7*7 
 
 S7s 
 
 soo 
 
 4/ 
 
 52 
 
Set 8.] SlNGLE ENTRY— D AY - BOOK. 
 
 /// 
 
 7j 
 
 r 
 
 /S) 
 
 /// 
 
 #i 
 
 ty& accenzea aloft, j/avol o± 
 ad Art iJj&ct t^OooK; 
 
 /J 
 
 /S 
 
 
 7&. GJ$4M€i>pid L , 
 g/0 l&adn on AtMxa&e %, 
 
 <>0^ Toadfi on a fc, 
 
 so 
 
 <& 
 
 OodA. on yc, 
 
 %u T&adw on fis, 
 
 2/ 
 
 S3 
 
 <§o &&£i o^ <s$Oc&£. Aei &a&J ^£oon, 
 
 ?s 
 
 /so 
 
 £?S 
 
 3J0 
 
 f2 
 
 30 
 
 so 
 
 as 
 
 <r<r 
 
 53 
 
4 
 
 Single Entry— Day -Book. [s«*«- 
 
 fj 
 
 a j 
 
 2S 
 
 /Sj 
 
 tfl 
 
 tfl 
 
 'nSi<n Gid&Ca&n, 
 
 c5S w&Tof \sfu&lc. del Q/eUeJ •SBao*, 
 
 o£ cf: <ef&u^ 9 s - <$*., 
 
 c7o Taaan 4 
 
 <9l fC6€-£ Of /C / 
 
 S®. Sewn, 
 
 s/ — 
 
 c% xsftc/je. aa /tel &adc4 %jii&(m, 
 
 Mu & ad A en. a /C; 
 
 54 
 
 sf 
 
 ®. 
 
 ■<8*. 
 
 JS 
 
 S7 
 
 ss 
 
 2//! 
 
 4*7 
 
 2S0 
 
 /f2 
 
 ?s 
 
 SO 
 
 40 
 
Bet 3.] 
 
 Index to Ledger. 
 
 N 
 
 
 
 wdajUth, tsUefteti tjlBo., ^ 
 
 
 /0 
 
 SScan, jtftnoJ, // 
 
 Q 
 
 
 R 
 
 
 t^/'aeiv-an&jf ^LtHenro, -/ 
 
 i, e/atned, 
 
 
 /J 
 // 
 
 G 
 
 *yaj&n f t^wottfo, S 
 
 H 
 
 U 
 
 I J 
 
 K 
 
 W 
 
 X Y 
 
 M 
 
 55 
 
Single Entry— Ledger. [s»t3. 
 
 *m 
 
 /s 
 
 c/a T&ad&j 
 
 7S 
 
 'W 
 
 -9" 
 
 valJ'^, 
 
 pays 
 
 "W 
 
 c5& fJ&cceiAvatiee 
 
 /■?7P 
 
 *? 
 
 WP»e49 9j 
 
 S00O 
 
 3 
 
 ewn, 
 
 
 / 
 
 3S*£f&.3B.& 
 
 / 
 
 _ 
 
 £00 
 
 
 /<S7P 
 
 2 
 
 sp 
 
 
 2 
 4 
 
 2S0 
 2S0 
 
 
 
 S0O 
 
 
 
 
 
 
 r 
 
 <$i. £rf4e<n<b0 
 
 4 
 
 <<§*. 
 
 
 / 
 
 S8aS2£.&& 
 
 / 
 
 7so 
 
 
 wp 
 
 /S 
 
 t^* TOMA, 
 
 J 
 
 SfO 
 
 
 56 
 
Set 3.] 
 
 Single Entry— Ledger. 
 
 5 
 
 
 J7S 
 
 
 7 
 
 <Soy wadn, 
 
 j?s 
 
 6 
 
 Savmd vk/wi<u>44. 
 
 
 0/0 */fi,(/>e. , 
 
 W 
 
 \^n £ <$*. r 4*- 
 
 7/77 
 
 ofa/L 
 
 /j 
 
 c% %Ao^e, 
 
 s/s 
 
 
 £ 
 
 38-u vdurfte., 
 
 tyj 
 
 8 
 
 oi cT d%w**iJ £ <$<>. <& 
 
 
 SO 
 
 G/& fSadA / 
 
 // J* 
 
 S00 
 4*7 
 
 7*7 
 
 /S7P 
 
 s 
 
 *3&v •sfcctee., 
 
 7*7 
 
 7*7 
 
 57 
 
Single Entry— Ledger. pma 
 
 9 
 
 
 7 
 
 u/Ua&e., 
 
 M 
 
 M7? 
 
 ■<*, 
 
 4S 
 
 10 
 
 *W 
 
 t& 
 
 c% iSPCcute., 
 
 J/ 
 
 g£* 
 
 ii 
 
 <lLsm.-&d i£i'&ei4€. 
 
 afeeit/ 
 
 S3 
 
 a/a is/cddc,, 
 
 /<F0 
 
 my 
 
 2/ 
 
 cadft, 
 
 so 
 
 12 
 
 ^is^W 
 
 04/C6. 
 
 /m 
 
 c% */fci/je. , 
 
 J 
 
 ff 
 
 
 J©« COJ/tj 
 
 30 
 
 58 
 
Set 3.] 
 
 Single Entry— Ledger. 
 
 13 
 
 
 C% tSftcwe., 
 
 14 
 
 'i^cifi^n &n6A-a.ttz, 
 
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 59 
 
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 61 
 
Single Entry— Sales -Book. 
 
 [Set 8. 
 
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Stf ATEM ENT 
 
 SBOWINO TBE CONDITION OF BUSINESS AT THE CLOSE OFSETZH. 
 
 ■ Resources. . 
 
 1. From Ledger Accounts : 
 
 Lorenzo Fairbanks, 
 James Johnson, . 
 Benjamin Payn, . 
 Amos Dean, . . 
 Victor M. Rice, . 
 James Sheldon, 
 William Shepard, 
 John Belden, . . 
 Chas. A. Seeley, . 
 
 2. From Cash Book: 
 
 Balance of Cash on hand, .... 
 
 3. From Bill Book : 
 
 S. S. Packard's Note, dae Sept. 13, 
 E. H. Bender's «' " " 5, 
 Calvin 8. Sill's " " Oct. IS, 
 J. R. Morgan's " " Jan. 25, 
 
 4. From Inventory : 
 
 Merchandise unsold. 
 Real Estate, . . . 
 
 Liabilities. 
 
 From, Bill Book : 
 Note favor Claflin, Mellon & Co., 
 
 Present Capital, . . 
 
 750 
 192 
 
 28 
 180 
 
 82 
 132 
 
 37 
 216 
 182 
 
 41 
 
 Cr. 
 
 350 
 
 75 
 
 $1000 
 108 20 
 1T8 
 
 Balance. 
 
 400 
 192 
 
 23 
 130 
 
 52 
 132 
 
 37 
 216 
 107 
 
 1620 
 
 3000 
 5000 
 
 16794 
 
 16219 
 
 41 
 
 94 
 
 To ascertain the net loss of the concern, and the present worth of each 
 partner, we have the following facts : 
 
 H. B. Bryant invested $9075 
 
 " drew out, 75 
 
 Net investment, 
 
 H. D. Stratton invested, $3000 
 
 " drew out, 75 
 
 Net investment, 
 
 Total net investment, 
 
 Deduct Present Worth, 
 
 Leaves Net Loss 
 
 $9000 
 
 7925 
 
 16219 12 
 $705 88 
 
 H. B. Bryant's original investment, $9000 
 
 Less % Net Loss 352 94 
 
 Leaves present investment £647 06 
 
 H. D. Stratton's original investment, $7925 
 
 Less X Net Loss, 352 94 
 
 Leaves present investment, 7572 06 
 
 Total Present Capital, $16219 12 
 
 67 
 
EXAMPLES FOB PRACTICE. 
 From the foregoing statement we deduce the following 
 RULES. 
 
 /. — To ascertain the net loss during business, subtract the net capital at 
 closing from, the net capital at commencing. 
 
 2. — To ascertain the net capital of each partner at closing, subtract his 
 net loss from, or add his net gain to his net investment. 
 
 EXAMPLES FOR PRACTICE. 
 
 Example I. — A. commenced business with a cash capital of $8750. At 
 the close of the year his resources and liabilities were as follows : Cash on 
 hand, $3700; Notes on hand, f 7000; Merchandise unsold, $2500 ; Amounts 
 owing on Personal Accounts, $3000. — He owes on notes, $5000 ; To various 
 persons, $2500.''Tj (I h A 
 
 What has been hisibss? What is his net capital at closing? 
 
 Example II. — E. and F. enter into copartnership on equal terms, each 
 investing at commencement, $10000 ; and each withdrawing during the 
 business, $1500. At the close of a certain period the following exhibit 
 shows the true condition of their affairs : Cash on hand, $500 ; Balance in 
 Bank, $7000; Due them on Personal Accounts, $5783.75, of which $875 is 
 worthless; Due them on Notes, $6750; Merchandise on hand, $2700; Real 
 Estate, $5000 ; Bank Stock; $3500. — They owe to persons on account, 
 $10000; On Notes, $5600.^ % "L Uf f \ *? £ 4.,sJ.£ / / > C i 
 
 Have they gained or lost in business, and how much? What is each*part- 
 ■ner's net capital at closing t 
 
 Example III. — A. B. and C. are partners. A. puts into the concern, 
 $7500; B., $5300; C, $4700. At the close of the year their books exhibit 
 the following results; John Smith, Dr. $1700, Cr. $500; John Parker, Dr. 
 $1100, Cr. $975 ; Abram Schenck, Dr. $1750, Cr. $2700 ; Albert Dodge, Dr. 
 $1859.38, Cr. $212.50 ; Cash received, $125386.29 ; Paid out, 122480.23 ; 
 Notes received, $1900 - r Notes disposed of, $1200 r- Merchandise unsold, 
 $2700; Value of Store and Fixtures, $15750; A. has drawn out $2000; 
 B., $1500 ; C, $785.— They have issued Notes to the amount of $3Q0Q0, of 
 which they have redeemed $25800. 
 
 Required a written statement which shall exhibit all, these facts, as also the 
 amount of gain or loss during the business, and each partner's net capital at 
 
 *8 
 
PRACTICAL EXERCISES. 
 
 [To be written up after the manner of Set 3.] 
 
 Transaction s. — Third Series. 
 
 July /. — S. S. Packard and John R. Penn have engaged in a general mer- 
 chandise business, the gains and losses of which they agree to share 
 equally. S. S. Packard invests Cash, $4000 ; Merchandise, $1750 ; 
 Notes, as follows : one for $500, in favor of S. S. P., signed by H. 
 B. Bryant, and endorsed by W. P. Spencer, dated June 1, @ 60 ds. ; 
 and one for $700, an accepted draft, drawn by L. S. Bliss on 
 George Claghorn, May 1, at 90 ds. sight, and accepted May 3 ; 
 Personal Accounts, as follows: Henry Pish, $500; Robert Fulton, 
 $750 ; David Coleman, $900. John R. Penn invests, Cash, $500 ; 
 Real Estate, $5000. 
 
 3.— Sold N. Frederick, on %, 2 doz. Gent's Silk Handkerchiefs, 24, 
 @ 40? ; 6 pes. Amoskeag Sheeting, 130 yds., @ 10? ; 4 do/Mixed 
 
 Cassimeres, 100 yds., @ 50? Rec'd Cash of Henry Fish, in full 
 
 of % , $500 Paid Cash for Stationery and Printing, $30. 
 
 8. — Sold Ira Packard on his acceptance, at 10 days, 1 case Child's 
 Metallic Tip Shoes, 60 prs., @ 50/- ; 2 do. Child's Heel Gaiters, 96 
 prs., @ 63? ; 8 pes. English Tweed, 27 yds., @ $1. 
 
 Z-. — Sold Wm. T. Bush, on %, 4 cases Men's Congress Gaiters, 96 prs., 
 
 @ $1.50 ; 2 do. Gent's Canada Ties, 24 prs., @ $1.75 Sold James 
 
 Magoon, for Cash, 1 piece Striped Velvet, 10 yds., @ $5 ; 6 do. 
 Paper Cambrics, 72 yds., @ 8? ; 10 do. Lynn Cottons, 300 yds., 
 at 11?. 
 
 6. — Paid Cash for petty Expenses, $3.75 Sold Robert Smith, on his 
 
 note at 60 days, 3 pes. Lancaster Gingham, 125 yds., @ 10/ ; 6 do. 
 
 Scotch Plaid, 240 yds., @ 13? Bought of Star, Barnum & Seeley, 
 
 Invoice of Merchandise, amounting to $5000 ; paid Cash, $2500 ; 
 Note, at 6 months, $2500. 
 
 6. — Reo'd Cash on % of David Coleman, $500 Sold Roger Williams, 
 
 for Cash, 1 case Misses Cork Sole Shoes, 60 prs , @ 75? ; 1 do. 
 
 Gent's Paris Gaiters, 24 prs., @ $1.75 Rec'd Cash for petty 
 
 Sales, $25.50. 
 
 7.— Sold John Fitch, on %, 3 doz. Elastic Hoop Skirts, 36, @ $2.50; 
 1 doz. " Empress " do., 12, @ $3 ; 3 pes. Check Marseilles, 30 yds., 
 
 @ 50? Sold Samuel Nash, for Cash, 3 pes. English Tweed, 27 
 
 yds., @ $1; 6 do. Corduroy, 250 yds., @ 75? Rec'd Cash of 
 
 Wm. T. Bush, on %, $50. 
 
 £.— Paid John R. Penn, Cash on private %, $100 Paid Cash for 
 
 petty Expenses, $7,50. 
 
 6 
 
 f 
 
EXERCISES FOE THE LEABNEK. 
 
 10. — Sold John Anderson, for Cash, 3 cases Ladies' Extra Balmoral 
 Boots, 144 prs., at $2; 2 cases Ladies' "Opera" Gaiters, 48, @ 
 $1.75. 
 
 IS.— Paid S. S. Packard, Cash on private %, $75 Sold Thos. Hun- 
 ter, on %, 6 pes. Merrimack Prints, 210 yds., @ 9f; 5 do. " Union" 
 Prints, 150 yds., @ 8,"''; 7 do, Lancaster Prints, 244 yds., @ 8£?; 
 
 4 do. Orange Prints, 120 yds., @ 8£? Bec'd Cash for petty 
 
 Sales, $10.38. 
 
 /&.— Eec'd Cash of David Coleman, in full of %, $400 Sold John 
 
 Howard, on %, 3 pes. Lancaster Gingham, 125 yds., @ 10? ; 2 do. 
 French Merino, 40 yds., @ 50? ; 5 do. Bar. Muslin, 90 yds., @ 14?. 
 
 14-.— Sold Robert Coona, for Cash, 6 pes. Fancy Linens, 36 yds., @ $2 ; 
 
 5 do. English Prints, £00 yds., @ 20!* ; 6 do. Parainetta (Maroon), 
 300 yds., @ 75? Paid Cash for Repairing Store, $75. 
 
 76.— Rec'd Cash of John Fitch, in full of %, $129 Sold Henry 
 
 Fish, on %, 5 pes. Amoskeag Stripes, 120 yds., @ 12£? ; 4 do. 
 
 Pepperell Sheeting, 160 yds., @ 10? ; 4 do. Auburn Sheeting, 120 
 
 yds., @ 15?. 
 /?.— Rec'd Cash in full of Robert Fulton's % $750 Sold Simon 
 
 Walker, on his note at 60 days, 4 cases Men's Thick Boots, 48 prs., 
 
 @ $1.25 ; 2 do. Double-Soled Boots, 24 prs., @ $1.50. 
 SO. — Sold Geo. F. Smith, for Cash, 2 cases Women's Walking Shoes, 
 
 120 prs., @ 50? ; 2 do. Jenny Lind Gaiters, 24 prs., @ $1.15 ; 2 do. 
 
 " Opera " Gaiters, 24 prs., @ $1.75 Paid Clerk hire in Cash, 
 
 SI.— Rec'd Cash of Henry Fish, in full of %, 
 
 Statement of Results. 
 
 The general results of the above transactions properly recorded are shown 
 in the following schedule. The statement to be rendered by the student 
 should be more in detail, taking as an example the statement on page 67. 
 
 Resources. 
 
 SIS 
 1457 
 5286 
 4500 
 5000 
 
 365 
 
 54. 
 13 
 49 
 
 19 
 
 Liabilities. 
 
 2500 
 9025 
 5400 
 
 
 Merchandise (per Inv.) . . . 
 
 S. S. P.'b Net Investment . . 
 
 
 
 16925 
 
 
 16925 
 
 
 70 
 
jSjET 4. jblNQLE JJntRY. 
 
 FURNITURE AND CABINET BUSINESS. 
 
 (TWO PARTNERS, ADMITTING A THIRD.) 
 
 DAY-BOOK, SALES-BOOK, fLEDGER, CASH- 
 BOOK, AND TIME-BOOK. 
 
 USING THE SALES-BOOK AS PRINCIPAL BOOK, AND GIVING 
 INSTRUCTIONS AS TO A CHANGE IN BUSINESS. 
 
 £*rospev6u.s. 
 
 71 
 
REMARKS. 
 
 The capabilities of Single Entry Book-keeping are fairly pre- 
 sented in this set, and it will be found that this form of record 
 has much in it worthy of consideration. At the best, however, 
 Single Entry is an incomplete system, and has no advantages over 
 Double Entry; while, on the other hand, Double Entry, retaining 
 -all that is vital in Single Entry, supplements its best achievements 
 by such results, tests, and statistical facts as are essential to a com- 
 plete knowledge of business operations. 
 
 However, as Single Entry Book-keeping is in vogue, and as it 
 will continue to be, even in some of the most reputable houses, it 
 behooves the accountant to become conversant with its character- 
 istics and its possibilities. 
 
 The materials from which the transactions in this set are con- 
 structed, were obtained from an extensive cabinet warehouse in 
 New York, and the routine has the merit, at least, of being busi- 
 ness-like. The forms of the books, and arrangement of the various 
 records, are submitted as the most simple and practical in use. 
 
 One important feature in the set is the use of the Sales-Book 
 distinct from the Day-Book. In Set III., although a Sales-Book is 
 used, all sales on credit are first transferred to the Day-Book, and 
 from thence posted into the Ledger. Here, however, the credit 
 sales are posted to the personal accounts directly from the Saks 
 Booh This affords a great saving of time, and is, in all respects, 
 quite as satisfactory. The figures in the margin of the Sales-Book 
 refer to the Ledger page to which the amounts are posted; the 
 initials " C. B." and " B. B." indicate that the result of the sales 
 thus marked, are shown in the Cash Book and Bill Book. The 
 former of these is exhibited at length ; the latter has been omitted, 
 although it is expected that the learner will supply it, after the 
 form given in Set III. 
 
 72 
 
KEMARKS. 
 
 The taking in of a new partner forms another important feature 
 of the set, and one which will afford the learner some of the most 
 valuable hints connected with Accounts. It is a settled principle 
 in Book-keeping, or should be, that whenever any change in the 
 business occurs, the existing resources and liabilities of the concern 
 should be made apparent; and, consequently, the proprietors' 
 accounts should represent their net investment at the time of the 
 change. The same rule holds good respecting the landmarks of 
 business, or the financial eras, such as the close of a fiscal year, or 
 any important event which makes it necessary to exhibit on the 
 main books the exact condition of the business. 
 
 In the case under consideration, the existing partners, "Lester 
 & Brown," propose to admit a new partner, who shall invest 
 equally with them, and share equally in the gains and losses. The 
 partners' accounts now show only their original investment; 
 and it will be evident that, if the new partner invests an equal 
 amount, he will unjustly become a joint-partner in the gains 
 which have already accrued, but which remain unacknowledged in 
 the business. The original partners, it is plain, are entitled to all 
 the avails of the business previous to admitting the new partner, 
 and if their own proper accounts do not show what this net amount 
 is, they should be made to. Therefore, before deciding how much 
 the new partner should invest to place him on an equal footing 
 with his associates, it becomes necessary to credit the original 
 partners with their respective gains. "With this view the state- 
 ment on the third page of the Day-Book is made, and the part- 
 ners thereafter credited, each with his net gain. The partners' 
 accounts in the Ledger are then closed up, and the balances 
 brought down as a new capital, which is an indication of the 
 amount that the new partner must invest. 
 
 The general statement which follows this set affords, perhaps, 
 as convenient a form for such statements as any in use. The 
 student cannot too carefully study the philosophy of these, nor be 
 too particular in drawing them up, as to their neatness and per- 
 spicuity. An obscure or insufficient statement of a business, how- 
 ever prosperous and satisfactory may be the condition which it 
 aims to show, is like a good story so bunglingly told that its chief 
 points are obscured, and its moral entirely lost sight of. 
 
 73 
 
Single Entry— Day -Book. 
 
 Set 4.J 
 
 
 
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STAT EM ENT 
 
 SHOWING THE CONDITION OF THE BUSINESS MAT SI. 
 
 The following Statement is in most respects like those which 
 have preceded it; the only difference being in the form of express- 
 ing the gains. The gains are obtained in the usual way, but the 
 statement gives the proof in the form of addition, rather than the 
 process by subtraction. The sum of these amounts, or the total 
 present worth, must, of course, equal the sum of the resources. 
 
 . Resources. 
 
 1. From Ledger Accounts. — Balances duo : 
 
 A. A. Low, 
 
 H. W. Clark, - - - 
 
 R. Bannister, - 
 
 Joseph Brooks, 
 
 Central Bank, 
 
 Steamer Isaac Newton, 
 
 2. From Gash Book. — Balance of Cash An hand, 
 
 3. From Bill Book. — Notes on hand, 
 
 4. From Inventory. — Valuation of Property, 
 
 Finished Stock on hand, 
 
 Unfinished, - - - , 
 
 Tools and Implements, - - - ■ 
 
 Liabilities. . 
 
 P. Jones' note, 
 
 James Lester's Investment, 
 " | Net Gain, 
 " Present Worth, 
 
 Bobert Brown's Investment, 
 
 $ Net Gain, -. 
 Present Worth, 
 
 Robert Lincoln's Investment, 
 a Net gain, 
 Present Worth, 
 
 $6753 44 
 - 187 73 
 
 $6753 44 
 - 187 73 
 
 $6753 44 
 
 - 187 74 
 
 825 
 
 56 
 
 57 
 
 36 
 
 12000 
 
 455 
 
 503 
 1016 
 
 4750 
 
 875 
 500 
 
 250 
 
 6941 
 
 6941 
 
 C941 
 
 17 
 
 17 
 
 18 
 
 21073 52 
 
 31073 
 
 91 
 
EXAMPLES FOR PRACTICE. 
 
 Example I. — A. and B. are equal partners, investing each $10000. At the 
 end of a year they desire to take C. into co-partnership upon condition that he 
 •will invest equally with them, and share equally in the results of the busi- 
 ness. The following is a statement of their affairs previous to uniting with C. : 
 
 Personal Accounts : John Jones, Dr. $1500, Cr. $700 ; Robert Fulton, 
 Dr. $5000; James Webb, Dr. $1750, Cr. $1000; Clarence Shook, Dr. $5000, 
 Cr. $2500 ; Lewis Lyman, Cr. $4000, Dr. $3000 ; W. F. Norman, Cr. $2000, 
 Dr. $1500 ; Merchandise unsold, $7500 ; Notes on hand, $6000 ; Notes out- 
 standing, $2500 , Cash on hand, $2000. 
 
 Required a statement showing the gain or loss during business, and the net 
 capital of each partner at closing. 
 
 Example II. — C. and D. enter into co-partnership, C. to furnish the 
 capital, and D. to devote his time to the business — gains and losses to be 
 divided equally. C. invests $10000, and during the year withdraws $2000. 
 D. withdraws $1500. At the close of the year, they have : Cash, $3000 ; 
 Personal accounts, $1500 ; Merchandise, $10000 ; Notes, $1750 ; they owe, 
 on notes and personal accounts, $5000. 
 
 What is the gain or loss in business? What is each partner's capital at 
 closing t 
 
 Example III. — J. and K. enter into co-partnership for the purpose of 
 conducting a Building business ; each to receive interest at 7% on his net 
 investment, and the gain or loss to be divided equally. J. invests : Materials 
 and Implements, $5000 ; Unfinished contracts, $6750 ; Notes, $4800 ; Personal 
 accounts, $10000 ; and the firm assume to pay for him a liability of $1000. 
 K. invests : Cash, $10000 ; Notes, $15000. At the close of the year their books 
 show the following condition: Cash on hand, $15000; Notes, $5700 ; Interest 
 on same, $500 ; Materials and Implements, $18000 ; Personal accounts, $9400. 
 
 What is the net gain or loss f What is each partner's capital at dosing ? 
 
 Example IV. — The following statement exhibits the condition of Horton St, 
 Randall's business at the end of the year : 
 
 Resources: Mdse., $7500 ; Cash, $4375. Personal Accounts, viz.: H. M. 
 Monsanto, $575 ; F. M. Choquill, $170 : C. E. Carbart, $325. Liabilities: To 
 D. B. Ivison on %, $1750 ; To D. W. Fish, on their note, $1000. The original 
 investments were : B. Horton, Cash, $5000 ; A. W. Randall, Cash, $3000; 
 Mdse., $2000. Mr. Horton has drawn out for private use $1275 ; Mr. Ran- 
 dal], do., $1450. 
 
 Required, the gain or loss of the business, and the condition of each parttier's 
 account after the net results have been equally divided. 
 
 92 
 
PRACTICAL EXERCISES. 
 
 [To be written up after the manner of Set 4.] 
 
 Transactions. — Fourth Series. 
 
 June /. — William Jones and Thomas Mason, enter into copartnership. 
 William Jones invests: Mdse., $4750; Tools and 'Implements, 
 $750 ; John Jacobs' note, dated May 4 @ 30 ds., for $500, and Wm. 
 Carter's of Apr. 19, @ 2 mos., for $1000 ; Peter Filkin's %, $500 ; 
 
 Robert Hall's do., $700 Thomas Mason invests : Cash, $8200 
 
 Sold W. D. Packard, on %, 1 set Enameled Furniture, $75 ; 
 
 2 Hair Mattresses, @ $12 each ; 1 Mahogany Arm Chair, $15. 
 
 J8.— Paid Cash for Stationery, $20 Sold Robert Banks, for Cash, 
 
 1 doz. Dining Chairs, $20 ; 1 Hall Stand, £8 ; 1 Mahogany Bed- 
 stead, $12 Paid Cash for Lumber, $25 Sold George 
 
 Chrysler, on his note @ 30 ds., 1 Child's Crib, B. W., $6 ; 1 Mahog- 
 any Bureau, $25 ; 1 Tete-a-tete, R. W., $30. 
 
 3.— Kfcceived Cash of Robert Hall, on %, $300 Sold George A. 
 
 Crocker, on %, 1 Hall Stand, $6; 2 Light Washstands, 1 @ $5, 
 
 and 1 @,$7 ; 12 Kitchen Chairs, @ 75/ Sold John Hall, for 
 
 Cash, 1 French Bedstead, $15. 
 
 6.— Paid Workmen, Cash to date, $165 Sold A. W. Betts, on %, 
 
 10 Cane Bottom Chairs, @ $1.75 each ; 1 Black Walnut Tete-a-tete, 
 
 $30 ; 1 Card Table, $10 ; 3 small Washstands, @ $2.50 each 
 
 Sold James Morgan, for Cash, 1 Black Walnut Book-case, $40 ; 
 1 Double-leaf Secretary, $30. 
 
 tf.-=rUeceived Cash for John Jacobs' note, due this day, $500 
 
 Sold Charles Williams, on his note @ 60 ds., 1 pair Ottomans, $12; 
 1 Piano Stool, $7 ; 8 Brocatelle Parlor Chairs, @ $4 each ; 1 Sofa 
 
 Table, $15 Bo't of Clark Dunham, on %, 1 lot Black Walnut 
 
 Lumber, $900. 
 
 7.— Sold A. W. Bjrtts, on %, 1 Mahogany Centre Table, $15 ; 1 Cottage 
 
 Bedstead, $10 ; 1 Corner Stand, $5 Sold James W. Lusk, 
 
 for Cash, 1 Black Walnut Book-case, $50 Received Cash in 
 
 -/full of Peter Filkin's %, $500. 
 
 &. — Sold J. C. Buttre, for Cash, 1 Dressing Bureau (serpentine front), 
 
 $35 ; 1 Study Lounge, $12 ; 1 Extension Dining Table, $17 
 
 Sold Wm. T. Brooks, on %, 1 Rosewood Tete-a-tete, |50. 
 
 9.— Sold James Moore, for Cash, 1 Quartette Table, $6 ; 6 Parlor 
 Chairs, @ $5 each ; 1 set Enameled Furniture, $50. 
 
 /^-Paid Cash for Gas Bill, $14.30 Received Cash of A. W. Betts, 
 
 in full of %, $ =- . 
 
 /J? —Paid Workmen, Cash to date, $275 Sold Geo. A. Crocker, 
 
 on %, 6 Parlor Chairs, @ $3 ; 12 Dining do., @ $1.50 ; 1 Clock, $5. 
 /«?J— Sold Benj. F. Butler, on %, 8 dcz. Camp Stools, 96 @ 50j* each ; 
 
 1 Portable Secretary, $25 Received Cash on %, of W. D. 
 
 Packard, $75. 
 15,— Sold Robert Hall, on %, 6 Gothic Chairs @ $5 each; 1 French 
 
 Bedstead, $15 ; 2 Washstands, @ $4 each Sold W. J. Cur- 
 
 93 
 
EXERCISES FOE THE LEARNER. 
 
 tiss, for Cash, 1 Book-case, $40 ; 4 Library Chairs, @ $7 each ; 
 
 1 large Rocking Chair, $15. 
 /7.^Paid Workmen, Cash to date, $218 Received Cash of Geo. 
 
 A. Crocker, in full of %,$ Sold J. C. Banks, for 
 
 Cash, 1 Double Bedstead, $10 ; 1 Single do., $9. 
 /<S".-*|Paid Clark Dunham, Cash on %, $500 Sold John Banks, on 
 
 his note @ 30 ds., 1 Bureau, $30 ; 1 Sofa Bedstead, $45. 
 /9.— Sold W. D. Packard, on %, 12 Kitchen Chairs, @ $1 each ; 3 Com- 
 mon Bedsteads, @ $5 each ; 1 Office Desk, $15 Sold W. T. 
 
 Brooks, on %, 1 Carved Rosewood Center Table, $45. 
 
 ^O.-VReceived Cash of W. D. Packard, in full of %, $ 
 
 2/.—\ Sold Robert Hall, on %, 1 Teacher's Desk, $25 ; 12 Dining Chairs, 
 
 @ $1.75 ; 12 Cane Bottom Settees, @ $8 each. 
 22. ^Paid Cash, Book keeper's salary, $75 Received Cash, in full 
 
 of William Carter's note, now due, $1000. 
 2&.— Paid Workmen, Cash to date, $193 Sold E. A. Charlton, on 
 
 %, 50 Double School-Desks, @ $9 each ; 100 Chairs for same, @ 
 
 50,* each, 
 ^.^feo'.d Wm. Johnson, for Cash, 1 Mahogany Bedstead, $20; 1 Mar- 
 ble-top Washstand, $17 Received Cash of Robert Hall, on 
 
 %, $200. 
 26.— Sold John S. Williams, on %, 6 Parlor Chairs, Brocatelle, @ $5 
 
 each ; 1 carved Rosewood Centre Table, $50 ; 1 Piano Stool, $10 
 
 Paid Cash, on Dray age %, $50. 
 
 27.^Soli Peter Duff, for Cash, 6 Office Chairs, @ $2.50 each Paid 
 
 Clark Dunham, Cash in full of %, $ Received Cash 
 
 fbi Robert Hal], in full of %, $ 
 
 29. — Sold William Dallas, on %,\ Mahogany Sofa, $35; 1 Rosewood 
 
 Arm Chair, $45, 1 Hall Stand, $7 ; 1 Tete-a-tete, $30. 
 
 NEW FIRM 
 
 July /. — Jones and Mason have this day associated with them George F. 
 Smith, who is to invest an equal amount with each of the former 
 partners, and share equally in gains and losses. The value pf 
 unsold merchandise is $5500 ; of Tools and Implements, $750 ; 
 the other resources and liabilities can be ascertained by reference . 
 
 to the appropriate books. Mr. Smith invests : Cash,* ^_^_ 
 
 Bo't of Henry P. Smith, for Cash, «, quantity of Pine Lumber 
 amounting to $3500 Paid Workmen, Cash to date, $175. 
 
 3.— Sold John S. Williams, on %, 2 Bedsteads, 1 @ $6, and 1 @ $10 . 
 3 Washstands, @ $2.50 each ; 6 Kitchen Chairs, @ $1.50 each ; 
 1 Lounge, $15 ; 1 Secretary, $25 ; 1 Bureau, $18. 
 
 6.— Sold E. A. Trotter, for Cash, 1 Black Walnut Book-case, $60 
 
 Sold James Thurber for Cash, 6 School Desks (single), @ $5 each ; 
 1 Teacher's Desk, $25 ; 2 Office Chairs, @ $7.50 each. 
 
 * In order to ascertain the amount of Smith's Investment, it will he necessary to carry the 
 gams to the partners' accounts.— A statement should be made similar to that on page 76, 
 
 94 
 
EXERCISES FOR THE LEARNER. 
 
 ft^-Sold Joseph Wadsworth, on his note @ 30 ds., 1 Rosewood Tete-a- 
 
 tete, $65 ; 2 Ottomans, @ $10 each Received Cash, in full of 
 
 George Chrysler's note of the 3d ult., $61. 
 
 *.— Paid Workmen, Cash to date, $218 Sold James McGrath, 
 
 for Cash, 12 Dining Chairs, @ $2 each; 1 open Lounge, $17; 
 1 Bureau, $20. 
 
 /0^-Received Cash, on % of Wm. Dallas, $50 Sold Steamer Troy, 
 
 on <jjk, 2 Black Walnut Sofas, @ $45 each ; 3 Tete-a-tetes, @ $50 
 each ; 24 Chairs, @ $7 each. 
 
 //^-Received Cash, in full of E. A. Charlton's %, f Sold 
 
 W. P. Norman for Cash, 1 Black Walnut Book-case, $60: 1 Bureau, 
 
 $30 Bo't of Robert Coons for Cash, lot of Mahogany Lumber, 
 
 amounting to $5700. 
 75. — Paid Workmen, Cash to date, $212. 
 
 76.— Sold Henry Harper, for Cash, 50 School Desks, @ $9 each 
 
 Received CaBh of John S. Williams, on %, $90. 
 
 77.— Sold Robert S. Hayward, on %, 1 Gothic Book-case, $75 
 
 "/.Received Cash of B. F. Butler, in full of %, f 
 20.— Sold John S. Williams, on %, 12 Parlor Chairs, @ $5 each 
 22.— Paid Workmen, Cash to date, $175. 
 
 25.— Paid Gas BUI in Cash, $15 Sold Peter McGrath for Cash, 
 
 1 Sofa Bedstead, $50. 
 29.— Paid Workmen, Cash to date, $219 Paid Cash for rent, $100. 
 
 STATEMENT, 
 
 SHOWING THE CONDITION- OF THE BUSINESS JULY 81. 
 
 
 RpsnnmeR. 
 
 Mdse. unsold (per Inventory), 
 Cash on hand, 
 Notes " 
 
 W. T. Brooks, Balance of «/ c , 
 John 8. Williams, " " 
 Wm. Dallas, " " 
 Steamer Troy, " " 
 Root S. Hayward, " " 
 Tools and Implements, at valuation, 
 
 I iahilitips. 
 
 15000 
 
 9826 
 
 226 
 
 95 
 
 150 
 
 67 
 
 408 
 
 75 
 
 750 
 
 05 
 50 
 
 26597 
 
 55 
 
 
 8865 
 8865 
 8865 
 
 85 
 85 
 85 
 
 26597 
 
 
 
 Wm. Jones, Not Capital, July 1, $8687 35 
 " S Net Gain, 228 50 
 
 
 
 Thos. Mason, Net Capital, Jnly 1, 8637 35 
 " i Net Gain, 228 50 
 
 
 
 Geo P. Smith, Net Capital, Jnly 1, 8637 35 
 " i Net Gain, 228 50 
 
 55 
 
 
 
 
 
 
 
 95 
 
QUESTIONS FOR REVIEW. 
 
 Remarks, Page 50. 
 
 1. What is the peculiar feature of Set 3? 2. How does the form of the 
 Cash Book in this set differ from that in the preceding 1 3. Which is prefer- 
 able? b. Why? 5. For what purpose is the Sales-Book used? 6. Is it 
 essential that the sales should be entered on the Day-Book ? 7. How posted 
 if not so entered ? 8. What do the initials in the margin of the Sales-Book 
 indicate? 9. Is the Sales-Book used in making up a list of Resources and 
 Liabilities? 
 
 Remakes, Page 72. 
 
 to. What is the purpose of Set 4 ? 11. What is the important feature in 
 this set ? 12. How does the Sales-Book differ in its use from that in Set 3 ? 
 IS. What is the advantage ? U- What do the figures in the margin indi- 
 cate? 15. What other feature than the peculiar use of the Sales-Book is 
 prominent in this set ? 16. How must a change in the business be marked ? 
 17. At what periods in business is it proper that the resources and liabilities 
 should be shown ? 18. In admitting a new partner with an equal investment, 
 how can the proper amount of the investment be ascertained? 19. Why 
 not make the new partner's investment equal to the original investment of 
 the former proprietor ? 
 
PART II. 
 
 DOUBLE ENTRY. 
 
PART II. 
 
 DOUBLE ENTRY. 
 
 INTRODUCTION. 
 
 If the method of keeping accounts by Single Entry may be 
 called a system, that by Double Entry may with equal propriety 
 be called a science ; for, while the former possesses the means of 
 showing the condition of business, the latter not only affords a 
 proof of its own correctness, but in addition to showing the con- 
 dition of business, gives, with mathematical exactness, the partic- 
 ular channels through which gains and losses come. The real 
 difference between them hinges on this latter qualification, and 
 to the fact that in Double Entry all the results, including 
 resources, liabilities, gains and losses, are shown in the Ledger, 
 while in Single Entry, the partial resufts are gathered from 
 various auxiliary books, including the Ledger, Cash-Book, Bill- 
 Book, etc. 
 
 The precise difference may be appreciated by comparing Set 3, 
 in Part II. with the corresponding Set in Part I., the transactions 
 being the same in both cases. 
 
 The term Double Entry, as contradistinctive to Single Entry, 
 has reference to the fact, that for every transaction, two or more 
 entries are made in the Ledger. The condition of these eutries 
 is such that each transaction, when properly recorded, will pro- 
 duce on the Ledger equal debits and credits ; that is, the same 
 value which is carried to the debtor side of one or more accounts 
 is also carried to the creditor side of one or more accounts, pro- 
 ducing thus a perpetual equilibrium of debits and credits, and 
 affording a distinct test of the correctness of the work. 
 
 99 
 
INTRODUCTION. 
 
 The theory of "equal debits and credits" is the leading feature 
 of Double Entry ; and although its application is, in all cases, most 
 reasonable and satisfactory to the accountant, it is often adjudged 
 as being complex and mysterious, and calculated more to befog the 
 mind of the uninitiated than to subserve the ends of justice. 
 
 To those who are troubled with these doubts, it is only neces- 
 sary to say that Double Entry contains every feature of Single 
 Entry; and, that so far as Single Entry goes, it differs in none of 
 its results from Double Entry; the latter being a continuation, or 
 rather, a perfection of the purposes of the former. The main dis- 
 tinction between the two systems is, that while in Single Entry a 
 record is kept of resources and liabilities only, in Double Entry 
 a similar and additional record is kept of gains and losses. This 
 feature of Double Entry commends it at once to prudent business 
 men ; for while it may properly be regarded as affording a true 
 indication of the comparative merits of the various schemes of 
 profit, it also, in a great measure, guards against errors and omis-" 
 sions which might pass undetected in Single Entry. 
 
 As in Single, so in Double Entry, the main book of Accounts 
 is the Ledger. The Single Entry Ledger, however, contains only 
 accounts with individuals, while the Double Entry Ledger shows 
 the result of each transaction, both as regards the character of the 
 exchange and the gain or loss thereby effected. Thus accounts are 
 kept, not only with persons whom we may owe, or who may owe 
 us, but with every species of property in which we deal, and every 
 cause producing gain or loss. 
 
 Although it is customary, in connection with Double Entry 
 and Single Entry books alike, to keep a Cash-Book and Bill-Book, 
 yet all the essential facts connected with cash and notes are shown 
 in the proper Ledger accounts. 
 
 The three main books used in Double Entry are the Day-Book, 
 Journal, and Ledger. The Day-Book and Journal are sometimes 
 combined in one. 
 
 THE DAT-BOOK 
 
 is the original book of entry, and contains a consecutive history 
 of the transactions, in the order and date of their occurrence. It 
 should be plain, concise, and unequivocal in its statements; neither 
 confusing the mind by redundancy of language, nor leaving room 
 for doubt from lack of full explanation. 
 
 100 
 
INTRODUCTION. 
 
 THE JOURNAL, 
 
 when used separately, is the intermediate book between the Day- 
 Boo k and the Ledger. Its office is to decide upon the proper 
 debits and credits involved in each transaction, preparatory to their 
 going upon the Ledger. The" process of thus classifying the trans- 
 actions is called journalizing. 
 
 THE LEDGER 
 
 is the book of results, — the final book of entry. Here, under 
 appropriate heads, called accounts, are arranged all the facts neces- 
 sary for a full and satisfactory statement of the business ; including 
 not only an exhibition of the present resources and liabilities, but 
 a distinct record of particular gains and losses. The process of 
 transferring to the Ledger is called posting. 
 
 The following examples of these separate books, showing their 
 characteristic records of the same transaction, will clearly indicate 
 their use : 
 
 1. — Day-Book. 
 JVeu> York, January /, 7879. 
 
 Bought of James Monroe, on account, 
 
 500 Mb. Flour . @ $10 
 
 Sold Andrew Jackson, for Cash, 
 100 brls. Flour 
 
 i*10 B0 
 
 1050 
 
 2. — Journal. 
 JVew York, January f, 7879. Br. 
 
 Or. 
 
 Merchandise, Dr. 
 
 To James Monroe . 
 
 Cash, 
 
 Dr. 
 
 To Merchandise . 
 
 Ledger Titles.— Dr. Ledger Titles.— Cr. 
 
 a 
 
 101 
 
 1050 
 
 5000 
 
 1050 
 
Br. 
 
 3. — Ledger. 
 
 l 
 Merchandise. 
 
 Cr. 
 
 1879 
 
 
 
 
 
 
 1879 
 
 
 
 
 
 
 Jan. 
 
 1 
 
 To James Monroe 
 
 1 
 
 1 
 
 5000 
 
 
 Jan. 
 
 i 
 
 ByOish . . . 
 
 1 
 
 • i 
 & 
 
 1058 
 
 
 ■a 
 
 1 
 
 3 
 
 a 
 
 For what debited. 
 
 a 
 
 a 
 
 a 
 
 3 
 
 .a 
 a 
 
 
 For what audited. 
 
 a 
 
 1 
 
 H 
 
 o 
 
 Dr. 
 
 James Monroe. 
 
 Cr. 
 
 1879 
 Jan. 
 
 By Merchandise 
 
 5000 
 
 Dr. 
 
 3 
 
 Cash. 
 
 Cr. 
 
 1879 
 Jan. 
 
 To Merchandise 
 
 1050 
 
 102 
 
THE SCIENCE OF ACCOUNTS. 
 
 Although the books containing a consecutive history of the 
 business are essential for that purpose, yet the science of Accounts 
 pertains exclusively to the results of the transactions as shown in 
 the Ledger. Particularly is this true in Double Entry, where the 
 Ledger contains all the results necessary for a complete rendering 
 of the condition of the business, at any time. 
 
 Each Ledger account is, properly, a statement of some financial 
 fact, and shows one of the four following results, viz. : a resource, 
 a liability, a gain, or a loss. These facts or results are ascertained 
 by taking the difference between the sides of the accounts, thus : 
 
 Dr. 
 
 Cash. 
 
 Cr. 
 
 
 
 Caeh Received. 
 
 
 
 
 
 
 Caeh Paid ottt. 
 
 
 
 
 1879 
 
 
 
 
 
 
 1879 
 
 
 
 
 
 
 Jan. 
 
 1 
 
 To Stock (Inv't) 
 
 
 5000 
 
 
 Jan. 
 
 1 
 
 By Merchandise 
 
 
 3500 
 
 
 u 
 
 IB 
 80 
 
 " Merchandise 
 ti u 
 
 111500 
 
 
 1500 
 5000 
 
 
 u 
 
 10 
 30 
 
 " David Brown 
 " Expense 
 
 M5U0 
 
 
 1200 
 500 
 300 
 
 
 Total Cash Received, . $11500 
 
 " " Paid out, 4500 
 
 Balance on hand— Resource $7000 
 
 Dr 
 
 
 
 
 Merchandise. 
 
 
 
 O 
 
 
 Outlay for Sferehand'ite. Selitrne from Merekandiee. 
 
 
 1879 
 
 
 
 
 
 
 1879 
 
 
 
 
 
 
 Jan. 
 
 1 
 
 To Cash, 
 
 
 2500 
 
 
 Jan. 
 
 15 
 
 By Caeh, 
 
 
 1500 
 
 
 " 
 
 10 
 
 » 
 
 
 1300 
 
 
 u 
 
 30 
 
 it u 
 
 
 5000 
 
 
 
 14 
 
 ** David Brown, 
 
 *3S00 
 
 
 1500 
 
 
 
 
 16500 
 
 
 
 
 Total Returns of Merchandise, $6500 
 
 " Outlay for " 5200 
 
 Net Returns— Gain, $1300 
 
THE SCIENCE OF ACCOUNTS. 
 Br. David Brown, Cr. 
 
 Hit indebttdntn to us. Our indebtedntu to him. 
 
 1879 
 Jan. 
 
 30 
 
 To Cash, 
 
 600 
 
 1879 
 Jan. 
 
 14 
 
 By Merchandise, 
 
 We owe him . $1500 
 
 He owea us 600 
 
 Balance due him — Liability, $1000 
 
 Dr. 
 
 Expense. 
 
 Cr. 
 
 Outlay. 
 
 1879 
 
 Jan. 
 
 30 
 
 To Cash, 
 
 Total Outlay for Expenses— Loss $300 
 
 We will suppose the above accounts to comprise all in the 
 Ledger with the exception of the Stock, or Proprietor's account, 
 which should represent the net investment; and that the net 
 investment, as shown by the first entry in Cash account, is $5000. 
 The following statement will sufficiently enforce the leading prin- 
 ciples of the science. 
 
 Resource.— Cash on hand, ... ... $7000 
 
 Liability.— We owe David Brown, 1000 
 
 Net Resources, or Present Worth 
 
 Gain.— On Merchandise, . .... $1300 
 
 Loss. — On Expense, 300 
 
 Net Gain $1000 
 
 Add original Investment 6000 
 
 Gives Present Worth, 
 
 $6000 
 
 From the foregoing illustrations we deduce the following gen- 
 eral principles : 
 
 1. An Account is a statement of facts pertaining to some per- 
 son, species of property or cause, so arranged as to show some 
 specific result. 
 
 104 
 
THE SCIENCE OF ACCOUNTS. 
 
 2. Every account has two sides, a debtor and a creditor ; each 
 containing the results of separate transactions, and showing, in 
 the difference between the amounts, a general result or fact having 
 an important bearing upon the business. 
 
 3. Accounts may be divided into two classes ; one of which is 
 used to designate the resources and liabilities, and the other, the 
 gains and losses. 
 
 4. The net gain or net loss in business, as evinced by the general 
 result of all the accounts showing gains or losses, is confirmed by 
 a corresponding increase or diminution of wealth, which is shown 
 in the general result of all the accounts showing resources or 
 liabilities. 
 
 DEBITS AND CREDITS. 
 
 One of the great difficulties which beset the teacher of Accounts, 
 is in the proper definition and explanation of the terms " Debit and 
 Credit." So well is this fact appreciated, that authors have been 
 induced to found treatises on Book-keeping upon what they regard 
 the discovery of some " infallible rule " for journalizing, which is 
 to revolutionize the labor and processes of instruction, and open up 
 to the world a grand highway of " Bookkeeping-made-easy." The 
 student is assured that the whole matter turns upon some simple 
 fact, such, for instance, as owing and being owed. " Thus," says 
 the author, " every debit owes you, and you owe every credit ;" and 
 from these premises is deduced the infallible corollary, "Debit 
 what owes you, and credit what you owe." 
 
 Other authors, again, rush to the opposite extreme, basing the 
 theory of debits and credits upon an utter lack of theory, announc- 
 ing, at the start, that " the items of which debits and credits are 
 composed form a list of incongruous facts having no object in 
 common." And yet these different theorists, widely as they may 
 diverge touching the reasons of things, come at last to the same 
 practical conclusion as to results. 
 
 The questions as to the best methods of presenting truth is a 
 professional question, and it is the business of every author and 
 every teacher to use the best reasons he has, and to produce the 
 best results he can in his own way. 
 
 We believe that every student who will familiarize himself with 
 the principles which follow, need have no difficulty in deciding 
 
 105 
 
THE SCIENCE OF ACCOUNTS. 
 
 upon the debits and credits involved in any business record which 
 he may be called upon to make : 
 
 PRINCIPLES. 
 /. — Proprietors. 
 
 The person or persons owning the business should be credited, 
 under some title, for investments when made, and for their share 
 of the gain, at such time as an accounting is made. They should 
 also be debited individually for what they draw from the business — 
 or what the business pays or assumes to pay for them — and for 
 their share of the losses, when such losses are finally determined. 
 
 2.— Cash. 
 
 Cash account should be debited for all mqjiey received, and 
 credited for all money paid out. 
 
 S. — Other People's Written Promises. 
 Bills Eeceivable account should be debited for all notes, drafts, 
 or other written obligations for which we are to receive payment, 
 when they become ours, and credited when they are paid, or other- 
 wise disposed of. 
 
 A. — Our Written Promises. 
 Bills Payable account should be credited with our written obli- 
 gations when they are issued, and debited when they are paid or 
 redeemed. 
 
 5. — Persons. 
 
 Personal accounts, or accounts with individuals, banks or other 
 institutions competent to sue or be sued, should be debited under 
 their proper titles when they become indebted to us, or we get out 
 of their debt, and credited when we become indebted to them or 
 they get out of our debt. 
 
 6. — Losses and Gains. 
 
 Causes producing losses or gains in business should be desig- 
 nated in accounts, bearing significant titles. Such accounts should 
 be debited for all outlays or losses, and credited for all returns or 
 gains.* 
 
 * This definition covers the purchase and sale of goods, the producing power of labor, 
 the incurring of expenses, etc., etc. ; in fact everything that effects an increase or diminution 
 of wealth, or is employed to that end. 
 
 106 
 
QUESTIONS FOR REVIEW. 
 
 Introduction, Page 99. 
 
 1. Why has Double Entry better claims to the distinction of an exact 
 science than Single Entry? 2. In what particulars do the two systems differ? 
 8. How may the precise difference be seen ? 4. To what has the term Double 
 Entry reference ? 5. What is the condition of every complete entry upon 
 the Ledger? 6. What is the advantage of the equilibrium produced in the 
 Ledger? 7. What is the main book of accounts in Double Entry? 8. How 
 does the Double Entry Ledger differ from the Single ? 9. What beside per- 
 sonal accounts are kept in the Double Entry Ledger? 10. Do the Cash-Book 
 and Bill-Book alone contain all the facts pertaining to notes and cash? — 
 11. What are the three main books in Double Entry ? — 12. Which two of 
 these are sometimes combined in one ? — IS. What does the Day-Book con- 
 tain? — 14. What should be its character? — IS. What relation does the 
 Journal sustain to the other books? — 16. What is its office? — 17. What is 
 the process of entering in the Journal called? — 18. Describe the Ledger. — 
 19. What does the Ledger contain ? — 20. What is the process of entering in 
 the Ledger called t 
 
 The Science of Accounts, Page 103. 
 
 SI. To what does the " Science of Accounts" exclusively pertain? — 2%. Of 
 what is each Ledger account a statement ? — 23. How are these results shown ? 
 — 24. When the Debit side of Cash account is the larger, what does the differ- 
 ence express? — 25. When the Credit side of Merchandise account is the 
 larger, what does the difference express? — 26. When the Credit side of a 
 personal account is the larger, what does the difference express? — 27. When 
 the Debit side of Expense account is the larger, what does the difference 
 express ?■ -28. What is an Account ? — 29. What are the characteristics of an 
 Account ? — 80. Into how many classes may Accounts be divided, and what 
 are they? — 31. How is the net gain or loss in business, as shown by the 
 special accounts, confirmed? — 32. What is one of the chief difficulties in the 
 way of teaching accounts ? — 38. Do intelligent authors and teachers differ in 
 their application of the truths of Double Entry ? — 34. When should the pro- 
 prietor of the business be debited, and when credited? — 36. When should 
 Cash account be debited, and when credited? — 86. Merchandise? — 87. Bills 
 Receivable? — 38. Bills Payable? — 39. Personal Accounts? — 40. Expense, etc.? 
 
 107 
 
ACCOUNTS CURRENT. 
 
 An Account Current in commercial usage, is the statement in 
 proper form of a current or running account. It is usually made 
 with a view to settlement and shows the balance due to or from 
 the party to whom it is rendered. When large transactions are 
 conducted on credit it is usual in rendering the Account Current 
 to average the time of payment, so that the balance may be paid, 
 without either party losing interest. The various methods of 
 averaging are given in most arithmetical works, and thoroughly 
 enforced in the advanced editions of this series. We give below 
 the most common form of an Account Current. 
 
 Mr. John E. Pens, 
 
 1861 
 July 
 
 Aug. 
 
 Jnly 
 Ang. 
 
 In Account Current with S. S. Packard. 
 
 To 2 doz. Bryant & Stratton's (H. S.) Book-keeping . 
 1 " " " (Primary) " 
 
 6 Webster's Unabridged Dictionary 
 4 reams Union Letter Paper . . . 
 1 doz. gross Gh'Hott's 604 Pens . . 
 20 doz. Spencerian Copy Books . . 
 15 Dean's Commercial Law . . . 
 20 gross Spencerian Pens . . 
 12 reams Best Wove Cap Paper . . 
 50 Commercial Arithmetic . . 
 
 6 Robinson's Surveying 
 
 12 Wells' Science of Common Things 
 24 " Natural Philosophy . . . 
 24 " Chemistry 
 
 Cr. 
 
 By Cash 
 
 Balance dne 
 
 10& 
 
 @$6 
 © S3 
 © 75* 
 @$1 
 @$2 
 © 75* 
 @$4 
 ©75* 
 ©$1.86 
 ©SO* 
 © 75* 
 ©75* 
 
 10 
 145 
 50 
 
 206 
 
J5eT 1. pOUBLE £)NTRY. 
 
 INTRODUCTORY. 
 
 DAY-BOOK, JOURNAL, AND LEDGER. 
 
 WITH EXPLANATIONS FOR JOURNALIZING, STATEMENTS, ETC 
 
 oFfvLsiriess ^rosperoizs . 
 
REMARKS. 
 
 The following set comprises very simple transactions; the 
 purpose being to illustrate the foregoing principles, and to initiate 
 the student into the processes of Book-keeping. The transactions 
 are first recorded historically in the Day-Book, in the order of their 
 occurrence; from thence transferred to the Journal, and from 
 thence to the Ledger. In journalizing a transaction, the first 
 thing to be considered is, the person or thing affected; next, in 
 what manner affected; and next, the proper application of the 
 principle. For instance, the first entry is — " Bo't of Smith & Sons, 
 on %, 1000 brls. Flour." The things affected are, Smith & Sons, 
 and Flour. We have become indebted to the former, and the 
 latter has cost an outlay. We turn to the principles, and learn 
 that personal accounts should be credited when we become indebted 
 to the persons (Prin. 5), and merchandise, and all species of prop- 
 erty should be debited under some appropriate head for the outlay 
 (Prin. 6). The established form of Journal entries requires the 
 debit expression to precede the credit, and hence we have the 
 Journal entry — "Flour Dr., Smith & Sons Cr." In posting this 
 entry to the Leuger, we open separate accounts with Flour, and 
 Smith & Sons, debiting the former and crediting the latter. It is 
 not really necessary that any expression should be made under the 
 Ledger title, the date and amount being sufficient to show the 
 result, but it is usual to insert the opposite Journal expression, as 
 an explanation of the transaction. The check -mark ( V ) in the 
 Day-Book is made immediately after the transaction is carried to 
 the Journal, and the post-mark in the margin of the Journal 
 (indicating the Ledger page to which the account is posted), 
 immediately upon its being posted. The numeral in the Ledger 
 column next preceding the amounts indicates the Journal page 
 from which the amount is tranferred. The Ledger is left in its 
 current or running condition, the general results being first indi- 
 cated by pencil figures on the smaller side of each account, and 
 next, more completely and systematically in the Statement on 
 page 121. The method of showing these results on the Ledger is 
 fully shown in Set II. 
 
 110 
 
setlj Double Entry— Day - Book. 
 
 New York, January 1, 1878. 
 
 V 
 
 Bought of Smith & Sons, on %, 
 
 1000 brls. Flour, @ $6 00 
 
 Sold Eobert Baies, for Cash, 
 
 300 brls. Flour, @ $6 50 
 
 Sold Peter Cooper, on %, 
 
 250 brls. Flour, @ $7 00 
 
 Sold John Jones, on his Note @ 30 ds., 
 150 brls. Flour, @ $7 00 
 
 I 10 
 
 Bought of J. E. Wheeler, on our Note @ 60 ds., 
 500 bush. Wheat, @ $1 00 
 
 m 
 
 Sold James Turner, for Cash, 
 
 100 bush. Wheat, @ $1 25 $125 00 
 
 100 brls. Flour, " 6 75 675 00 
 
 n 
 
 Paid Cash for Stationery and Books for use of 
 Store, 
 
 ■ 15 — 
 
 Bought of Thomas Payne, for Cash, 
 
 300 brls. Flour, @ $5 00 
 
 17 
 
 Sold Patrick Murphy, for Cash, 
 
 100 brls. Flour, @ $6 00 
 
 Carried forward, 
 
 111 
 
 6000 
 
 1950 
 
 1750 
 
 1050 
 
 500 
 
 800 
 
 50 
 
 1500 
 
 60 
 14200 
 
Double Entry— Day - Book. [set i. 
 
 JVew York, January 18, 1878. 
 
 / 
 
 s/ 
 
 • 
 
 • 
 
 1/ 
 
 Brought forward, 
 Bought of George Davis, on %, 
 
 1000 bush. Oats, @ 75^ 
 
 20 
 
 Sold Raymond & Co., on their Note @ 5 ds., 
 
 500 bush. Oats, @ 80/ $400 00 
 
 Wheat, " $1 15 115 00 
 
 100 
 
 Sold Abram Fuller, for Cash, 
 
 400 brls. Flour, 
 300 bush. Wheat, 
 
 ! $6 00 $2400 00 
 1 10 330 00 
 
 Bought of James Hathaway, on %, 
 
 1500 brls. Flour, @ $5 50 
 
 27 
 
 Sold Jonas Clark, on %, 
 1000 brls. Flour, 
 
 @$6 00 
 
 [Received Cash in full for Eaymond & Co.'s Note, 
 
 29. 
 
 / 
 
 / 
 
 Sold John Drummond, for Cash, 
 
 500 brls. Flour, 
 500 bush. Oats, 
 
 @ $5 75 $2875 00 
 W 450 00 
 
 30 
 
 Paid Clerk hire, in Cash, 
 " Store rent, 
 
 $50 00 
 50 00 
 
 14200 
 750 
 
 515 
 
 2730 
 
 8250 
 
 6000 
 
 515 
 
 3325 
 
 10 
 36385 
 
 112 
 
Set l.j 
 
 Double Entry— Journal. 
 
 New York, January 1, 1879. 
 
 
 
 
 Dn. 
 
 Cb. 
 
 
 1 
 
 2 
 
 Flour, 
 
 To Smith & Sons, 
 
 Flour is debited for outlay or cost 
 (Prin. 6) ; Smith & Sons are credited 
 because we have got in their debt 
 {Prin. 5). 
 
 m 
 
 6000 
 
 
 6000 
 
 • 
 
 
 
 
 
 
 3 
 
 Cash, 
 
 1950 
 
 
 
 
 
 1 
 
 To Flour, 
 
 Cash is debited because it is received 
 (Prin. 2) j Flour is credited for returns 
 [Prin. 6). 
 
 
 
 1950 
 
 
 
 4 
 
 Peter Cooper, 
 
 1750 
 
 
 
 
 
 1 
 
 To Flour, 
 
 Peter Cooper is debit ed because he 
 has got in our debt (Prin. 5) ; Flour is 
 credited for returns (Prin. 6). 
 
 
 
 1750 
 
 
 
 1 
 
 
 
 5 
 
 Bills Eeceivable, 
 
 1050 
 
 
 
 
 
 1 
 
 To Flour, 
 
 Bills Receivable is debited because we 
 have received another's written obli- 
 gation (Prin. 3) ; Flour is credited for 
 outlay (Prin. 6). 
 
 
 
 1050 
 
 
 
 10750 
 
 
 10750 
 
 
 
 
 
 • 
 
 
 113 
 
Double Entry— Journal. [set i. 
 
 Mew York, January 10, 1878. 
 
 Dn. 
 
 Cb. 
 
 9 
 10 
 
 Wheat, 
 
 Brought forward, 
 
 To Bills Payable, 
 Wheat Dr.Pnn.6; Bills Pay^le Cr. Prin. 4 
 
 Cash, 
 
 To Wheat, 
 " Flour, 
 
 Cash Dr. Prin. 3; Wheat Cr. J p ^ fi 
 
 14 
 
 Expense, 
 
 To Cash, 
 
 Expense Dr. Prin. 6 ; Cash Cr. Prin. 2. 
 
 15 
 
 Flour, 
 
 To Cash, 
 Flour Dr. Prin. 6 ; Cash Cr. Prin 2. 
 17 
 
 Cash, 
 
 To Flour, 
 
 Cash Dr. Prin. 2 ; Flour Cr. Prin. 6. 
 
 18 
 
 Oats, 
 
 To George Davis, 
 
 Oats Dr. Prin. 6 ; Geo. Davis Cr. Prin. 5. 
 
 114 
 
 10750 
 500 
 
 800 
 
 50 
 
 1500 
 
 600 
 
 750 
 
 14950 
 
 10750 
 500 
 
 125 
 675 
 
 50 
 
 1500 
 
 600 
 
 750 
 
 14950 
 
Bet l.J 
 
 Double Entry— Journal. 
 
 
 
 New York, January 20, 
 
 1878. 
 Dn. 
 
 Cr. 
 
 
 5 
 9 
 6 
 
 3 
 1 
 6 
 
 1 
 11 
 
 12 
 1 
 
 Brought forward, 
 Bills Beceivable, 
 
 To Oats, 
 " Wheat, 
 Bills Receivable Dr., Prin. 3 ; Oats and 
 Wheat Cr., Prin. 6. 
 
 mm 
 
 14950 
 515 
 
 2730 
 
 8250 
 COOO 
 
 
 14950 
 
 400 
 115 
 
 2400 
 330 
 
 8250 
 6000 
 
 
 
 Cash, 
 
 To Flour, 
 " Wheat, 
 Cash Dr., Pri». 2; Flour and Wheat Cr., 
 Prin. 6. 
 
 mcr 
 
 
 
 Flour, 
 
 To James Hathaway, 
 Flour Dr , Prin. 6 ; J. Hathaway Cr., 
 Prin. 5. 
 
 
 
 /it 
 Jonas Clark, 
 
 To Flour, 
 
 
 
 3 
 
 5 
 
 Jonas Clark Dr., Prin. 5; Flour Cr., 
 Prin. 6. 
 
 mo 
 
 515 
 
 
 515 
 
 
 
 Cash, 
 
 To Bills Receivable, 
 
 
 
 3 
 1 
 9 
 
 8 
 3 
 
 Cash Dr., Prin. 2. ; Bills Receivable Cr., 
 Prin. 3. 
 
 r,>n 
 
 3325 
 100 
 
 
 2875 
 450 
 
 100 
 
 
 
 Cash, 
 
 To Flour, 
 " Oats, 
 Cash Dr., Prin. 2 ; Flour and Oats Cr., 
 Prin. 6. 
 
 
 
 Expense, 
 
 To Cash, 
 
 
 
 
 Expense Dr., Prin. 6 ; Cash Cr., Prin. 2. 
 
 
 
 
 
 
 36385 
 
 
 36385 
 
 
 
 
 
 
 
 115 
 
Double Entry— Ledger. 
 
 Dr. 
 
 Outlay. 
 
 1 
 Flour. 
 
 [Set 1. 
 Cr. 
 
 1878 
 
 
 
 
 
 
 1878 
 
 
 
 
 
 
 Jan. 
 
 1 
 
 To Smith & Sons, 
 
 1 
 
 6000 
 
 
 Jan. 
 
 2 
 
 By Cash, 
 
 1 
 
 1950 
 
 
 
 15 
 
 Cash, 
 
 2 
 
 1500 
 
 
 
 5 
 
 P. Cooper, 
 
 1 
 
 1750 
 
 
 
 25 
 
 J. Hathaway. 
 
 15750 
 
 Returns, . .917300 
 Outlay,. . . 15750 
 
 A'drUurm, J.IKJ 
 
 8 
 
 8250 
 
 
 
 7 
 12 
 17 
 22 
 27 
 29 
 
 Bills Rec'ble, 
 Cash, 
 
 it 
 Jonas Clark, 
 Cash, 
 
 17200 
 
 1 
 2 
 
 3 
 3 
 8 
 
 1050 
 675 
 600 
 2400 
 6000 
 2875 
 
 
 Dr. Our Jj. again* thim. Smith & SOIlS. Thar ajj. again* la. Cr. 
 
 We imt them 96000 
 
 1878 
 Jan. 
 
 By Flour, 
 
 6000 
 
 Dr. 
 
 3 
 
 Cash. 
 
 Cr. 
 
 1878 
 
 
 
 
 
 
 1878 
 
 
 
 
 
 
 Jan. 
 
 2 
 
 To Flour, 
 
 1 
 
 1950 
 
 
 Jan. 
 
 14 
 
 By Expense, 
 
 2 
 
 50 
 
 
 
 12 
 
 Wheat* FT r, 
 
 2 
 
 800 
 
 
 
 15 
 
 Flour, 
 
 2 
 
 1500 
 
 
 
 17 
 
 Floor, 
 
 2 
 
 600 
 
 
 
 30 
 
 Expense, 
 
 3 
 
 100 
 
 
 
 22 
 
 Flour &Wh't, 
 
 3 
 
 2730 
 
 
 
 
 1650 
 
 
 
 
 
 28 
 
 Bills Rec'ble, 
 
 3 
 
 515 
 
 
 
 
 
 
 
 
 
 29 
 
 Flour, 
 
 9320 
 
 
 3325 
 
 
 
 
 Received, 99920 
 Paid out, 1650 
 
 On hand, 93270 
 
 
 
 
 J))-. Oar <%. again* him. Peter COOpef. 1T» % agaimt » 
 
 Cr. 
 
 1878 
 Jan. 
 
 To Flour & Oats, 
 
 1750 
 
 116 
 
 ITrowet us $1150 
 
Cut l.J 
 
 Double Entry— Ledger. 
 
 Dt. Othtrj nstu reenW. 
 
 Bills Ree'ble. <*w MaM^mdc, 
 
 Or. 
 
 1878 
 Jan. 
 
 To Flour, 
 
 Oats & Wta't, 
 
 1050 
 SIS 
 
 1878 
 Jan. 
 
 By Cash, 
 
 Notes received, $1566 
 " diip'd of, 515 
 
 " unhand, il()50 
 
 Dr. 
 
 Outlay. 
 
 6 
 
 "Wheat. 
 
 1878 
 
 
 
 
 
 
 1878 
 
 
 
 
 
 
 Jan. 
 
 10 
 
 To Bills Payable, 
 
 Returns, . . . (570 
 Net ntvrni, . . $10 
 
 2 
 
 500 
 
 
 Jan. 
 
 12 
 20 
 22 
 
 By Cash, 
 
 Bills Ree'ble, 
 Cash, 
 
 510 
 
 2 
 8 
 3 
 
 125 
 115 
 330 
 
 
 D)\ Our now. reieemrf. BUlS Payable. Our n«M iuu,d. Or. 
 
 Notet outUanct'g, $500 
 
 1878 
 Jan. 
 
 By Wheat, 
 
 Dr. 
 
 Outlay. 
 
 8 
 
 Expense. 
 
 1378 
 Jan. 
 
 To Cash, 
 
 60 
 100 
 
 Outlay, 9150 
 
Double Entry— Ledger. [set i. 
 
 
 
 
 
 >"" 
 
 9 
 
 
 
 
 
 
 Dr. 
 
 Outlay. OatS. naurw. 
 
 Cr. 
 
 1878 
 
 Jan. 
 
 18 
 
 To Geo. Davia, 
 
 Returns, . . . 9850 
 If* return, . . $100 
 
 2 
 
 750 
 
 
 1878 
 Jan. 
 
 20 
 
 39 
 
 By Bills Eec'ble, 
 Cash, 
 
 850 
 
 8 
 
 400 
 450 
 
 
 10 
 
 Dr. a* % again* um. George Davis. m,% nsomuu,, Cr. 
 
 We owe him, 9750 
 
 1878 
 Jan. 
 
 18 
 
 By Oats, 
 
 750 
 
 11 
 
 Dr. Our % again* him. J. HathaWaV. Ei> J& againel vi. Cr. 
 
 We owe him, 98250 
 
 1878 
 Jan. 
 
 By Flour, 
 
 8250 
 
 12 
 
 Dr. our % again* him. Jonas Clark. m>%a S aiuam. Cr. 
 
 187$' 
 Jail 
 
 27 
 
 To Flour, 
 
 6000 
 
 lie owes ita, 96000 
 
 118 
 
STATEMENT OF RESULTS. 
 
 "We are enabled now to exhibit the current condition of our 
 buBinese during the month, with the results thus far accomplished. 
 The Ledger accounts present the following facts : — 
 
 Dr. 
 
 
 TRIAL BALANCE.— FACE OF LEDGER. 
 
 a 
 
 " 
 
 15750 
 
 
 Our % ag'st them. Smith & Sons, . Theto % agn'sl us. 
 
 17300 
 6000 
 
 
 9930 
 
 
 
 1650 
 
 
 1750 
 
 
 Our % ag'nst him. PETEB COOPER, His fk against us. 
 
 
 
 1565 
 
 
 Others' notes rec'd. BILLS Rec'BLE, Others' 1 notes disp.qf. 
 
 515 
 
 
 500 
 
 
 Our notes red'm'd. Bills Pay'ble, Our notes issued, . 
 
 570 
 500 
 
 
 150 
 
 
 
 
 
 750 
 
 
 Our % ag'nslhim. GEORGE DAVIS, Bis % against us. . 
 Our % ag'nst Mm. J. HATHAWAY, . Bis % against us. . 
 
 850 
 
 750 
 
 8250 
 
 
 6000 
 
 
 Our % ag'nsthim. JONAS CLARK, . Bis % against us. . 
 
 
 
 36385 
 
 
 86385 
 
 
 The above statement is called a " Trial Balance " for the reason 
 most apparent ; it is a trial to ascertain if the debits and credits on 
 the Ledger are equal or balance. It does not, as some suppose, 
 prove the Ledger to be absolutely correct, as there are many cir- 
 cumstances under which the Ledger may balance, and yet be wrong. 
 This form of Trial Balance, however, is so nearly a test that under 
 ordinary circumstanc°s it may be considered satisfactory. By 
 observing the footings it will be seen that they exactly agree with 
 those of the Journal, which could rarely be the case, were any of 
 the Journal entries omitted in posting ; and as the footings of the 
 Journal columns also tally with that of the Day Book, it is almost 
 
 119 
 
STATEMEKT OF RESULTS. 
 
 conclusive that all the original entries have found their way into 
 the Ledger. There will remain but two chances of error in the 
 accounts, viz. : from improper Journal entries, or from posting to 
 the wrong accounts. 
 
 In order to afford this additional test, we have found it neces- 
 sary to carry into the Trial Balance the total footings of the 
 Ledger. If we desired only to test the balances, this would not 
 be necessary, as will be seen from the following example : 
 
 TRIAL BALANCE.— DIFFERENCES. 
 
 Br. 
 
 Or. 
 
 
 1 
 
 Flour, . . . 
 
 Net Returns, . 
 
 . Gain, . . 
 
 
 
 1550 
 
 
 
 2 
 
 Smith & Sons, . 
 
 We owe them. 
 
 . Liability, 
 
 
 
 6000 
 
 
 
 3 
 
 Cash 
 
 Amount on hand. 
 
 . Resource, 
 
 8270 
 
 
 
 
 
 4 
 
 Peter Cooper, 
 
 He owes us, . . 
 
 . Resource, 
 
 1750 
 
 
 
 
 
 5 
 
 Bills Rec'ble, 
 
 Amount on hand, 
 
 . Resource, 
 
 1050 
 
 
 
 
 
 6 
 
 Wheat, . . . 
 
 Net Returns, . . 
 
 . Gain, . . 
 
 
 
 70 
 
 
 
 7 
 
 Bills Pay'ble, 
 
 Our notes outst'g, 
 
 . Liability, 
 
 
 
 500 
 
 
 
 8 
 
 Expense, . . 
 
 Outlay 
 
 . Loss, . . 
 
 150 
 
 
 
 
 
 9 
 
 Oats, . . . . 
 
 Net Proceeds, . . 
 
 . Gain, . . 
 
 
 
 100 
 
 
 
 10 
 
 George Davis, 
 
 We owe him, . . % 
 
 . Liability, 
 
 
 
 750 
 
 
 
 11 
 
 J. Hathaway, . 
 
 We owe him, . . 
 
 . Liability, 
 
 
 
 8250 
 
 
 
 12 
 
 
 
 Jonas Clabk, 
 
 Equilib 
 
 He owes us, . . 
 
 . Resource, 
 
 6000 
 
 
 
 
 
 17220 
 
 
 17220 
 
 
 
 
 
 
 We have here a test of equal debits and credits quite as satis- 
 factory as the other, and much more brief, upon the principle of 
 cancellation; that, is, permitting a debit to offset a credit of the 
 same amount, and vice versa. These forms have each its peculiar 
 advantages, and it is often found convenient to combine them in 
 one. Examples of this latter method will be found in a more 
 advanced portion of the book. 
 
 In the Trial Balance of "Differences" it will be seen that each 
 Ledger account expresses one of the four results previously men- 
 
 120 
 
STATEMENT OF RESULTS. 
 
 tioned, viz.: a resource, a liability, a gain, or a loss. By a careful 
 classification of these facts we are enabled to present one of the 
 vital facts of Double Entry, viz.: that the net gain or loss in busi- 
 ness exactly corresponds with the increase or diminution of wealth. 
 The following will more fully illustrate this fact: 
 
 1. RESOURCES AND LIABILITIES. 
 
 -Resources.. 
 
 3 Cash, .... Amount on hand.,. . $8270 00 
 
 4 Peter Cooper, m owes us, .... 1750 CO 
 
 5 Bills Rec'ble, . Notes on hand, . . . 1050 00 
 13 Jonas Clark, . He owes us, .... 6000 00 
 
 Liabilities 
 
 2 Smith & Sons, . 
 
 7 Bills Payable, 
 
 10 George Davis,. 
 
 11 J. Hathaway, . 
 
 We owe them, . . . 
 Our notes outstancTg, 
 We owe him, . . . 
 
 tt It M 
 
 Present Worth, 
 
 6000 00 
 500 00 
 750 00 
 
 8250 00 
 
 17070 
 
 15500 
 
 1570 
 
 2. GAINS AND LOSSES. 
 
 1 Flour, 
 6 Wheat, 
 9 Oats, . 
 
 8 Expense, 
 
 _Gains. 
 
 Net Returns, 
 
 .Losses. ._ 
 
 Outlay, 
 
 1550 00 
 
 70 00 
 
 100-00 
 
 Net Gain, 
 
 121 
 
 17C0 
 
 150 
 
 1570 
 
EXAMPLES FOB PRACTICE. 
 
 By comparing the numerals in these statements with those in 
 the Trial Balance, it will be seen that all the Ledger accounts are 
 used, and that the original purpose of each account is fully recog- 
 nized. The statement of Gains and Losses will afford a more prac- 
 tical idea of the advantages of double entry than could be enforced 
 in any other manner. The bare assertion that all gains are 
 the result of an increase, and all losses of a decrease in wealth 
 could not be denied ; but the proof of the assertion, drawn from 
 the Ledger itself, as indicated in the above statements, will carry 
 conviction which must be conclusive and abiding. 
 
 Commencing business without capital, it will be easily under- 
 stood that the present worth, or net capital at any time, must exactly 
 correspond with the net gain. 
 
 From these illustrations we derive the following 
 
 RULES. 
 
 /. — To find the net gain : Subtract tlie sum of all the losses from the 
 sum of all the gains ; or, Subtract the capital at commencing from the 
 
 CAPITAL AT CLOSING. 
 
 2. — To find the present wobth: Subtract Hie liabilities from the 
 
 RESOTJKCES; OT, Add the NET GAIN to the NET INVESTMENT. 
 
 EXAMPLES FOR PRACTICE. 
 
 Example I. — A. commenced business with the following investment. 
 Cash in hand, $300 ; Bank deposits, $4000 ; Merchandise, $5000 ; Notes, 
 $2500. His losses and gains were as follows : Gain on mdse., $1575 ; Do. on 
 Shipment speculations, $5000. Loss on expense, $300 ; Do. on bad debts, 
 $1200. 
 
 What was Ms net gain? What his capital at the close of business? 
 
 .4ns.— Net gain, $5076. Cap. at closing, $16,875. 
 
 Example II. — B. commenced business with a cash capital of $3795.83. At 
 the end of the year his resources and liabilities were as follows : 
 
 Resources: Mdse. unsold, $5725 ; Cash on hand, $3875.90 ; Notes, $1500; 
 
 122 
 
EXAMPLES FOR PRACTICE. 
 
 Personal accounts, $8500. Liabilities : Bills payable, $8000 ; Personal accounts, 
 $3500. 
 
 What is he worth at the end of the year* How much did he gain t 
 
 Ans— Present worth, $8100.90. Gain, $4305.07. 
 
 Example III. — C. commenced business without a capital. At the end of 
 the year his Ledger exhibited the following balances : 
 
 Dr. 
 
 Or. 
 
 
 Cash, - 
 
 4500 
 
 
 
 
 
 Mdse., 
 
 
 
 1575 
 
 
 
 John Johnson, 
 
 1500 
 
 
 
 
 
 Robert Blake, 
 
 1200 
 
 
 
 
 
 Silas Burch, 
 
 
 
 1875 
 
 
 
 Andrew Smiley, - 
 
 
 
 4725 
 
 
 
 Bills Receivable, 
 
 1900 
 
 
 
 
 
 Bills Payable, - 
 
 
 
 1100 
 
 
 
 Expense, - 
 
 175 
 
 
 
 
 
 9275 
 
 
 9275 
 
 
 What has been his gain f What is his capital at the close of tiie year.* 
 
 Example IV. — The following Trial Balance shows the full condition of 
 my business at the close of a year. Required a statement showing gains and 
 losses, resources and liabilities. 
 
 Dr- 
 
 Cr. 
 
 
 Cash, 
 
 10397 
 
 
 6792 
 
 84 
 
 
 Merchandise, 
 
 5000 
 
 
 5620 
 
 
 
 Real Estate, - - 
 
 1C0O0 
 
 
 12000 
 
 
 
 Andrew Simpson, - - 
 
 4000 
 
 
 2500 
 
 
 
 William Matthews, - 
 
 8000 
 
 
 9750 
 
 
 
 Expense, ... 
 
 1200 
 
 
 
 
 
 Bills Receivable, - - - - 
 
 7000 
 
 
 5000 
 
 
 
 Bills Payable, - - - 
 
 
 
 1500 
 
 
 
 Henry Martin, 
 
 500 
 
 
 3434 
 
 16 
 
 
 Abram Guilford, - 
 
 1500 
 
 
 1000 
 
 
 
 47597 
 
 
 47597 
 
 00 
 
 * This and the succeeding example should be rendered in the form of the Statement on 
 page 121. 
 
 123 
 
PRACTICAL EXERCISES. 
 
 [ To be written up after the manner of Set 1. ] 
 
 Transaction s. — First Series. 
 
 Jan. 1. — Commenced Business without Capital. Bo't of S. S. Packard on %, 
 
 Mdse. amounting to $5750 Sold John R. Perm, for Cash, 10 
 
 yds. Broadcloth, @ $5 ; 3 do. Vest Satin, @ $8 Paid Cash for 
 
 Stationery and Postage, $10. 
 2. — Sold J. H. Goldsmith, on %, 1 "Vest Pattern, $7.50 ; Trimmings for 
 
 same, $2 ; 50 yds. Amoskeag Sheeting, @ 12/. 
 3. — Sold J. M. Bradstreet, on his note @ 60 ds., 1 case Boots, 24 pairs, 
 
 @ $3.50 ; 25 yds. Flannel, @ 50/ Sold E. A. Charlton, for Cash, 
 
 1 box Hosiery, $10; 75 yds. Lowell Prints, @ 10/. 
 6.— Paid S. S. Packard, Cash on %, $50. 
 7. — Sold Robert Baker, invoice of Shirting and Fancy Cloths, for $3700 ; 
 
 Received in payment, Cash, $3000 ; Balance charged on %. 
 9. — Paid store rent in Cash, $100 Received Cash in full of J. H. 
 
 Goldsmith's %, $ . 
 
 10.— Sold James S. Packard, on %, 20 yds. Broadcloth, @ $3.75 ; 50 do. 
 
 Cassimeres, @ $1. 
 12. — Sold C. J. Dietrich, for Cash, 12 pairs Ladies' Congress Gaiters, @ 
 
 $2 ; 1 case Misses' Tipped Shoes, 24 pairs, $1.25 ; 3 cases Men's 
 
 Double sole Boots, 36 pairs, @ $4. 
 /£.— Paid Clerk's Salary in Cash, $50 Sold J. C. Bailey, for Cash, 
 
 1 doz. Balmoral Skirts, 12 @ $2 ; 1 piece Mous. de Laine, 75 yds., 
 
 @ 20/ ; 1 do. Wamsutta Sheeting, 50 yds., @ 10/. 
 15. — Bo't of James Dawes, on our note @ 3 mos., invoice of Fancy 
 
 Broadcloth, amounting to $2500 Sold Rob't C. Spencer, for 
 
 Cash, 2 pieces Broadcloth, 50 yds., @ $3.50 ; 1 do. Lowell Prints, 
 
 25 yds., @ 12/. 
 16.— Paid S. S. Packard, Cash on %, $2000 Sold Henry Ivison, on 
 
 %, 150 yds. Wamsutta Sheeting, @ 15/ ; 50 yds. Broadcloth, @ $4 
 18.— Received Cash of James S. Packard, in full of %, '----Sold 
 
 Richmond Kingman, for Cash, 3 doz. Elastic Hoop Skirts, 36 @ $2 ; 
 
 4 doz. Balmoral do., 48 @ $2.25. 
 
 124 
 
EXERCISES FOR THE LEARNER. 
 
 20. — Sold Henry Blakeman, for Cash, 1 piece Irish Linen, 50 yds., @ 
 75? ; 3 do. Lowell Prints, 150 yds., @ 10? ; 5 do. Amoskeag Sheet- 
 ing, 250 yds., @ 14? . 
 
 2/. — Sold J. C. Bryant, on %, 2 cases Ladies' Tipped Gaiters, 48 pairs, 
 @ $2 ; 5 do. Boys' Double-sole Boots, 60 pairs, @ $1.50. 
 
 22. — Paid Cash for petty expenses, $15.50. 
 
 25.— Rec'd Cash on Robert Baker's %, $350 Paid S. S. Packard, 
 
 Cash on %, $500 Sold Lorenzo Fairbanks, on %, 50 yds. 
 
 Broadcloth, @ $4 ; 75 do. Cassimeres, @ $1.25. 
 
 27- — Sold James Smith, for Cash, 3 pieces Cambric Muslin, 60 yds., @ 
 
 25/ ; 3 do. Scotch Plaid, 120 yds., @ 11? Sold J. McMillan, on 
 
 his note @ 30 ds., 40 yds. Black Doeskin, @ $1.25; 8 pieces Merri- 
 mack Prints, 250 yds., @ 10?. 
 
 30. — Sold Peter McGrath, for Cash, our entire stock of goods, amount- 
 ing, per Inventory, to $3450 Paid S. S. Packard, in full of %, 
 
 $3200. 
 
 Trial Balance. 
 
 The following Trial Balance shows the condition of the Ledger accounts 
 after writing up the foregoing transactions. 
 
 The student should render his statement therefrom after the manner of 
 the statement, Set I. 
 
 Face of Ledger. 
 
 Dr. 
 
 Cr. 
 
 
 S. S. Packard, 
 
 5750 
 
 
 5750 
 
 
 
 Merchandise, 
 
 8250 
 
 
 8971 
 
 45 
 
 
 Cash, - 
 
 7747 
 
 70 
 
 5925 
 
 50 
 
 
 Expense, 
 
 175 
 
 50 
 
 
 
 
 J. H. Goldsmith, 
 
 15 
 
 50 
 
 15 
 
 50 
 
 
 Bills Receivable, - 
 
 171 
 
 50 
 
 
 
 
 Robert Baker, - 
 
 700 
 
 
 350 
 
 
 
 James S. Packard, 
 
 125 
 
 
 125 
 
 
 
 Bills Payable, - 
 
 
 
 2500 
 
 
 
 Henry Ivison, - 
 
 222 
 
 50 
 
 
 
 
 J. C. Bryant, 
 
 186 
 
 
 
 
 
 L. Fairbanks, - - 
 
 293 
 
 75 
 
 
 
 
 23637 
 
 45 
 
 23637 
 
 45 
 
 125 
 
{SET 2. pOUBLE £)nTRY. 
 
 (In Colors.) 
 
 DAY-BOOK, JOURNAL, LEDGER, AND 
 AUXILIARIES. 
 
 LEDGER CLOSED, AND RESULTS SHOWN IN AN IMPROVED FORM OF 
 BALANCE SHEET, WITH FULL EXPLANATIONS. 
 
 Prosperous. 
 
 127 
 
REMARKS. 
 
 This set is a continuation of Set 1, although the nature of the 
 business undergoes a change. The merchandise represented in 
 the previous set being all disposed of, we now invest in a more 
 miscellaneous stock, comprising a general assortment of groceries 
 and provisions. Instead of keeping a distinct account with each 
 article of traffic, as in Set* 1, we classify all under the title of 
 "Merchandise." This is the usual business method, and should 
 always be adopted, except where it is essential to know the gains 
 and losses on each particular kind of property. 
 
 Having a net capital at commencement, the first entry must 
 pertain to the existing resources and liabilities. Stock, or the 
 proprietor, is credited with the total investment, and debited with 
 the liabilities assumed, according to Principle 1. 
 
 The term "Sundries" is here, for the first time, used in its 
 technical sense. It means sundry accounts, or sundry items, ana 
 is convenient as a Journal expression, and to avoid the necessity 
 of enumerating the items which comprise the totals carried to the 
 Ledger accounts. This convenience will be immediately apparent 
 by comparing the Ledger entries of this set with those of the 
 preceding. 
 
 The object and method of "closing the Ledger" is also fully 
 illustrated; a point which the student should not pass lightly 
 over. The great difficulty in learning the science of Accounts 
 from a text-book, exists in the tendency to copy the forms and 
 exercises mechanically without a proper understanding of the 
 principles. 
 
 The business aspect presented by the forms of this set, will at 
 once commend them to the student, as models for his emulation. 
 The red ink entries, in particular, are intended to remove all the 
 obstacles to a full and clear understanding of the instructions 
 given. 
 
 In short, Set 2 is presented as embracing, in completeness, the 
 essential qualities of Double Entry ; and as such, it is commended 
 to careful attention. 
 
 138 
 
Set 2.] DOUBLE ENTRY— D AY - BOOK. 
 
 New York, February 1, 1880. 
 
 Commenced Business this day with the following He- 
 sources and Liabilities, taken from previous Ledger : 
 
 -RESOURCES. 
 
 Cash on hand, 
 Notes and Drafts, 
 Peter Cooper's account, 
 Jonas Clark's " 
 
 ■LIABILITIES. 
 
 Notes outstanding, 
 Smith & Sons' account, 
 George Davis, " 
 James Hathaway's " 
 
 $8270 00 
 1050 00 
 1750 00 
 6000 00 
 
 $500 00 
 
 6000 00 
 
 750 00 
 
 8250 00 
 
 Bought of Comstock & Co., for Cash, 
 
 10 hhds. N. O. Mol., 600 gal., @ W 
 
 10 " Cuba Sug., 9500 lbs., " 5? 
 
 17 bags Rio Coffee, 1575 " " W 
 
 20 hf. ch. Ool. Tea, 1080 " " 50)* 
 
 10 tierces Bice, 5000 " " 4£i 
 
 $240 00 
 475 00 
 252 00 
 540 00 
 225 00 
 
 Sold S. S. Randall, on %, 
 
 3 gals. Molasses, 
 200 lbs. Sugar, 
 150 " Coffee, 
 
 @ 50)* $1 50 
 " 6j» 12 00 
 •• W 24 00 
 
 g 
 
 Sold Jambs W. Ltjsk, on his Note @ 30 ds., 
 
 2 hhds. Sugar, 2100 lbs., @ 6f $126 00 
 
 10 hf. chests Tea, 540 lbs., 
 
 " 55j* 297 00 
 
 Paid Cash to Geo. Davis in full of %. 
 
 129 
 
 17070 
 
 15500 
 
 1732 
 
 37 
 
 50 
 
 423 
 
 750 
 35512 
 
 50 
 
Double Entry— Day - Book. [set 
 
 New York, February 4, 1880. 
 
 V 7 
 
 3old Henry C. Spencer, on %, 
 2 hhds. Molasses, 120 gals., 
 
 Amount forward, 
 @45? 
 
 35512 
 54 
 
 250 
 
 67 
 
 82 
 210 
 
 18 
 
 753 
 118 
 
 50 
 
 1/ 
 
 Bought op J. A. Tilpord, on our Note @ 60 ds., 
 
 10 tubs Lard, 400 lbs., @ 13s» 52 00 
 
 20 boxes Soap, 1400 lbs., " 7? 98 00 
 
 5 brls. Pork, 1000 lbs., " 10? 100 00 
 
 
 /. 
 
 Sold Harmer Smith, for Cash, 
 
 2 brls. Pork, 400 lbs.,, 
 1 tierce Rice, 500 lbs., 
 
 Q 
 
 @ 10£? 42 00 
 " 5? 25 00 
 
 
 
 
 
 4/ 
 
 Bold B. F. Carpenter, on %, 
 
 2 tierces Rice, 1000 lbs., 
 1 bag Rio Coffee, 150 lbs., 
 
 @ 5&? 55 00 
 " 18? 27 00 
 
 
 
 
 
 </ 
 
 Bought of Clarence Doubleday, ft 
 
 10 brls. Potatoes, 
 
 1000 lbs. Eng. Dairy Cheese, 
 
 7 
 
 >r Cash, 
 
 @ $3 00 30 00 
 18? 180 00 
 
 
 
 
 
 V 
 
 Sold James Reed, for Cash, 
 
 10 lbs. Coffee, 
 3 boxes Soap, 210 lbs., 
 
 a 
 
 @18? 1 80 
 " 8? 16 80 
 
 60 
 
 
 
 
 / 
 
 Bought op Robert Hanapord, for C 
 
 10 hhds. Hav. Sugar, 11000 lbs., 
 3 " N. O. " 3700 " 
 
 a 
 
 ash, 
 
 @ 5? 550 00 
 " 5£? 203 50 
 
 50 
 
 
 
 
 1/ 
 
 Sold Henry Van Dyck, on %, 
 
 2 hhds. Havana Sugar, 1970 lbs., 
 
 @'6? 
 
 20 
 
 
 37065 
 
 80 
 
 ISO 
 
Set 2.J 
 
 Double Entry— Day - Book. 
 
 New York, February 10, 1880. 
 
 V 
 
 Paid James Hathaway, Cash on % 
 
 Amount forward, 
 
 37065 
 4000 
 
 80 
 
 
 It 
 
 
 
 
 
 
 Sold James Hathaway, on <j£. 
 
 
 
 
 
 / 
 
 1 brl. Pork, 200 lbs., 
 
 1 bag Eio Coffee, 110 lbs., 
 
 1 bid. Hav. Sugar, 900 lbs.. 
 
 " 18? 
 " 6? 
 
 $22 00 
 19 80 
 54 00 
 
 95 
 
 80 
 
 
 13 '" 
 
 
 
 
 4/ 
 
 Sold L. Fairbanks, on %, 
 
 
 
 * 
 
 
 100 lbs. Eng. Dairy Cheese, 
 1 brl. Potatoes, 
 
 @25? 
 
 $25 00 
 4 00 
 
 29 
 
 
 
 14 
 
 
 
 
 
 Sold Henky Van Dyck, on %, 
 
 
 
 
 
 V 
 
 10 lbs. Coffee, 
 
 50 " Eng. Dairy Cheese, 
 
 50 " Eice, 
 
 " 25? 
 " 5J? 
 
 $1 80 
 
 12 50 
 
 2 75 
 
 17 
 
 05 
 
 
 
 
 
 15 
 
 
 
 
 1/ 
 
 Paid Cash for rent of store, 
 
 
 
 100 
 
 
 • 
 
 Sold J. T. Calkins, for Cash, 
 
 
 
 
 150 lbs. Eng. Dairy Cheese, 
 
 @25? 
 
 
 37 
 
 50 
 
 
 17 ' 
 
 
 
 
 
 / 
 
 Eec'd Cash of Henry C. Spencer, 
 
 in full of % 
 
 
 54 
 
 
 
 IS 
 
 
 
 
 
 
 Sold S. S. Eandall, on % , 
 
 
 
 
 
 / 
 
 25 lbs. Tea, 
 50 " Lard, 
 20 " Eice, 
 
 @ 56? 
 " 15? 
 
 " 5? 
 
 $14 00 
 7 50 
 1 00 
 
 22 
 
 50 
 
 
 20 
 
 
 
 
 
 / 
 
 Sold Peter Cooper, on %, 
 
 
 
 
 
 2 brls. Pork, 400 lbs.. 
 
 @ 11? 
 
 
 AA 
 
 
 
 41465 
 
 65 
 
 131 
 
Double Entry— Day - Book. [skt2. 
 
 New York, February 2B, 1880. 
 
 1/ 
 
 Amovmi forward 
 Sold B. P. Hill, on %, 
 
 41465 
 
 65 
 
 1 hi. chest Tea, 54 lbs., @ 60/ 
 
 32 
 
 1 40 
 
 
 ®8 
 
 
 
 
 Ekcbived op Jonas Clark, in full of %, 
 
 
 
 / 
 
 Cash, $3000 00 
 Note, @ 90 ds., 3000 00 
 
 6000 
 
 
 
 • 
 
 5 
 
 
 / 
 
 Paid Smith & Sons, Cash on %, 
 
 3000 
 
 
 • 
 
 Sold George Davis, on %, 
 
 
 
 2 hhds. N. O. Molasses, 120 gal., @ 44|(* 
 
 53 
 
 60 
 
 
 <9Q 
 
 
 
 4/ 
 
 Paid Cash for our note, favor of J. R. Wheeler, 
 
 500 
 
 
 
 Sold E. C. Bradford, for Cash, 
 
 
 
 / 
 
 10 lbs. Rio Coffee, @ 19/ $1 90 
 10 " Tea, « 50/ 5 00 
 50 " Rice, " 7/ 3 50 
 
 10 
 
 40 
 
 
 $7 
 
 
 
 (Sold Edwin Morgan, for Cash, 
 
 
 
 / 
 
 ' 1 tierce Rice, 500 lbs., @ 6/ $30 00 
 2 brls. Potatoes, " 3 00 6 00 
 
 36 
 
 
 / 
 
 Paid clerk's salary, in Cash, 
 
 100 
 
 
 51198 
 
 05 
 
 132 
 
set a.] Double Entry— Journal. 
 
 New York, February 1, 1880. 
 
 Dr. 
 
 Cb. 
 
 1 
 
 7 
 
 8 
 
 9 
 
 10 
 
 Sundries, 
 
 Cash, 
 
 Bills Receivable, 
 
 Peter Cooper, 
 
 Jonas Clare, 
 
 To Stock, 
 
 Stock, 
 
 To Sundries, 
 " Bills Payable, 
 " Smith & Sons, 
 " George Davis, 
 " J. Hathaway, 
 
 11 
 6 
 
 12 
 6 
 
 Merchandise, 
 
 To Cash, 
 
 S. S. Randall, 
 
 To Merchandise, 
 
 Bills Receivable, 
 
 To Merchandise. 
 
 George Davis, 
 
 To Cash, 
 
 Henry C. Spencer, 
 
 To Merchandise, 
 
 Merchandise, 
 
 To Bills Payable, 
 
 Cash, 
 
 To Merchandise, 
 
 133 
 
 8370 
 1050 
 1750 
 6000 
 
 15500 
 
 1732 
 
 37 
 
 423 
 
 750 
 
 54 
 
 250 
 
 67 
 
 35883 
 
 17070 
 
 500 
 6000 
 
 750* 
 8250 
 
 1732 
 
 50 
 
 50 
 
 423 
 
 750 
 
 54 
 
 250 
 
 67 
 
 35883 
 
 50 
 
2 
 
 Double Entry— Journal. 
 
 New York, February 6, 1880. 
 
 [Set 2. 
 
 Dr. 
 
 Cb. 
 
 17 
 
 6 
 
 13 
 6 
 
 10 
 5 
 
 10 
 6 
 
 14 
 6 
 
 13 
 6 
 
 15 
 5 
 
 B. P. Carpenter, 
 
 Amounts forward, 
 
 To Merchandise, 
 
 Merchandise, 
 
 To Cash, 
 
 Cash, 
 
 To Merchandise, 
 
 Merchandise, 
 
 To Cash, 
 
 9 
 
 Henry Van Dyck, 
 
 To Merchandise, 
 
 10 
 
 James Hathaway, 
 
 To Cash, 
 
 James Hathaway, 
 
 To Merchandise, 
 
 -is 
 
 L. Fairbanks, 
 
 To Merchandise, 
 
 Henry Van Dyck, 
 
 n 
 
 To Mdse., 
 
 15 
 
 35883 
 
 82 
 
 210 
 
 Expense, 
 
 To Cash, 
 
 Cash, 
 
 To Merchandise, 
 
 134 
 
 18 
 
 753 
 
 118 
 
 4000 
 
 05 
 
 29 
 
 17 
 
 100 
 
 37 
 
 41345 
 
 50 
 
 60 
 
 50 
 
 20 
 
 80 
 
 05 
 
 35883 
 
 210 
 
 18 
 
 753 
 
 118 
 
 4000 
 
 95 
 
 29 
 
 17 
 
 100 
 
 50 
 
 60 
 
 50 
 
 20 
 
 80 
 
 05 
 
 50 
 
 15 
 
 37 
 41345 
 
 50 
 15 
 
Set 3.J DOUBLE ENTRY— JOURNAL. 
 
 New York, February 17, 1880. 
 
 Dr. Cr. 
 
 5 
 12 
 
 11 
 
 15 
 6 
 
 Cash, 
 
 Amounts forward 
 
 To H. C. Spbncek 
 
 18 
 
 S. S. Randall, 
 
 To Merchandise, 
 
 Peter Cooper, 
 
 To Merchandise 
 
 E. F. Hill, 
 
 To Merchandise, 
 
 Sundries, 
 
 Cash, 
 
 Bills Receivable, 
 
 To Jonas Clark, 
 
 Smith & Sons, 
 
 To Cash, 
 
 George Davis, 
 
 To Merchandise 
 
 Bills Patable, 
 
 To Cash, 
 
 Cash, 
 
 Cash, 
 
 Expense, 
 
 To Merchandise 
 
 27 
 
 To Merchandise, 
 
 To Cash, 
 
 41845 
 
 54 
 
 22 
 
 44 
 
 32 
 
 3000 
 3C00 
 
 3000 
 
 53 
 
 500 
 
 10 
 
 36 
 
 100 
 
 51196 
 
 15 
 
 50 
 
 40 
 
 GC 
 
 4( 
 
 41345 
 54 
 
 22 
 
 44 
 
 G000 
 
 300C 
 
 53 
 
 50C 
 
 10 
 
 30 
 
 IPC 
 51196 
 
 15 
 
 50 
 
 40 
 
 60 
 
 40 
 
 05 
 
 135 
 
Double Entry— Ledger. 
 
 Dr. 
 
 1 
 Stock. 
 
 [Set 2. 
 Or. 
 
 1880 
 Feb. 
 
 38 
 
 To Sundries, 
 
 Balance, 
 
 1 
 
 Ll9 
 
 15600 
 210S 
 
 17603 
 
 05 
 05 
 
 1880 
 Feb. 
 
 1 
 28 
 
 By Sundries, 
 Loss & Gain, 
 
 1 
 •i.5 
 
 17070 
 533 
 
 05 
 
 
 17603 
 
 05 
 
 
 
 
 
 
 
 
 
 Dr. 
 
 Bills Receivable. 
 
 Cr. 
 
 1880 
 Feb. 
 
 1 
 3 
 23 
 
 To Stock, 
 Mdse., 
 J. Clark, 
 
 1 
 1 
 •3 
 
 1050 
 423 
 3000 
 
 
 1880 
 
 Feb. 
 
 28 
 
 By Balance, 
 
 Ll'J 
 
 IMS 
 
 
 
 4473 
 
 
 4473 
 
 
 
 
 
 
 
 
 
 
 Dr. 
 
 
 Peter Cooper 
 
 
 
 Cr. 
 
 
 1880 
 Feb. 
 
 1 
 20 
 
 To Stock, 
 Mdse., 
 
 i 
 
 3 
 
 1750 
 44 
 
 
 1880 
 Feb. 
 
 28 
 
 By Balance, 
 
 Ll9 
 
 179k 
 
 
 
 1794 
 
 
 1794 
 
 
 
 
 
 
 
 
 
 
 Dr. 
 
 Jonas Clark. 
 
 Or. 
 
 1880 
 Feb. 
 
 To Stock, 
 
 6000 
 
 1880 
 Feb. 
 
 By Sundries, 
 
 136 
 
 6000 
 
Set 2.J 
 
 Double Entry— Ledger. 
 
 Dr. 
 
 5 
 
 Cash. 
 
 Cr. 
 
 1330 
 
 
 
 
 
 
 1880 
 
 
 
 
 
 Feb. 
 
 1 
 
 To Stock, 
 
 1 
 
 8270 
 
 
 Feb. 
 
 1 
 
 By Mdse., 
 
 1 
 
 1732 
 
 
 
 5 
 
 41 Muse., 
 
 *• 
 
 67 
 
 
 " 
 
 3 
 
 " Geo. Davis, 
 
 " 
 
 750 
 
 
 
 7 
 
 " " 
 
 2 
 
 18 
 
 60 
 
 u 
 
 6 
 
 " Mdse., 
 
 2 
 
 210 
 
 
 
 15 
 
 11 u 
 
 " 
 
 37 
 
 50 
 
 i. 
 
 8 
 
 tt U 
 
 " 
 
 753 
 
 5C 
 
 
 n 
 
 " H. C. Spencer 
 
 3 
 
 64 
 
 
 " 
 
 10 
 
 " J. Hathaway, 
 
 " 
 
 4000 
 
 
 
 23 
 
 ' " Jonas Clark, 
 
 " 
 
 8000 
 
 
 tt 
 
 15 
 
 " Expense, 
 
 " 
 
 100 
 
 
 
 26 
 
 " Mdse., 
 
 " 
 
 10 
 
 40 
 
 u 
 
 25 
 
 " Smith & Sons 
 
 3 
 
 3000 
 
 
 
 87 
 
 
 
 
 36 
 
 
 ft 
 11 
 
 26 
 28 
 
 " Bills Payable. 
 " Expense, 
 " Balance, 
 
 1.19 
 
 500 
 S48 
 
 
 
 11493 
 
 50 
 
 11493 
 
 50 
 
 
 
 
 
 
 
 
 
 
 Dr. 
 
 6 
 
 Merchandise. 
 
 Cr. 
 
 
 1880 
 
 
 
 
 
 
 1880 
 
 
 
 
 
 
 Feb. 
 
 1 
 
 To Cash, 
 
 1 
 
 1732 
 
 
 Feb. 
 
 2 
 
 By S. S. Randall, 
 
 1 
 
 37 
 
 50 
 
 " 
 
 5 
 
 " Bills Payable 
 
 1 
 
 250 
 
 
 
 
 3 
 
 " Bills Rec'ble, 
 
 " 
 
 428 
 
 
 " 
 
 6 
 
 " Cash, 
 
 2 
 
 210 
 
 
 
 
 4 
 
 " H. C. Spencer 
 
 u 
 
 54 
 
 
 It 
 
 8 
 
 *t .. 
 
 tl 
 
 753 
 
 50 
 
 
 
 5 
 
 " Cash, 
 
 " 
 
 67 
 
 
 
 28 
 
 " Loss <t Gain, 
 
 LIS 
 
 7SS 
 
 OS 
 
 
 
 6 
 7 
 9 
 12 
 13 
 14 
 15 
 18 
 20 
 2} 
 2i> 
 2£ 
 27 
 
 " B. F.Carpent' 
 " Cash, 
 " H. Van Dyck 
 " J. Hathaway, 
 " L. Fairbanks, 
 " H. Van Dyck, 
 " Cash, 
 
 " S. S. Randall, 
 " Peter Cooper 
 " E.F.Hill, 
 " Geo. Davis, 
 " Cash, 
 it it 
 
 ■ 2 
 3 
 
 82 
 18 
 118 
 95 
 29 
 17 
 37 
 22 
 44 
 32 
 53 
 10 
 36 
 
 60 
 £0 
 80 
 
 05 
 50 
 50 
 
 40 
 60 
 40 
 
 
 
 
 
 
 
 tl 
 
 28 
 
 " Balance{Inv.), 
 
 Ll9 
 
 2500 
 
 
 
 3678 
 
 55 
 
 
 — 
 
 3678 
 
 55 
 
 13? 
 
Double Entry— Ledger. 
 
 Dr. 
 
 
 Bills Payable. 
 
 
 Or 
 
 
 1880 
 Feb. 
 
 26 
 28 
 
 To Cash, 
 Balance, 
 
 3 
 Ll9 
 
 500 
 ISO 
 
 
 1880 
 Feb. 
 
 1 
 5 
 
 By Stock, 
 
 Mdse., 
 
 1 
 1 
 
 5or 
 
 250 
 
 
 
 750 
 
 
 750 
 
 
 
 
 
 
 
 
 
 
 
 
 Dr. 
 
 
 Smith 
 
 & Sons. 
 
 
 Or 
 
 
 1880 
 Feb. 
 
 25 
 28 
 
 To Cash, 
 
 Balance, 
 
 3 
 
 Ll9 
 
 3000 
 
 sooo 
 
 
 1880 
 Feb. 
 
 1 
 
 By Stock, 
 
 1 
 
 6000 
 
 
 
 6000 
 
 
 6000 
 
 
 
 
 
 
 
 
 
 
 9 
 
 Dr. 
 
 
 George 
 
 Davis. 
 
 
 Or 
 
 
 1880 
 Feb. 
 
 3 
 
 To Cash, 
 To Mdse., 
 
 i 
 
 3 
 
 750 
 
 
 1880 
 Feb. 
 
 1 
 
 By Stock, 
 By Balance, 
 
 1 
 
 Ll9 
 
 750 
 
 
 Feb. 
 
 25 
 
 53 
 
 60 
 
 Feb. 
 
 28 
 
 6) 
 
 60 
 
 
 
 
 
 
 
 
 
 10 
 
 Dr. 
 
 
 James 
 
 Hathaway. 
 
 
 a 
 
 
 1880 
 Feb 
 
 10 
 
 12 
 
 28 
 
 To Cash, 
 Mdse., 
 Balance, 
 
 i 
 
 2 
 1 
 
 Ll9 
 
 4000 
 95 
 «54 
 
 80 
 
 to 
 
 1880 
 Feb 
 
 1 
 
 By Stock, 
 
 1 
 
 8250 
 
 
 
 8250 
 
 00 
 
 8250 
 
 
 
 
 
 
 
 
 
 
 138 
 
set 2j Double Entry— Ledger. 
 
 11 
 
 Dr. S. S. Randall. 
 
 Cr. 
 
 1880 
 Feb. 
 
 2 
 
 18 
 
 To Mdse., 
 
 1 
 3 
 
 37 
 
 22 
 
 SO 
 50 
 
 1880 
 Feb. 
 
 28 
 
 By Balance, 
 
 Ll9 
 
 60 
 
 
 
 60 
 
 
 60 
 
 
 
 
 
 
 
 
 
 
 Dr. 
 
 12 
 
 Henry C. Spencer. 
 
 Cr. 
 
 1880 
 Feb. 
 
 To Mdse., 
 
 54 
 
 1880 
 Feb. 
 
 By Cash, 
 
 M 
 
 Dr. 
 
 13 
 
 Henry Van Dyek. 
 
 Cr. 
 
 1880 
 Feb. 
 
 g 
 
 14 
 
 To Mdso., 
 
 2 
 
 118 
 17 
 
 20 
 05 
 
 1880 
 Feb. 
 
 28 
 
 By Balance, 
 
 Ll9 
 
 1SS 
 
 25 
 
 
 135 
 
 25 
 
 135 
 
 25 
 
 
 
 
 
 
 
 
 
 Dr. 
 
 14 
 
 L,. Fairbanks. 
 
 Cr. 
 
 1880 
 Feb. 
 
 is 
 
 To Mdse, 
 
 2 
 
 29 
 
 
 1880 
 Feb. 
 
 28 
 
 By Balance, 
 
 Ll9 
 
 i9 
 
 
 
 
 
 
 
 
 
 
 
 Dr. 
 
 15 
 
 Expense. 
 
 Cr. 
 
 1880 
 Feb. 
 
 15 
 28 
 
 To Cash, 
 
 2 
 3 
 
 100 
 100 
 
 
 1880 
 Feb. 
 
 28 
 
 By Low Jb Gain, 
 
 Ll8 
 
 too 
 
 
 
 200 
 
 
 200 
 
 
 
 
 
 
 
 
 
 
 139 
 
Double Entry— Ledger. 
 
 Dr. 
 
 16 
 
 E. F. Hill. 
 
 [Set S. 
 
 Cr 
 
 1880 
 Feb, 
 
 82 
 
 To Mdse., 
 
 1880 
 Feb. 
 
 28 
 
 By Balance, 
 
 L19 
 
 St 
 
 m 
 
 Dr. 
 
 Dr. 
 
 17 
 
 Dr. 
 
 
 B. F 
 
 Carpenter. 
 
 
 Ct 
 
 
 1880 
 Feb. 
 
 6 
 
 To Mdse., 
 
 2 
 
 82 
 
 
 1880 
 Feb. 
 
 28 
 
 By Balance, 
 
 Ll9 
 
 83 
 
 
 
 
 
 
 
 
 
 
 
 IS 
 
 Loss and Gain. 
 
 C/ 
 
 .1880 
 Feb. 
 
 28 
 
 To Expense, 
 
 Slock, 
 
 LIS 
 Ll 
 
 200 
 
 5SS 
 
 05 
 
 1880 
 Feb. 
 
 28 
 
 By Mdse., 
 
 l0 
 
 733 
 
 US 
 
 
 733 
 
 05 
 
 733 
 
 05 
 
 
 
 
 
 
 
 
 
 Resources. 
 
 19 
 
 Balance. 
 
 Liabilities. 
 
 Cr. 
 
 1880 
 
 
 
 
 
 
 1880 
 
 
 
 
 
 - 
 
 FebJ 
 
 28 
 
 To Mdse., 
 
 l6 
 
 2500 
 
 
 Feb. 
 
 28 
 
 By Bills Payable, 
 
 l7 
 
 25(1 
 
 
 
 " 
 
 Bills Kec'ble, 
 
 Vi 
 
 4473 
 
 
 
 11 
 
 Smith & Sons, 
 
 l8 
 
 3000 
 
 
 
 " 
 
 P. Cooper, 
 
 13 
 
 1794 
 
 
 
 " 
 
 J. Hathaway, 
 
 L10 
 
 4154 
 
 20 
 
 
 " 
 
 Cash, 
 
 15 
 
 348 
 
 
 
 " 
 
 Stock, 
 
 Ll 
 
 2103 
 
 05 
 
 
 " 
 
 Geo. Davis, 
 
 L'J 
 
 53 
 
 60 
 
 
 
 
 
 
 
 
 
 S. S. Randall 
 
 Lll 
 
 60 
 
 
 
 
 
 
 
 
 
 " 
 
 H. Van Dyck 
 
 Ll3 
 
 135 
 
 25 
 
 
 
 
 
 
 
 
 " 
 
 L^ Fairbanks 
 
 Ll4 
 
 29 
 
 
 
 
 
 
 
 
 
 " 
 
 E. F. Hill, 
 
 Ll6 
 
 32 
 
 40 
 
 
 
 
 
 
 
 
 
 B.F.Carpen'i 
 
 Ll7 
 
 82 
 
 
 
 
 
 
 
 
 
 9507 
 
 25 
 
 1)507 
 
 25 
 
 
 
 
 
 
 
 
 
 140 
 

 9S 
 
 3 S.CJ 
 
 
 - W fcj «< 
 
 9 2 
 
 3 & 8 B" a 
 
 H — P (D " 
 
 -jouiittfuo'-joj^owatiM L. Fol. 
 
 I H W |L M 
 
 :t&a|g 
 
 iceift coo 
 
 gg 
 
 ft 
 
 E 
 
 gg: 
 
 S3 
 
 
 to 
 | 
 
 u 
 
 a 
 
 CO 
 CO 
 
 > 
 O 
 
 > 
 o 
 
 CO 
 
 CD 
 > 
 
 8 § 
 
 o 
 
 m 
 
 CO 
 
 :r 
 m 
 m 
 
 I; 
 
 ►£ CO 
 
 
 s 
 
 ■ S 
 
 141 
 
ORDER AND PURPOSE OF CLOSING THE LEDGER. 
 
 In the preceding set it was thought best to leave the Ledger 
 in its open or current condition, the results of the business being 
 shown in a separate statement. When the object is to know 
 simply the condition of the business, this method is sufficient ; but 
 when it becomes necessary to mark the progress of the business in 
 some enduring manner upon the Ledger, the accounts must be 
 "closed," and the balances exhibited, either under the account 
 itself, or in some other account, of similar import. From the 
 statement in connection with the previous set, the student has 
 learned that the Double Entry Ledger contains two classes of 
 accounts ; one showing the present condition of the business, by 
 representing all its resources and liabilities, and the other showing 
 its progreis% by representing its particular gains and loss.es. For 
 the purpose of distinction, and as a proper designation of their 
 character, we designate the former of these classes, Financial, 
 and the latter Business accounts. By Financial accounts, there- 
 fore, is meant those which show the financial condition ; and by 
 Business, those which show the progressive steps and characteris- 
 tics of the business. The student who has acquired the foregoing 
 instructions, will have no difficulty in making this classification. 
 
 The object of "closing" the Ledger is to put an end to its cur- 
 rent condition by absorbing the Business accounts ; for inasmuch 
 as the proprietor is to be credited with his net investment, when- 
 ever that net investment is increased by gains, his account should 
 get the benefit of it. As it would be impracticable to carry the 
 separate gains and losses to the proprietor's account when they 
 accrue, they are permitted to remain in the accounts producing 
 them, until such periods as may be deemed best to transfer them. 
 This is usually done once a year, and in some establishments every 
 six months, thus making an era in the business, and restoring 
 the Ledger to its proper condition of showing only resources and 
 liabilities. 
 
 142 
 
CLOSING THE LEDGER. 
 
 PROCESS OF CLOSING. 
 
 It is supposed that the student has gone through with the 
 labor of journalizing and posting the transactions in Set 2, and 
 that his Ledger accounts present an equilibrium of debits and 
 credits. To test this fact, before proceeding farther, we will take 
 an abstract of the Ledger technically called a 
 
 Dr. 
 
 TRIAL BALANCE. 
 
 Or. 
 
 Differences. 
 
 Face of Ledger. 
 
 
 Face of Ledger. 
 
 Differences. 
 
 
 
 15500 
 
 
 . . . Stock 
 
 17070 
 
 
 1570 
 
 
 4473 
 
 
 4473 
 
 
 . . . Bills Receivable . . 
 
 
 
 
 
 1794 
 
 
 1794 
 6000 
 
 
 . . . Peter Cooper . . . 
 . . . Jonas Clark .... 
 
 6000 
 
 
 
 
 348 
 
 
 11493 
 
 50 
 
 . . . Cash 
 
 11145 
 
 50 
 
 
 
 1766 
 
 95 
 
 3945 
 
 500 
 
 3000 
 
 50 
 
 . . . Merchandise .... 
 . . . Bills Payable . . . 
 . . . Smith & Sons . . . 
 
 1178 
 
 750 
 
 6000 
 
 55 
 
 250 
 3000 
 
 
 53 
 
 60 
 
 803 
 
 60 
 
 . . . George Davis . . . 
 
 750 
 
 
 
 
 60 
 
 
 4095 
 60 
 54 
 
 80 
 
 . . . James Hathaway . 
 . . S. S. Randall . . . 
 . . . Henry C. Spencer . 
 
 8250 ^ 
 54 
 
 J* 
 
 4154 
 
 20 
 
 135 
 
 25 
 
 135 
 
 25 
 
 . . . Henry Van Dyck . . 
 
 
 
 
 
 29 
 
 
 29 
 
 
 . . . L. Fairbanks. . . . 
 
 
 
 
 
 200 
 
 
 200 
 
 
 
 
 
 
 
 32 
 
 40 
 
 32 
 
 40 
 
 . . . E. P. Hill 
 
 
 
 
 
 82 
 
 
 82 
 
 
 . . . B. F. Carpenter . . 
 . . . Equilibrium . . . . 
 
 
 
 
 
 8974 
 
 20 
 
 51198 
 
 05 
 
 51198 
 
 05 
 
 8974 
 
 20 
 
 The above is the most comprehensive form of the Trial Balance, 
 and one to be commended for its utility. It will be seen that the 
 footings of the "Pace of Ledger" columns ejactly agree with the 
 footings of the Day-Book and Journal ; which affords evidence that 
 all the transactions have found their way to the Ledger. The 
 columns of " Differences," which must also balance, afford a test 
 of the results of each account. 
 
 Having satisfied ourselves that the transactions have been prop- 
 erly posted, we now proceed to close the Ledger accounts. It must 
 not be forgotten that the object of closing the Ledger is to present, 
 
 "" 143 
 
CLOSING THE LEDGER. 
 
 in a proper manner, both the present condition of our business and 
 its progress. Its present condition can be shown by a list of its 
 resources and liabilities ; and its progress by a list of its gains and 
 losses. 
 
 By a careful examination of the facts, it will be seen that 
 resources are shown by an excess of the debit side of Financial 
 accounts, and liabilities by an excess of the credit side of Financial 
 accounts ; and that losses are shown by an excess of the debit side 
 of Business accounts, and gains by an excess of the credit side of 
 Business accounts. This will suggest the propriety of opening 
 two accounts for these general results : one to contain the resources 
 and liabilities, and the other the gains and losses. We will now 
 open these accounts under the titles of "Loss and Gain," and 
 " Balance," the former to contain the results of the Business ac- 
 counts, and the latter of the Financial accounts. Before proceed- 
 ing to close the accounts, we must see if they are all in a condition 
 to show the results desired. The Merchandise account, as it now 
 stands, shows an excess of the debit side, and would therefore rep- 
 resent a loss, if the merchandise were all sold. The account itself 
 does not show whether the property is all sold; and the only means 
 of ascertaining the facts in the case, is to take an actual inventory, 
 or a valuation of that which remains nnsold. When this value is 
 ascertained, the Merchandise account should be credited with it, 
 and Balance account debited. The Merchandise account will then 
 be competent to show the gain or loss on merchandise. We have 
 estimated the unsold merchandise in this case to be worth 12500, 
 which amount we enter on the credit side of Merchandise account 
 in red ink,* and transfer the same immediately to Balance account, 
 The accounts are now in a condition to close ; and we will take 
 them in their order. The first account (after stock, which is the 
 proprietor's own account) is Bills Keceivable. This account repre- 
 sents a resource consisting of other people's notes on hand ; the 
 debit side showing the notes received, and the credit side those 
 disposed of, if any. We close the account by entering the difference, 
 in red ink, on the credit side, and footing up the sides, drawing 
 double red lines underneath. The red ink entry, or balance, is 
 
 • An entry in red ink on the Ledger, denotes that the amonnt thus written is to be trans- 
 ferred, either to some other account, or to another position under the same account. It also 
 shows that the entry is first made in the Ledger, not having passed through the usual prelim- 
 inary books of entry. Rod ink entries are always transferred to the opposite side from where 
 they are first written, for the reason that they indicate an excess of that Bide. 
 
 144 
 
CLOSING THE LEDGER. 
 
 transferred immediately to the debit side of Balance account. The 
 next account, Peter Cooper, is closed in the same way. The next, 
 Jonas Clark, already balances, and we close it by simply ruling 
 the double red lines. The next, Cash account, is closed in the 
 same manner as Bills Receivable, the balance being transferred as 
 a resource to Balance account. The Merchandise account shows a 
 gain, and the balance is transferred to the credit side of Loss and 
 Gain account. Bills Payable account shows a liability, and the 
 balance is transferred to the credit side of Balance account. Smith 
 & Son's account also shows a liability, and the balance is trans- 
 ferred to the credit side of Balance account. George Davis' 
 account shows a resource, and the balance is transferred to the 
 debit side of Balance account. James Hathaway's account shows 
 a liability, and is transferred to the credit of Balance. S. S. Ran- 
 dall's, Henry Van Dyck's, and L. Fairbank's accounts, all show 
 resources, and are transferred to the debit side of Balance. Expense 
 account shows a loss, and is transferred to the debit side of Loss 
 and Gain. E. F. Hill's and B. F. Carpenter's accounts both show 
 a resource, and are transferred to the debit of Balance. 
 
 We have now the results of all the accounts exhibited under 
 the heads of Loss and Gain and Balance, and if the balances have 
 been properly transferred, these accounts, together with the (un- 
 closed) Stock account, must be in equilibrium. To test this, we 
 next take a Trial Balance of these three accounts, which we call the 
 
 SECOND TRIAL BALANCE. 
 
 Dr. 
 
 Cr. 
 
 
 Stock 
 
 Loss and Gain „- - 
 
 Balance 
 
 15500 
 
 200 
 
 9507 
 
 25 
 
 17070 
 733 
 
 7404 
 
 05 
 20 
 
 
 25207 
 
 25 
 
 25207 
 
 25 
 
 Having thus satisfied ourselves that the balances hare been 
 properly transferred, we now proceed to accomplish the grand 
 object of closing the Ledger, by carrying the net gain from the 
 Loss and Gain to the Stock account. The Stock account now con- 
 tains the capital invested increased by the gain, which must, of 
 course, equal the present worth, as shown by the Balance account. 
 We now close Stock account into Balance, which must produce 
 
 145 
 
CLOSING THE LEDGEK. 
 
 an equilibrium of the Balance account, and complete, in that 
 account, the record of resources and liabilities. 
 
 The Balance account is used in these sets for its convenience in 
 collecting, under one title, all the resources and liabilities. The 
 same effect may be produced by bringing down the balances under 
 the financial accounts. This latter method is adopted in business, 
 and particularly where the record is continued in the same Ledger. 
 
 Prom these remarks and applications we are prepared to submit 
 the following order of closing the Ledger, which the student will 
 do well to observe particularly, and to follow out in practice. 
 
 ORDER OF CLOSING. 
 
 First. — Open an account with "Loss and Gain" (if not 
 already opened), and another with "Balance," the former to con- 
 tain the losses and gains, and the latter the resources and liabilities. 
 
 Second. — Ascertain from the inventory if any property re- 
 mains unsold ; and if so, credit each account for which such prop- 
 erty was originally debited, with the value of that unsold, making 
 the entry in red ink, "By Balance," and transfer the amount 
 directly to the debit side of Balance account, making this entry 
 in Mack ink, "To Merchandise," or "To Real Estate," or any 
 other account from which the amount is transferred. The Ledger 
 accounts will each show, now, one of the four following results, 
 viz. : a Resource, a Liability, a Gain, or a Loss. 
 
 Third. — Omitting Stock (or the Partners' accounts), com- 
 mence with the first account in the Ledger. First ascertain which 
 of the above results it shows, and make the closing entry accord- 
 ingly. If the difference represent a resource or a liability, enter 
 upon the smaller side, in red ink, "JTo," or " By Balance," as the 
 case may be, and transfer the amount in black ink to the opposite 
 side of the Balance account. If the difference represent a gain or 
 loss, enter on the smaller side in red ink " To " or " By Loss and 
 Gain," and transfer the amount in the same manner to Loss and 
 Gain account. Close all the accounts (except Stock or Partners'), 
 and transfer the balances as directed. The Loss and Gain account 
 will now show on the debit side all the losses, and on the credit 
 side all the gains, the difference being the net loss or net gain. 
 The Balance account will show on the debit side all the resources, 
 and on the credit side all the liabilities, the difference being the 
 real interest or present investment of the proprietor or proprietors. 
 
 146 
 
BALANCE SHEETS. 
 
 Fourth . — Take a second Trial Balance, or a Trial Balanco of 
 the remaining open accounts : Stock (or Partners'), Loss and Gain, 
 and Balance. If the balances have been properly transferred, the 
 debits and credits of these accounts taken together must be equal. 
 
 Fifth. — Close Loss and Gain account into Stock, or, if it be 
 a partnership business, into the partners' accounts, dividing the 
 gain or loss, according to agreement. The Stock or Partners' 
 accounts will now show the original investment increased by the 
 gain, or decreased by the loss ; the difference being the present net 
 investment Inasmuch as the Balanco account shows the same 
 thing, they must, of course, agree. 
 
 Sixth. — Close Stock (or Partners' accounts) into Balance 
 account, which must equalize that account, it showing now, on 
 one side, the total resources, and on the other side the total liabili- 
 ties, and presenting, in the most condensed form, the exact present 
 condition of the business. 
 
 BALANCE SHEETS. 
 
 Ik commercial usage a "Balance Sheet" signifies the systematic 
 arrangement of facts, for the purpose of exhibiting at a view the 
 condition of business. The forms in use are various, according to 
 the necessities of the occasion or the ingenuity of the accountant. 
 Of these the example given on page 141 comprises the most com- 
 plete and symmetrical of which we have a knowledge. The follow- 
 ing explanation will be found serviceable in preparing this sheet 
 for the entries : 
 
 /. Take a sheet of paper of proper size, and for a border, if 
 such is desired, rule double red lines around the margin. 
 
 2 . Rule the parallel head-lines, leaving proper space for double 
 captions, as in the example. 
 
 3. Ascertain the number of Ledger accounts to be repre- 
 sented; which will embrace all the accounts in the Trial Balance 
 that do not cancel.* If the business is that of a single proprietor, 
 usually called " Stock " business, rule in pencil as many lines as 
 
 * Should there be a large number of personal accounts, it will be found difficult to include 
 them all separately in this form. In such case it is customary to employ the two general 
 titles, "Accounts Receivable," and "Accounts Payable," the one embracing all amounts 
 owing to us on personal account, and the other all amounts owing by us. This curtailment 
 will enable the facts of any common business to be shown in this form. 
 
 147 
 
BALANCE SHEETS. 
 
 will contain all the accounts and five additional. If it be a part- 
 nership business with two or more partners, rule three additional 
 lines for each partner; thus, for "Stock" business, five lines more 
 than all the accounts ; for two partners, eight lines more than all 
 the accounts ; for three partners, eleven lines more, and so on. 
 
 Z. . Lay off proper spaces for debit and credit money columns ; 
 first for the footings of Ledger Accounts, second for Gains and 
 Losses, third for Stock, or if partners, for each partner — and . 
 fourth for Eesources and Liabilities ; also, for a single money col- 
 umn for Inventories, and for Ledger titles and their Ledger folios. 
 The position of these columns will be seen in the example given. 
 These spaces can best be appropriated by using a pair of dividers, 
 and giving each of the captions its just proportions. 
 
 5. After denoting the proper space for each heading, which can 
 best be done with pencil, commence to rule in red ink at the right 
 hand and bring all the lines of the two captions, "Real Accounts" 
 and " Stock," or one of the partners, down to the lower pencil line. 
 For the other partners drop two lines. For Losses and Gains drop 
 two lines in Stock business, and one additional for each partner. 
 
 6 . Eule the foot lines as shown, and the schedule will be ready 
 to receive the accounts. 
 
 The process of showing results is precisely similar in its order, 
 and the results the same as in "closing the Ledger," which has 
 already been so fully explained. 
 
 There are many kinds of business statements in use, each pos- 
 sessing some peculiar merit, and all having the same general purpose 
 in view, viz. : that of exhibiting the real and progressive condition 
 of the business represented. The forms hitherto used in this work, 
 and particularly the one on page 121, are both simple and compre- 
 hensive, and would possibly be preferred by one not versed in the 
 processes and technicalities of Book-keeping ; but we know of no 
 form that compasses so much within such limited space, as that 
 described above. The example, on page 141, will sufficiently indi- 
 cate the points of excellence, and give the student a model for his 
 emulation. Let him remember that in no one thing does the pro- 
 ficiency of a practical accountant more plainly manifest itself than 
 in the matter of neatness in arrangement and execution. The art 
 of ruling tastefully, unimportant as it may seem, is one not easily 
 acquired nor overrated. 
 
 148 
 
EXAMPLES FOR PRACTICE. 
 
 The student is requested to render statements after the form 
 on page 141, from the following materials : 
 
 Example 1. 
 
 TRIAL BALANCE. 
 
 Dr. 
 
 Cr. 
 
 
 Stock - 
 
 881 
 
 
 5000 
 
 
 
 Bills Receivable 
 
 1500 
 
 
 1000 
 
 
 
 John Mason *- 
 
 300 
 
 
 175 
 
 
 
 Cash - - - - 
 
 5794 
 
 67 
 
 4800 
 
 
 
 Merchandise (Amount unsold, $1200) 
 
 3500 
 
 
 2759 
 
 50 
 
 
 Peter Smith 
 
 4000 
 
 
 1500 
 
 
 
 Robert Pendergast 
 
 
 
 384 
 
 - 
 
 
 Expense - - - - 
 
 373 
 
 83 
 
 
 
 
 Bills Payable 
 
 1500 
 
 
 1750 
 
 
 
 Charles Ryan - 
 
 
 
 483 
 
 
 
 17851 
 
 50 
 
 17851 
 
 50 
 
 Example 2. 
 
 TRIAL BALANCE. 
 
 Dr. 
 
 Cr. 
 
 
 Stock - - 
 
 141 
 
 78 
 
 3000 
 
 
 
 Merchandise (Amount unsold, $1000) 
 
 5000 
 
 
 3700 
 
 
 
 George Hopkins - - 
 
 1500 
 
 
 953 
 
 84 
 
 
 Robert Westcott 
 
 753 
 
 
 
 
 
 Abram Woodf all 
 
 900 
 
 
 
 
 
 Peter Denyse 
 
 110 
 
 
 500 
 
 
 
 Robert Rantoul - 
 
 732 
 
 98 
 
 500 
 
 
 
 James Jackson 
 
 75 
 
 
 
 
 
 E. E. Ellsworth 
 
 500 
 
 
 983 
 
 
 
 Cash 
 
 9753 
 
 20 
 
 8748 
 
 90 
 
 
 Expense - - - 
 
 450 
 
 
 
 
 
 Commission - 
 
 
 
 183 
 
 23 
 
 
 Bills Receivable - - - ... 
 
 1700 
 
 
 150 
 
 
 
 Bills Payable - ... 
 
 1500 
 
 
 5000 
 
 
 
 Shipment to Detroit .... 
 
 4000 
 
 
 4598 
 
 
 
 Edward Rice - 
 
 700 
 
 
 874 
 
 
 
 Peter Renwick 
 
 50 
 
 
 
 
 
 Edwin C. Packard 
 
 900 
 
 
 150 
 
 
 
 Benj. P. Holmes 
 
 75 
 
 
 
 
 
 F. R. Perley - 
 
 500 
 
 
 
 
 
 29340 
 
 96 
 
 29340 
 
 96 
 
 149 
 
PRACTICAL EXERCISES. 
 
 [To be written up after the manner of Set 2.] 
 
 Transactions.— Second Series. 
 
 Feb. /.—Commenced business with the following resources and liabilities, 
 taken from the Balance Sheet of previous Ledger* Resources : 
 Cash, $1822.20; Bills Receivable, $171.50; Robert Baker's ac 
 count, $350 ; Henry Ivison's do., $222.50 ; J. C. Bryant's do., $186 ; 
 L. Fairbanks' do., $293.75 ; Liabilities: our note favor of James 
 
 Dawes, for $2500 Bo't of Sprmger & Whiteman, on %, 20 bags 
 
 Rio Coffee, 1670 lbs., @ 15/ ; 15 tierces Rice, 7500 lbs., @ 4/; 15 
 hhds. Cuba Sugar, 14000 lbs., @ 5/. 
 3.— Bo't of Alex. Cowley, for Cash, 12 hhds. N. O. Molasses, 720 gals., 
 @ 40/ ; 20 boxes Soap, 1450 lbs., @ 8/ ; 10 brls. Pork, 2000 lbs., 
 @ 10/. 
 3.— Sold Lowis Lyman, on %, 30 lbs. Coffee, @ 18/ ; 20 do. Rice, @ 5\? ; 
 
 100 do. Sugar, @ 6/ Received Cash of Robert Baker, in full 
 
 of %, $ 
 
 •£• — Paid Cash for stationery and incidental expenses, $20. 
 
 6.— Sold Alonzo Mitchell, on %, 1 bag Rio Coffee, 80 lbs., @ 18/; 
 
 20 gals. N. O. Molasses, @ 50/ ; 30 lbs. Rice, @ 5 \f Bo't of 
 
 Peter Duff, for Cash, 300 lbs. English Dairy Cheese, @ 20/ ; 250 
 
 lbs. Butter, @ 18/ Sold John R. Penn, on his note @ 30 ds., 
 
 5 boxes Soap, 350 Ibis., @ 10/ ; 6 bags Rio Coffee, 485 lbs., @ 16/. 
 6-— Bo't of S. S. Packard, on our note @ 10 ds., 40 hf. chests Y. H. 
 
 Tea, 2356 lbs., @ 35/ Sold Charles Strong, for Cash, 10 hf. 
 
 chests Tea, 580 lbs., @ 38/ ; 100 lbs. English Dairy Cheese, @ 22/. 
 9.— Sold Samuel Davis, for Cash, 50 lbs. Butter, @ 20/ ; 50 lbs. Coffee, 
 @ 18/ ; 30 gals. Molasses, @ 50/. 
 fO.— Sold Henry Dwight. for Cash, 30 gals. Molasses, @ 50/ ; 10 lbs. 
 Rice, @ 6/ ; 1 box Soap, 75 lbs., @ 10/. 
 
 f8.— Paid clerk's salary in Cash, $15 Bo't of James Simpson, 
 
 on fc, 15 brls. Crushed Sugar, 2520 lbs., @ 10/. 
 
 75.— Rec'd Cash on % of Henry Ivison, $100 Sold Thomas Hunter, 
 
 on %, 5 hf. chests Tea, 275 lbs., @ 50/; 50 lbs. English Dairy 
 
 Cheese, @ 23/ ; 25 lbs. Rice, @ 5/ Sold Henry Ivison, on %, 
 
 20 gals. Molasses, @ 50/ ; 3 boxes Soap, 210 lbs.. @ 10/. 
 
 /#.— Rec'd Cash in full of J. C. Bryant's %, $ Sold W. H. 
 
 Joeckel, for Cash, 2 brls. Crushed Sugar, 330 lbs., @ 11/. 
 Z7-— Sold Lewis Lyman, on %, 50 lbs. Rio Coffee, @ 20/; 100 lbs. 
 
 Crushed Sugar, @ 11/. 
 /P.— Paid Cash in full, for our note, favor of S. S. Packard, dated 
 Feb. 6, due this day, $824.60. 
 
 * See Trial Balance, page 125. 
 
 150 
 
EXERCISES FOB THE LEAKNEB. 
 
 20.— Sold Robert Burns, for Cash, 100 lbs. Crushed Sugar, @ W 
 
 Received Cash of Henry Ivison, in full of %, $153.50. 
 
 22.— Paid James Simpson Cash in full of %, $252 Sold Philip 
 
 Stone, for Cash, 4 hf. chests Tea, 225 lbs., @ W- 
 23.— Sold Thomas Hunter, on %, 50 lbs. English Dairy Cheese, @ 25)* ; 
 75 do. Crushed Sugar, @ 11/ ; 15 do. Coffee, @ 20? ; 2 boxes Soap, 
 140 lbs., @ M: 
 25.— Sold Alonzo Mitchell, on %, 2 hhds. Cuba Sugar, 1850 lbs., @ 6/* 
 
 Received Cash in fall for J. M. Bradstreet's note of the 3d 
 
 ult., due March 5, $93.50 ; also for J. McMillan's note, due Mar. 1, 
 $75. Total, $171.50. 
 27.— Paid Cash for store rent, $100. 
 
 STATEMENT. 
 
 The student is expected to produce.the following results from 
 the foregoing transactions : 
 
 TRIAL BALANCE. 
 
 
 Stock - 
 
 2500 
 
 
 3045 
 
 95 
 
 
 Bills Receivable - - - 
 
 284 
 
 10 
 
 171 
 
 50 
 
 
 Cash 
 
 3242 
 
 50 
 
 1920 
 
 60 
 
 
 L. Fairbanks 
 
 293 
 
 75 
 
 
 
 
 Alonzo Mitchell - - 
 
 137 
 
 05 
 
 
 
 
 Merchandise (Amount unsold, 52500) - - 
 
 3036 
 
 10 
 
 961 
 
 45 
 
 
 Bills Payable ... 
 
 824 
 
 60 
 
 3324 
 
 60 
 
 
 Springer & Whiteman 
 
 
 
 1250 
 
 50 
 
 
 Lewis Lyman - - - 
 
 33 
 
 50 
 
 
 
 
 Expense - - - 
 
 135 
 
 
 
 
 
 Thos. Hunter - ... 
 
 188 
 
 
 
 
 
 10674 
 
 60 
 
 10674 
 
 60 
 
 
 FINANCIAL STATEMENT. 
 
 Resowrces. 
 
 Liabilities. 
 
 
 Merchandise ... 
 
 2500 
 
 
 
 
 
 Bills Receivable - - - - - 
 
 112 
 
 60 
 
 
 
 
 Cash -- - -- .... 
 
 1321 
 
 90 
 
 
 
 
 L. Fairbanks 
 
 293 
 
 75 
 
 
 
 
 Alonzo Mitchell - - 
 
 137 
 
 05 
 
 
 
 
 Bills Payable 
 
 
 
 2500 
 
 
 
 Springer & Whiteman - - 
 
 
 
 1250 
 
 50 
 
 
 Lewis Lyman 
 
 33 
 
 50 
 
 
 
 
 Thos. Hunter 
 
 188 
 
 
 
 
 
 Stock (Present Worth) - 
 
 4586 
 
 80 
 
 836 
 
 30 
 
 
 4586 
 
 80 
 
 151 
 
QUESTIONS FOR REVIEW. 
 
 Remakes, Page 128. 
 
 1. In what sense is this a continuation of Set 1 ? — 2. What different plan 
 is adopted in the keeping of property accounts ? — 3. When is it customary to 
 keep other than a general Merchandise ascount? — 4- When the business 
 commences with a capital, what is the first entry? — 5. What account is 
 credited with the investment ?— 6. What does Stock account represent? — 
 7. What is the technical meaning of the term "Sundries?" — 8. Why is it 
 used in Journal or Ledger entries ? 
 
 Order and Purpose of Closing the Ledger, Page 143. 
 
 9. In what condition was thp Ledger of Set 1 left ? — 10. Under what cir- 
 cumstances is this sufficient? — 11. When is it necessary to "close" the 
 Ledger accounts? — 12. When an account is closed, how is the balance or 
 difference exhibited ? — 13. How many classes of accounts are there in Double 
 Entry?— 14. What is the distinction?— 15. What are they called 1—16. What 
 is meant by Financial accounts? — 17. What by Business? — 18. What is 
 the object of closing the Ledger ? — 19. Why are the gains and losses in busi- 
 ' ness permitted to appear in the Business accounts, instead of being carried 
 directly to the proprietor's account ? — SO. How often is it customary to credit 
 the proprietor with his gains? — 21. To what condition is the Ledger restored 
 when the gains and losses are transferred to the proprietor's account? — 
 22. What is the first thing necessary after posting all the entries to the Led- 
 ger ? — 23. In what sense is the Trial Balance a test of the correctness of the 
 work? — 2Jf. What two features are presented by -the Trial Balance on page 
 143 ? — 25. How may the present condition of a business be shown? — 26. How 
 are resources shown on the Ledger? — 27. How liabilities ? — 28. How losses? — 
 29. How gains? — 30. What two accounts may be used to show these 
 results ? — 31. What is contained in the Loss and Gain account ? — 32. What in 
 the Balance account ? — 33. Can you learn from the Merchandise account the 
 value of Merchandise unsold? — 34, How is it ascertained? — 35. When the 
 Merchandise account is credited with the inventory of unsold Merchandise, 
 what will the account represent? — 36. What is the process of closing an 
 account? — 37. In closing an account, why is the difference placed on the 
 smaller side ? — 38. What test have we for ascertaining if the balances of the 
 accounts are properly transferred ? — 39. What accounts are contained in the 
 " Second Trial Balance?" — 40. Why will the difference in the Stock account, 
 after the gain or loss has been transferred, equal the difference in the Balance 
 account when all the resources and liabilities have been entered ? — 41. la it 
 necessary in closing the Ledger to open a Balance account? — 42. How may 
 the same effect be produced? — 43. What is the first step in the order of 
 closing?— 4£. Sscond?— 45. Third?— 46. Fourth?— 47. Fifth?— 48. Sixth? 
 
 152 
 
jE>ET 3. pOUBLE IJnTRY. 
 
 (Corresponding with Set 8, Part 1.) 
 
 DAY-BOOK AND JOURNAL COMBINED. 
 
 WITH FULL STATEMENTS AND EXPLANATIONS, SHOWING THE DIS- 
 TINCTIONS BETWEEN DOUBLE AND SINGLE ENTRY. 
 
 GgvLsiness j3.clxrerse.. 
 
REMARKS. 
 
 The transactions of this set are the same as those in Set 3, 
 Part L, and are selected for the purpose of showing the exact 
 difference between Single Entry and Double Entry. A careful 
 study of the two sets in their similar and dissimilar points will 
 open to the mind of the student a clearer distinction between the 
 two methods of accounts than could be effected in any other way. 
 This distinction is most apparent in the Ledger where it will be 
 seen that the additional accounts required by Double Entry relate 
 exclusively to particular speculations, and are useful, mainly, to 
 denote gains and losses. 
 
 Another decided improvement in this over the preceding set, 
 relates to the form of the original book of entry, which here 
 combines the Day- Book and Journal. There is no doubt as to 
 the preference of this plan over that of separate books. The only 
 objection that can be arrayed against it is the difficulty some- 
 times of combining the historical with the journal expression in a 
 manner to preserve the unity of the entry without destroying the 
 individuality of its parts. A little practice, however, will remove 
 this difficulty, and lead the student into a concise and symmetrical 
 form of expression, at once comprehensive and business-like. 
 
 It is not deemed necessary to repeat the auxiliary forms of 
 Sales-Book, Cash-Book, and Bill-Book, for the reason that there are 
 no improvements to suggest. Auxiliary books are used for their 
 convenience in classifying the departments of business, and do 
 not pertain necessarily to any particular theory or method of 
 accounts. In Single Entry, however, they are often essential in 
 preserving a sufficient record of resources and liabilities, which 
 in Double Entry are shown independently in the Ledger. 
 
 The manner of closing the accounts differs from Set 2 only in 
 bringing down the resources and liabilities under the accounts 
 themselves, instead of transferring them to a separate account 
 like " Balance." A few of the accounts, containing only one item, 
 are necessarily closed, and the balances brought down. This plan 
 is sometimes adopted in business, for the purpose of exhibiting 
 the condition of affairs on the Ledger at some certain date. 
 
 The method of showing general results through a detailed 
 statement is commended to the careful attention of the student. 
 
 154 
 
Set 3.] D. ENTRY— EXPLANATORY JOURNAL. 
 
 Albany, July 1, 1879. 
 
 Db. 
 
 Cr. 
 
 Sundries, To H. B. Bryant, 
 
 For investment, asfoUows: 
 Merchandise, As per inventory. 
 Bills Receivable, ■• •• Bill Book, 
 Cash, •< " Cash Booh, 
 
 John B. Penn, Balance of f e , 
 L. Fairbanks, 
 Alonzo Gaston, 
 
 Sundries, To H. D. Stratton, 
 
 For investment, as follows : 
 Real Estate, House and lot val. at, 
 Cash,* Am't in Union Bank, 
 
 Expense, 
 
 To Cash, 
 Paid for postage stamps, pens, etc, 
 
 Cash, 
 
 To Merchandise, 
 Sold Robt. Van Schaick, per S. B. 
 
 Cash, 
 
 To John R. Penn, 
 Received on % . 
 
 Expense, 
 
 To Cash, 
 Paid for printing hand-bills. 
 
 4750 
 
 1500 
 
 1200 
 
 500 
 
 750 
 
 375 
 
 5000 
 3000 
 
 39 
 
 250 
 
 10 
 
 17379 
 
 D075 
 
 8000 
 
 39 
 
 250 
 
 10 
 
 17379 
 
 * Some houses keep a regular bank account In their main books, debiting the bank with 
 deposits, and crediting it with checks drawn ; while others keep the account only in an 
 auxiliary book, and count the cash in bank the same as that in safe. We have, in this in- 
 stance, Adopted the latter plan. 
 
 155 
 
2 
 
 D. Entry—Explanatory Journal, .[smi 
 
 Albany, July 3, 1879. 
 
 Cr. 
 
 11 
 
 3 
 
 10 
 6 
 
 3 
 
 12 
 
 13 
 6 
 
 14: 
 
 3 
 
 James Johnson, 
 
 To Merchandise, 
 Per Sales Book. 
 
 Cash, 
 
 To Merchandise, 
 Petty sales, per C. B. 
 
 4 
 
 Bills Beceivable, 
 
 To Merchandise, 
 Sold E. H. Bender, per S. B. 
 
 Expense, 
 
 To Cash, 
 Paid C. Jones, repairing store. 
 
 Merchandise, 
 
 To Sundries, 
 
 To Claflin, Mellen & Co., 
 
 Invoice of Boots and Shoes. 
 
 " A. T. Stewart & Co., 
 Invoice of Dry Goods. 
 
 " Cash, 
 
 Paid freight on above. 
 
 E. B. Eice, 
 
 To Merchandise, 
 Per Sales Book. 
 
 Cash, 
 
 To Alonzo Gaston, 
 "Received in full of %. 
 
 192 
 
 17 
 
 108 
 
 175 
 
 1359 
 
 42 
 
 575 
 
 2269 
 
 50 
 
 20 
 
 50 
 
 45 
 
 65 
 
 192 
 
 17 
 
 108 
 
 175 
 
 575 
 757 
 
 27 
 
 42 
 
 375 
 2269 
 
 50 
 
 20 
 
 50 
 
 45 
 
 65 
 
8bt8.j D. Entry— Explanatory Journal. 
 
 3 
 
 
 
 Mbany, July 7, 1879. 
 
 Dr. 
 
 Cr. 
 
 
 
 10 
 6 
 
 Expense, 
 
 To Cash, 
 Paid clerk hire. 
 
 Q 
 
 25 
 
 
 25 
 
 
 
 
 
 
 6 
 
 Cash, 
 
 19 
 
 82 
 
 
 
 
 3 
 
 To Merchandise, 
 Sold W. H. Clark, per S. B. 
 
 
 
 19 
 
 82 
 
 
 10 
 
 6 
 
 Expense, 
 
 To Cash, 
 Paid expenses to New York. 
 
 1 iO 
 
 15 
 
 75 
 
 15 
 
 75 
 
 
 
 
 
 15 
 3 
 
 Benjamin Payn, 
 
 To Merchandise, 
 
 Per Sales Book. 
 
 23 
 
 41 
 
 23 
 
 41 
 
 
 6 
 
 Cash, 
 
 500 
 
 
 
 
 
 4 
 
 To Bills Receivable, 
 In full of Eobt. Brace's note. 
 
 
 
 500 
 
 
 
 13 
 
 A. T. Stewart & Co., 
 
 300 
 
 
 
 
 
 6 
 
 To Cash, 
 Paid them on % . 
 
 
 
 300 
 
 
 
 4 
 
 Bills Receivable, 
 
 173 
 
 
 
 
 
 3 
 
 To Merchandise, 
 Sold C. S. Sill, per S. B. 
 
 
 
 173 
 
 
 
 1056 
 
 98 
 
 1056 
 
 98 
 
 157 
 
D. Entry— Explanatory Journal. [set3. 
 
 ■i 
 
 Albany, July 12, 1879. 
 
 Dr. Cb. 
 
 2 
 16 
 
 17 
 3 
 
 12 
 
 16 
 
 H. D. Stratton, 
 
 To Bills Payable, 
 Accepted draft favor of P. E. 
 Spencer, per B. B. 
 
 Cash, 
 
 To Merchandise, 
 Received for petty sales, per C. B. 
 
 Amos Dean, 
 
 To Merchandise, 
 Per Sales Book. 
 
 13- 
 
 Claflin, Mellen & Co., 
 
 To Bills Payable, 
 Our note to balance % . 
 
 15 
 
 H. B. Bryant, 
 
 To Cash, 
 Paid him on % . , 
 
 Cash, 
 
 To L. Fairbanks, 
 Received on %. 
 
 18 
 
 Cash, 
 
 To Merchandise, 
 Sold G. H. Doty, per S. B. 
 
 75 
 
 33 
 
 180 
 
 575 
 
 75 
 
 350 
 
 252 
 
 1540 
 
 50 
 
 50 
 
 75 
 
 33 
 
 180 
 
 575 
 
 75 
 
 350 
 
 252 
 
 1540 
 
 50 
 
 50 
 
set s.] D. Entry— Explanatory Journal. 
 
 Albany, July 19, 1879. 
 
 Dr. 
 
 Cb. 
 
 10 
 
 Expense, 
 
 To Cash, 
 Paid for advertisements in the 
 Evening Journal. 
 
 Victor M. Eice, 
 
 To Merchandise, 
 Per Sales Book. 
 
 Cash, 
 
 To Victor M. Rice, 
 Received on %. 
 
 Expense, 
 
 To Cash, 
 Paid petty expenses per C. B. 
 
 Cash, 
 
 To Amos Dean, 
 Received on %. 
 
 Expense, 
 
 To Cash, 
 Bill of carpenter work, $175 ; 
 drayage, $5 ; porterage, $3. 
 
 Bills Receivable, 
 
 To Merchandise, 
 Sold J. R. Morgan, per S. B. 
 
 159 
 
 15 
 
 82 
 
 30 
 
 10 
 
 50 
 
 183 
 
 339 
 
 709 
 
 88 
 
 88 
 
 15 
 
 82 
 
 88 
 
 30 
 
 10 
 
 50 
 
 183 
 
 339 
 
 709 
 
 88 
 
D. Entry— Explanatory Journal. [s=t 3. 
 
 Albany, July 23, 1879. 
 
 Dk. 
 
 19 
 3 
 
 6 
 14 
 
 20 
 3 
 
 16 
 
 6 
 
 10 
 
 James Sheldon, 
 
 To Merchandise, 
 Per Sales Book. 
 
 Cash, 
 
 To Merchandise, 
 Sold It. Metcalf, per S. B. 
 
 H 
 
 Cash, 
 
 To Merchandise, 
 Sold Chas. Heydon, per S. B. 
 
 Cash, 
 
 To E. B. Rice, 
 Received in full of %. 
 
 William Shepard, 
 
 To Merchandise, 
 Per Sales Book. 
 
 Cash, 
 
 To Merchandise, 
 Sold Bobt. Dawes, per S. B. 
 
 Bills Payable, 
 
 To Cash, 
 Paid on Accept, favor H. D. S. 
 
 Expense, 
 
 To Cash, 
 Paid clerk hire. 
 
 132 
 
 234 
 
 106 
 
 42 
 
 37 
 
 163 
 
 75 
 
 25 
 
 815 
 
 24 
 
 45 
 
 55 
 
 20 
 
 44 
 
 132 
 
 234 
 
 106 
 
 42 
 
 37 
 
 163 
 
 75 
 
 25 
 
 815 
 
 24 
 
 43 
 
 55 
 
 20 
 
 44 
 
Set 3.] D. ENTRY-EXPLANATORY JOURNAL. 
 
 
 
 Albany, July £6, 1879. 
 
 Dn. 
 
 Cb. 
 
 
 21 
 3 
 
 13 
 6 
 
 6 
 3 
 
 6 
 3 
 
 C 
 5 
 
 3 
 6 
 22 
 
 John Belden, 
 
 To Merchandise, 
 Per Sales Book. 
 
 216 
 457 
 138 
 154 
 250 
 
 75 
 107 
 
 50 
 
 72 
 
 40 
 
 216 
 
 457 
 
 138 
 
 154 
 
 250 
 182 
 
 50 
 
 
 A. T. Stewart & Co., 
 
 To Cash, 
 Paid them in full of %. 
 
 
 
 Cash, 
 
 To Merchandise, 
 Sold J. H. Lansley, per S. B. 
 
 72 
 
 
 Cash, 
 
 To Merchandise, 
 Sold W. H. Fiquet, per S. B. 
 
 
 
 Cash, 
 
 To John R. Penn, 
 Received in full of %. 
 
 
 
 Sundries, To Merchandise, 
 Sold Chas. A. Seeley, per a B. 
 
 Cash, Amount received, 
 Chas. A. Seeley, Balance on %, 
 
 40 
 
 
 1398 
 
 62 
 
 1398 
 
 62 
 
 161 
 
Dr. 
 
 Double Entry— Ledger. 
 
 H. B. Bryant. 
 
 [Set 3. 
 Cr. 
 
 1879 
 July 
 
 15 
 31 
 
 To Cash, 
 
 Loss & Gain, 
 
 Balance, 
 
 4 
 l23 
 il 
 
 75 
 352 
 86L7 
 
 94 
 06 
 
 1879 
 July 
 
 1 
 
 By Sundries, 
 By Balance, 
 
 1 
 
 Ll 
 
 9075 
 
 
 
 9075 
 
 CO 
 
 9075 
 
 
 
 
 
 
 Aug. 
 
 1 
 
 8647 
 
 06 
 
 Dr. 
 
 2 
 
 H. D. Stratton. 
 
 Cr. 
 
 1379 
 July 
 
 12 
 31 
 31 
 
 To Bills Payable, 
 Loss & Gain, 
 Balance. 
 
 4 
 l6 
 l2 
 
 75 
 
 352 
 
 7572 
 
 8000 
 
 94 
 
 06 
 00 
 
 1879 
 July 
 
 1 
 
 By Sundries, 
 By Balance, 
 
 i 
 
 L2 
 
 8000 
 
 
 
 8000 
 
 
 
 
 Aug. 
 
 1 
 
 7572 
 
 06 
 
 Dr. 
 
 
 
 Merchand 
 
 ise 
 
 
 
 Cr 
 
 
 1879 
 
 
 
 
 
 
 1879 
 
 
 
 
 
 
 July 
 
 1 
 
 To H. B. Bryant, 
 
 1 
 
 4750 
 
 
 July 
 
 1 
 
 By Cash, 
 
 1 
 
 39 
 
 
 
 5 
 
 Sundries, 
 
 S 
 
 1359 
 
 50 
 
 
 3 
 
 4 
 7 
 8 
 10 
 12 
 
 13 
 13 
 20 
 22 
 23 
 
 24 
 25 
 
 20 
 27 
 29 
 30 
 £1 
 
 J. Johnson, 
 
 Casb, 
 
 Bills Rec'ble, 
 
 B. B. Rice, 
 
 Cash, 
 
 Benj. Payn, 
 
 Bills Rec'ble, 
 
 Cash, 
 
 Amos Dean, 
 
 Cash, 
 
 Vict. M. Rice, 
 
 Bills Rec'ble, 
 
 Jas. Sbelden, 
 
 Cash, 
 
 W. Shepard, 
 
 Cash, 
 
 John Belden, 
 
 C;sh, 
 u 
 
 Sundries, 
 Balance. 
 
 2 
 
 3 
 
 4 
 
 5 
 6 
 
 7 
 
 (t 
 
 L3 
 
 192 
 
 17 
 
 108 
 
 42 
 
 19 
 
 23 
 
 178 
 
 33 
 
 180 
 
 252 
 
 82 
 
 S39 
 
 132 
 
 234 
 
 106 
 
 37 
 
 163 
 
 216 
 
 138 
 
 154 
 
 182 
 
 SOW 
 
 50 
 20 
 45 
 82 
 41 
 
 .50 
 
 88 
 21 
 
 55 
 20 
 50 
 
 72 
 
 40 
 
 
 
 To Balance, 
 
 l3 
 
 
 50 
 
 
 
 Loss d> Gain, 
 
 L23 
 
 sw 
 
 IS 
 
 
 6100 
 
 6109 
 
 50 
 
 Aug. 
 
 1 
 
 3000 
 
 
 
 
 
 
 162 
 
Bet 3.J 
 
 Double Entry— Ledger. 
 
 Dr. 
 
 Bills Receivable. 
 
 Or. 
 
 1879 
 July 
 
 1 
 4 
 12 
 22 
 
 To H. B. Bryant, 
 
 Mdee., 
 
 To Balance, 
 
 1 
 2 
 3 
 5 
 
 l4 
 
 1500 
 108 
 173 
 339 
 
 20 
 
 1879 
 July 
 
 10 
 31 
 
 By Cash, 
 
 Balance, 
 
 l4 
 
 500 
 1630' 
 
 SO 
 
 
 2130 
 
 20 
 
 2120 
 
 £0 
 
 Aug. 
 
 1 
 
 1620 
 
 20 
 
 
 
 
 
 Dr. 
 
 John R. Penn. 
 
 1879 
 July 
 
 To II. B. Bryant, 
 
 500 
 
 1879 
 July 
 
 By Cash, 
 
 Dr. 
 
 6 
 
 Cash. 
 
 1879 
 
 
 
 
 
 
 1879 
 
 
 
 
 
 
 July 
 
 1 
 
 To H. B. Bryant, 
 H.D.Stratton, 
 
 1 
 
 1200 
 3000 
 
 
 July 
 
 1 
 2 
 
 By Expense, 
 
 1 
 
 5 
 10 
 
 
 
 " 
 
 Mdse., 
 
 " 
 
 39 
 
 
 
 4 
 
 ti 
 
 S 
 
 175 
 
 
 
 2 
 
 J. E. Penn, 
 
 " 
 
 250 
 
 
 
 5 
 
 Mdse., 
 
 " 
 
 27 
 
 50 
 
 
 3 
 
 Mdse., 
 
 2 
 
 17 
 
 50 
 
 
 7 
 
 Expense, 
 
 8 
 
 25 
 
 
 
 7 
 
 A. Gaston, 
 
 " 
 
 875 
 
 
 
 8 
 
 " 
 
 " 
 
 15 
 
 75 
 
 
 
 
 Mdse., 
 
 3 
 
 19 
 
 82 
 
 
 10 
 
 A.T.Stw.&Co. 
 
 " 
 
 300 
 
 
 
 10 
 
 Bills Rec'ble, 
 
 " 
 
 500 
 
 
 
 15 
 
 II. B. Bryant, 
 
 4 
 
 75 
 
 
 
 12 
 
 Mdse., 
 
 4 
 
 83 
 
 50 
 
 
 19 
 
 Expense, 
 
 5 
 
 15 
 
 
 
 15 
 
 L. Fairbanks, 
 
 " 
 
 850 
 
 
 
 20 
 
 " 
 
 " 
 
 10 
 
 
 
 IS 
 
 Mdse., 
 
 " 
 
 252 
 
 
 
 21 
 
 it 
 
 " 
 
 183 
 
 
 
 20 
 
 V. M. Bice, 
 
 5 
 
 80 
 
 
 
 25 
 
 Bills Payable, 
 
 6 
 
 75 
 
 
 
 21 
 
 Amos Dean, 
 
 " 
 
 50 
 
 
 
 " 
 
 Expense, 
 
 " 
 
 25 
 
 
 
 23 
 
 Mdse., 
 
 
 
 234 
 
 
 
 26 
 
 A.T.Stw.&Co. 
 
 7 
 
 457 
 
 
 
 24 
 
 E. B. Eice, 
 
 « 
 
 106 
 42 
 
 45 
 
 
 El 
 
 By Balance, 
 
 1.6 
 
 5S81 
 
 34 
 
 
 25 
 
 Mdse., 
 
 " 
 
 163 
 
 20 
 
 
 
 
 
 
 
 
 27 
 
 " 
 
 7 
 
 138 
 
 72 
 
 
 
 
 
 
 
 
 29 
 
 J. E. Penn, 
 
 * 
 
 154 
 250 
 
 
 
 
 
 
 
 
 
 30 
 
 Mdse., 
 To Balance, 
 
 l6 
 
 75 
 
 
 
 
 
 
 
 
 
 7280 
 
 19 
 
 7280 
 
 19 
 
 Aug. 
 
 1 
 
 5881 
 
 94 
 
 
 
 
 
 163 
 
Dr. 
 
 Double Entry— Ledger. 
 
 L. Fairbanks. 
 
 Dr. 
 
 S 
 
 Alonzo Gaston. 
 
 [8et 3. 
 
 Cr 
 
 1879 
 July 
 
 1 
 
 To H. B. Bryant, 
 To Balance, 
 
 1 
 l7 
 
 750 
 
 
 1879 
 July 
 
 16 
 31 
 
 By Cash, 
 
 Balance, 
 
 i 
 
 L7 
 
 850 
 
 IM 
 
 
 
 750 
 
 
 750 
 
 
 Aug. 
 
 1 
 
 400 
 
 
 
 
 
 Cr. 
 
 1879 
 July 
 
 To H. B. Bryant, 
 
 1879 
 July 
 
 By Cash, 
 
 Dr. 
 
 9 
 
 Real Estate. 
 
 Cr. 
 
 1879 
 
 
 
 
 
 
 1879 
 
 
 
 
 
 
 July 
 
 1 
 
 To H.D.Stratton, 
 To Balance, 
 
 1 
 l9 
 
 5000 
 
 
 July 
 
 31 
 
 By Balance, 
 
 1,9 
 
 5000 
 
 
 Ang. 
 
 1 
 
 5000 
 
 
 
 
 
 
 
 
 io 
 
 
 
 Dr. 
 
 
 Expense. 
 
 
 Cr. 
 
 1879 
 
 
 
 
 
 
 1879 
 
 
 
 
 
 
 July 
 
 1 
 
 2 
 
 4 
 
 7 
 
 8 
 
 19 
 
 20 
 
 21 
 
 25 
 
 To Cash, 
 
 1 
 
 2 
 3 
 
 5 
 6 
 
 5 
 10 
 
 175 
 25 
 15 
 15 
 10 
 
 183 
 25 
 
 463 
 
 75 
 
 75 
 
 July 
 
 31 
 
 By Loss <& Gain, 
 
 1.23 
 
 UG3 
 
 7S 
 
 
 463 
 
 75 
 
 
 
 • 
 
 
 
 
 
 
 , 
 
 
 
 
Set 3.] DOUBLE ENTRY— LEDGER. 
 
 11 
 
 Dr. James Johnson. 
 
 12 
 
 Or. 
 
 1879 
 July 
 
 3 
 
 To Mdse., 
 To Balance, 
 
 2 
 
 Lll 
 
 192 
 
 
 1879 
 July 
 
 81 
 
 By Balance, 
 
 Lll 
 
 • 
 
 
 Aug. 
 
 1 
 
 192 
 
 
 
 
 
 
 
 D 
 
 % 
 
 Claflin, 
 
 Mellen & Co. 
 
 
 Or. 
 
 
 1879 
 July 
 
 IB 
 
 To Bills Payable, 
 
 4 
 
 575 
 
 
 1879 
 Jnly 
 
 5 
 
 By Mdse., 
 
 2 
 
 575 
 
 
 
 
 
 
 
 
 
 
 Dr. 
 
 13 
 
 A. T. Stewart & Co. 
 
 Or. 
 
 1878 
 July 
 
 10 
 26 
 
 To Cash, 
 
 3 
 
 7 
 
 300 
 457 
 
 757 
 
 
 1879 
 July 
 
 5 
 
 By Mdse* 
 
 2 
 
 757 
 
 
 
 757 
 
 
 
 
 
 
 
 
 
 Dr. 
 
 14: 
 
 E. B. Rice. 
 
 
 Or. 
 
 
 1879 
 July 
 
 7 
 
 To Mdse. 
 
 2 
 
 42 
 
 45 
 
 1879 
 July 
 
 24 
 
 By Cash, 
 
 6 
 
 42 
 
 45 
 
 
 
 
 
 
 
 
 
 
 15 
 
 Dr. 
 
 
 Benjamin Payn. 
 
 
 Or. 
 
 
 1879 
 July 
 
 10 
 
 To Mdse., 
 To Balance, 
 
 3 
 1.15 
 
 23 
 
 41 
 
 1879 
 Jnly 
 
 31 
 
 By Balance, 
 
 Ll5 
 
 iS 
 
 hi 
 
 Aug. 
 
 1 
 
 23 
 
 41 
 
 
 
 
 
 165 
 
Dr. 
 
 Double Entry— Ledger. [set3. 
 
 16 
 
 Bills Payable. Cr. 
 
 1879 
 July 
 
 41 
 
 25 
 31 
 
 To Cash, 
 Balance, 
 
 6 
 1.18 
 
 75 
 67S 
 
 
 1879 
 July 
 
 12 
 15 
 
 By H.D. Stratton, 
 Claf. M. & Co. 
 
 By Balance, 
 
 4 
 
 LlC 
 
 75 
 575 
 
 
 
 650 
 
 
 650 
 
 
 ■ 
 
 
 
 
 Aug. 
 
 1 
 
 575 
 
 
 Dr. 
 
 17 
 
 Amos Dean. 
 
 
 Cr. 
 
 1879 
 July 
 
 13 
 
 To Mdse., 
 To Balance, 
 
 4 
 Ll7 
 
 180 
 
 
 1879 
 July 
 
 21 
 81 
 
 By Cash, 
 Balance, 
 
 5 
 
 Ll7 
 
 50 
 130 
 
 
 
 189 
 
 
 180 
 
 
 Ang. 
 
 1 
 
 130 
 
 
 
 
 
 
 Dr. 
 
 18 
 
 Victor M. Rice. 
 
 
 Cr. 
 
 1879 
 July 
 
 80 
 
 To Mdse., 
 To Balance, 
 
 5 
 Ll8 
 
 83 
 
 88 
 
 1879 
 July 
 
 20 
 31 
 
 By Cash, 
 Balance, 
 
 5 
 
 l18 
 
 30 
 62 
 
 88 
 
 
 83 
 
 83 
 
 83 
 
 Aug. 
 
 1 
 
 52 
 
 88 
 
 
 
 
 
 Dr. 
 
 19 
 
 James Sheldon. 
 
 
 Cr. 
 
 1879 
 July 
 
 23 
 
 To MdBe., 
 To Balance, 
 
 c 
 
 Ll9 
 
 133 
 
 24 
 
 1879 
 July 
 
 81 
 
 By Balance, 
 
 Ll9 
 
 1SS 
 
 24 
 
 Aug. 
 
 1 
 
 132 
 
 24 
 
 
 
 
 
 20 
 
 Dr. 
 
 
 Willia 
 
 m 
 
 Shepard. 
 
 
 Cr. 
 
 
 1879 
 July 
 
 25 
 
 To MdBe., 
 To Balance, 
 
 G 
 
 L30 
 
 37 
 
 55 
 
 1879 
 July 
 
 31 
 
 By Balance, 
 
 ISO 
 
 S7 
 
 5S 
 
 Aug. 
 
 1 
 
 87 
 
 55 
 
 
 
 1G6 
 
set3.j Double Entry— Ledger. 
 
 21 
 
 Dr. John Belden. 
 
 Dr. 
 
 22 
 
 Chas. A. Seeley. 
 
 Or. 
 
 1879 
 July 
 
 26 
 
 To Mdse., 
 To Balance, 
 
 7 
 
 L21 
 
 1 
 
 216 
 
 60 
 
 1 1879 
 July 
 
 31 
 
 By Balance, 
 
 L21 
 
 tie 
 
 BO 
 
 Aug. 
 
 1 
 
 216 
 
 50 
 
 
 
 
 
 Or. 
 
 1879 
 July 
 
 30 
 
 To Mdse., 
 To Balance, 
 
 7 
 L22 
 
 107 
 
 40 
 
 1879 
 July 
 
 31 
 
 By Balance, 
 
 L22 
 
 107 
 
 iO 
 
 Aug. 
 
 1 
 
 107 
 
 40 
 
 
 
 
 
 Dr. 
 
 23 
 
 Loss and Gain. 
 
 Or. 
 
 1879 
 July 
 
 31 
 
 To Mdse., 
 Expense, 
 
 l3 
 
 LlO 
 
 242 
 463 
 
 705 
 
 13 
 75 
 
 88 
 
 1879 
 Jnly 
 
 81 
 
 By B. B. Bryant, 
 H.D. Stratum, 
 
 Ll 
 
 L2 
 
 SSt 
 852 
 
 94 
 
 
 705 
 
 88 
 
 
 
 
 
 
 
 1C7 
 
STATEMENT. 
 
 The following detailed statement should be carefully compared 
 with the Single Entry Statement on page 67, that the characteristic 
 features of the two systems may be thoroughly appreciated. We 
 have designated the proper classification of accounts in the Trial 
 Balance and have included all the Ledger accounts, that the general 
 footings may be made to agree with the footings of the Journal. 
 In rendering the Statement, those accounts which cancel or balance, 
 are, of course, omitted. With this form of Trial Balance it would 
 scarcely be necessary to do more than carry the balances of the 
 accounts into the statement columns as in the Statement on page 
 121 ; but this form gives the philosophy more in detail. 
 
 
 TRIAL BALANCE. 
 
 Total Footings. 
 
 Balances. 
 
 
 
 H. B. Bryant, 
 
 Financial 
 
 Dr. 
 
 Cr. 
 
 Dr. 
 
 Cr. 
 
 1 
 
 75 
 
 
 9075 
 
 
 
 
 9000 
 
 
 2 
 
 H. D. Stratton, 
 
 Financial - 
 
 75 
 
 
 8000 
 
 
 
 
 7925 
 
 
 3 
 
 Merchandise, 
 
 Business - - 
 
 6109 
 
 50 
 
 2867 
 
 37 
 
 3242 
 
 13 
 
 
 
 4 
 
 Bills Receivable, 
 
 Financial - - 
 
 2120 
 
 20 
 
 500 
 
 
 1620 
 
 20 
 
 
 
 5 
 
 John R. Penn, 
 
 Financial 
 
 500 
 
 
 500 
 
 
 
 
 
 
 6 
 
 Cash, 
 
 Financial - 
 
 7280 
 
 19 
 
 1398 
 
 25 
 
 5881 
 
 94 
 
 
 
 7 
 
 L. Fairbanks, 
 
 Financial 
 
 750 
 
 
 350 
 
 
 400 
 
 
 
 
 8 
 
 AJonzo Gaston, 
 
 Financial 
 
 375 
 
 
 375 
 
 
 
 
 
 
 9 
 
 Real Estate, 
 
 Business 
 
 5000 
 
 
 
 
 5000 
 
 
 
 
 10 
 
 Expense, 
 
 Business 
 
 463 
 
 75 
 
 
 
 463 
 
 75 
 
 
 
 11 
 
 James Johnson, 
 
 Financial - 
 
 192 
 
 
 
 
 192 
 
 
 
 
 12 
 
 Claf., Mellen & Co., 
 
 Financial 
 
 575 
 
 
 575 
 
 
 
 
 
 
 13 
 
 A. T. Stewart, 
 
 Financial 
 
 757 
 
 
 757 
 
 
 
 
 
 
 14 
 
 E. B. Rice, 
 
 Financial 
 
 42 
 
 45 
 
 42 
 
 45 
 
 
 
 
 
 15 
 
 Benjamin Payn, 
 
 Financial 
 
 23 
 
 41 
 
 
 
 23 
 
 41 
 
 
 
 IS 
 
 Bills Payable, 
 
 Financial - 
 
 75 
 
 
 650 
 
 
 
 
 575 
 
 
 17 
 
 Amos Dean, 
 
 Financial - 
 
 180 
 
 
 50 
 
 
 130 
 
 
 
 
 18 
 
 Victor M. Rice, 
 
 Financial 
 
 82 
 
 88 
 
 30 
 
 
 52 
 
 88 
 
 
 
 19 
 
 James Sheldon, 
 
 Financial - - 
 
 132 
 
 24 
 
 
 
 132 
 
 24 
 
 
 
 ao 
 
 William Shepard, 
 
 Financial - 
 
 37 
 
 55 
 
 
 
 37 
 
 55 
 
 
 
 21 
 
 John Belden, 
 
 Financial 
 
 216 
 
 50 
 
 
 
 216 
 
 50 
 
 
 
 22 
 
 Chas. A. Seeley, 
 
 Financial 
 
 107 
 
 40 
 
 
 
 107 
 
 40 
 
 
 
 
 
 
 25170 
 
 07 
 
 25170 
 
 07 
 
 17500 
 
 00 
 
 17500 
 
 00 
 
 Mclsc. unsold 
 Real Estate 
 
 INVENTORY. 
 
 168 
 
 $3000 
 5000 
 
STATEMENT. 
 
 LOSSES AND GAINS.— BUSINESS ACCOUNTS. 
 
 
 Returns, . $2867 37 
 
 Value unsold, £000 00 
 Net loss . 
 
 Total Net Loss 
 II. B. B's I net loss 
 
 b.d.s's " •• . 
 
 . $6109 SO 
 6367 37 
 
 Losses. 
 
 Gains. 
 
 3 
 
 242 
 463 
 
 13 
 75 
 
 705 
 
 
 10 
 
 $352 94 
 352 94 
 
 88 
 
 
 7U5 
 
 88 
 
 705 
 
 88 
 
 
 
 
 
 
 
 
 
 RESOURCES AND LIABILITIES— 
 
 -FINANCIAL ACCOUNTS. 
 
 
 
 /. — From Inventories of unsold property. 
 
 Resources. 
 
 Liabilities. 
 
 
 3000 
 
 sooo 
 
 1620 
 
 5881 
 
 400 
 192 
 23 
 
 130 
 
 52 
 132 
 
 87 
 216 
 107 
 
 20 
 94 
 
 41 
 
 88 
 24 
 55 
 50 
 40 
 
 575 
 
 8647 
 7572 
 
 
 4 
 
 2. — From Ledger Accounts. 
 
 Bills Receivable, . Others' notes received 
 " " disp. of, 
 " " on hand 
 
 Cash Amount received . 
 
 " paid out . 
 
 $2120 20 
 500 00 
 
 
 6 
 
 $7280 19 
 1398 25 
 
 
 7 
 
 L. Fairbanks . . . Our % against him 
 Bis " " us . 
 Be owes us . . 
 
 James Johnson . . Be owes us ... 
 
 $760 00 
 T50 00 
 
 
 Jl 
 35 
 
 
 
 13 
 
 Bills Payable . . Our notes issued . 
 " " redeemed 
 " " outstanding 
 Amos Dean .... Our % against him 
 Bis " " us 
 
 $650 00 
 75 00 
 
 
 17 
 
 $180 00 
 50 00 
 
 
 
 
 
 18 
 
 Victor M. Bice . . Our a /c against him 
 Bis " " us 
 
 $82 88 
 30 00 
 
 
 
 
 
 19 
 
 20 
 
 n 
 l 
 
 2 
 
 James Sheldon . . " " " . . 
 William Suepahd . " " " ... 
 John Belden ...""" . . 
 Chas. A. Seelet . " " " ... 
 H. B. Bryant . . . His net investment . 
 
 " " loss . . . 
 His present interest 
 H. D. Stbatton . . Bis net investment . 
 
 " " loss . . . 
 His present interest 
 
 $9000 00 
 352 94 
 
 $7925 00 
 352 94 
 
 06 
 
 
 
 06 
 
 
 16794 
 
 12 
 
 16794 
 
 12 
 
 
 
 
 
 
 1fi9 
 
EXAMPLES FOR PRACTICE. 
 
 The following examples are to be rendered in the form of the 
 Statement on page 169. 
 
 Example 1. TRIAL BALANCE. Dr. Or. 
 
 
 Warren P. Spencer, (Partner) 
 
 700 
 
 
 5724 
 
 58 
 
 
 J. C. Bryant, do. 
 
 
 
 5024 
 
 58 
 
 
 Merchandise (Amount unsold, $5000) 
 
 12000 
 
 
 7594 
 
 
 
 Cash .... 
 
 15752 
 
 25 
 
 9692 
 
 84 
 
 
 Bills Receivable- - - - - 
 
 4000 
 
 
 1500 
 
 
 
 Bills Payable - 
 
 9000 
 
 
 12000 
 
 
 
 E. G. Polsom 
 
 750 
 
 
 
 
 
 E. R. Felton 
 
 123 
 
 75 
 
 985 
 
 
 
 Expense - - 
 
 175 
 
 
 
 
 
 
 43501 
 
 00 
 
 42501 
 
 00 
 
 
 Example 2. TRIAL BALANCE. 
 
 Dr. 
 
 Cr. 
 
 
 James W. Lusk, (Partner) - 
 
 
 
 4500 
 
 
 
 H. W. Ellsworth, do. 
 
 398 
 
 72 
 
 5000 
 
 
 
 H. C. Spencer, do. 
 
 
 
 4500 
 
 
 
 Cash - 
 
 17594 
 
 28 
 
 15029 
 
 50 
 
 
 Bills Receivable - 
 
 7500 
 
 
 4300 
 
 
 
 Merchandise, (Inventory, $1000) 
 
 6794 
 
 
 5382 
 
 50 
 
 
 Real Estate, ( do. 5000) 
 
 5000 
 
 
 125 
 
 
 
 Expense 
 
 150 
 
 
 
 
 
 Bills Payable - 
 
 4000 
 
 
 5700 
 
 
 
 Robert Paton - 
 
 2000 
 
 
 
 
 
 Samuel Ogden 
 
 1400 
 
 00 
 
 
 
 
 44837 
 
 44837 
 
 00 
 
 QUESTIONS FOR REVIEW. 
 
 Remarks, Page 154. 
 
 1. What is the purpose of Set 3 ? — 2. With what previous set does it cor- 
 respond? — 8. Where is the distinction between Single and Double Entry most 
 apparent? — If. To what do the additional accounts in Double Entry relate? — 
 5. For what are they useful? — 6. What improvement has this set over Set 2? 
 — 7. What is the objection usually urged against combining the Day-Book 
 and Journal ? — S. What is. the general purpose of auxiliary books ? — 9. For 
 what are they used in Single Entry? — 10. In what does the method of closing 
 the accounts in this Ledger differ from the preceding ? — Is it usual to bring 
 down, single items in the Ledger? — IS. When is this proper? 
 
 Note.— Let this set be followed by the "Exercises" on page 69. 
 
 170 
 
j^ET 4. pOUBLE ^NTRY. 
 
 GENTLEMEN'S FURNISHING BUSINESS. 
 
 (PARTNERSHIP.) 
 
 JOURNAL, CASH-BOOK, AND SALES-BOOK, 
 USED AS PRINCIPAL BOOKS, 
 
 ^ixsirtess jlctverse. 
 
REMARKS. 
 
 The characteristic feature of this set consists in the peculiar 
 arrangement and use of the original books of entry. Hitherto the 
 transactions, whatever auxiliary books have been used, have all 
 been entered in the Journal, and from thence posted to the Ledger. 
 This plan, although having some advantages, is objectionable upon 
 the ground of too much labor, nearly all the transactions being 
 entered twice or more before being carried to the Ledger. 
 
 The plan of posting directly from the original books of entry, 
 such as the Cash-Book, Sales-Book, etc., is not only practical and 
 business-like, but serves, in the most striking manner to enforce 
 the theory of the science, and to disarm that class of objectionists 
 who insist that Double Entry requires vastly more writing than 
 Single Entry. 
 
 The only difficulty in the way of posting directly from the orig- 
 inal books lies in the danger of conflicting the entries, or posting 
 the same amounts tioice. For instance, the debit side of the Cash- 
 Book comprises in itself a double entry, which is equivalent to the 
 Journal entry " Cash, Dr. To Sundries." In posting from the Cash- 
 Book, the total of the debit side is carried to the Cash account in 
 the Ledger, and the item comprising that amount to the credit side 
 of the various accounts mentioned, among which is Merchandise. 
 It is very evident that if all the Merchandise sold be credited from 
 the Sales-Book, the amount sold for Cash would be credited twice ; 
 hence the necessity of an extra column in the Sales-Book for Cash 
 sales which are omitted in posting from the Sales-Book. The 
 special "Mdse." and "Expense" columns in the Cash-Book are to 
 save the necessity of so many special entries to these accounts in 
 the Ledger. The method of posting from the Cash and Sales- 
 Books is extremely simple. The amounts in the " General " column 
 of the Cash-Book may be posted at any time— the page of the 
 Ledger being indicated in a column provided for that purpose, 
 the " Mdse." and " Expense " columns at the end of the month, or 
 as often as may be best to close the Cash-Book. The sales for Cash 
 are checked off in the Sales-Book, and the amounts extended into 
 the " Cash " column. The other accounts from the Sales-Book may 
 be posted at any time, the page of the Ledger being indicated in 
 the proper column. The sales for notes are marked inside the 
 margin, " B. R." and, of course, posted to Bills Receivable account. 
 Instead of indicating the page from which the transactions are 
 posted, the initials of the original book are given in the Ledger. 
 
 172 
 
Set i. J 
 
 Double Entry— Journal. 
 
 Chicago, September 1, 1878. 
 
 Db. 
 
 Cb. 
 
 2 
 14 
 
 5 
 8 
 9 
 
 10 
 11 
 
 12 
 13 
 
 13 
 
 14 
 
 4 
 11 
 
 Merchandise, 
 
 To John R. Penn, 
 Amount invested, per inventory. 
 
 John R. Penn, 
 
 To Bills Payable, 
 Assumed for him. 
 
 Sundries, To J. C. Bryant, 
 
 Amounts invested. 
 
 Bills Receivable, J. Smith's note, $750 
 H. Young's " 750 
 
 J. T. Calkins, Balance of %. 
 
 B. R. Felton, 
 
 J. H. Goldsmith, » 
 
 Jas. Atwater, 
 
 P. C. Schuyler, 
 
 J. C. Bryant, To Sundries, 
 Liabilities assumed. 
 
 To Chas. Taylor, Balance of %. 
 J. W. Lusk, 
 
 15 
 
 J. W. Lusk, 
 
 To Bills Payable, 
 Our note @ 30 ds. to bal. %. 
 
 Bills Receivable, 
 
 To P. C. Schuyler, 
 His note @ 60 ds. to bal. %. 
 
 173 
 
 6750 
 
 1750 
 
 1500 
 
 500 
 
 376 
 
 1170 
 
 1250 
 
 1104 
 
 900 
 
 400 
 
 1104 
 
 16804 
 
 6750 
 
 1750 
 
 5900 
 
 500 
 400 
 
 400 
 
 1104 
 
 16804 
 
Double Entry— 
 
 [Set 4. 
 
 .Cash. 
 
 25 
 
 30 
 
 S. S. Packard, . . Amount invested, . , 
 
 Mdse., T. W. W. Sales Book, 
 
 Mdse., ... . Petty sales. P. C. B., 
 
 J. T. Calkins, . . On al, . ... 
 
 Mdse., D. V. B. Sales Book, 
 
 Mdse Petty sales. P. C. B., 
 
 Mdse " " " . 
 
 Mdse., J. A. Sales Book, . 
 
 James Atwater, . On %, .... 
 
 Mdse . Petty Bales. P. C. B., 
 
 Mdse., " " " . 
 
 Mdse W. B. Sales Book, . 
 
 J. T. Calkins, . . On a/ c , 
 
 Bills Receivable, J. Smith's note, . . 
 
 Interest, .... On same, .... 
 
 Mdse Petty Bales. P. C. B., 
 
 J. H. Goldsmith, On ^, 
 
 Mdse Petty sales. P. C. B., 
 
 E. R. Felton, . . In fall 
 
 Mdse. Petty sales. P. C. B., 
 
 Mdse., " " " . 
 
 J. H. Goldsmith, 
 Mdse., . . . 
 
 James Atwater, . 
 Mdse., .... 
 Mdse., .... 
 Mdse., .... 
 Bills Receivable, 
 
 On %, 
 
 Petty sales. P. C. B., 
 On % 
 
 K. McG. Sales Book, 
 
 Petty sales. P. C. B., 
 ik n it 
 
 n. Young's note, . . 
 
 Interest On same, .... 
 
 Mdse., Petty sales. P. C. B., 
 
 Merchandise, Or., 
 
 Cash, Br., 
 
 Dr. 
 
 G-eneral. 
 
 5000 
 200 
 
 750 
 
 150 
 750 
 34 
 
 1000 
 
 876 
 
 170 
 500 
 
 750 
 14 
 
 2702 
 
 27 
 
 363 
 54 
 
 105 
 737 
 
 58 
 138 
 
 94 
 
 58 
 
 in 
 
 156 
 87 
 112 
 
 175 
 
 2702 
 
 174 
 
Cash - Book. 
 
 Set 4.] 
 
 .Cash. 
 
 30 
 
 Expense, . . . 
 Charles Taylor, 
 Expense, . 
 Expense, . 
 Expense, . 
 Mdse., . . 
 Expense, . 
 Expense, . 
 Bills Payable 
 Interest, 
 Expense, 
 Expense, 
 Expense, 
 Expense, 
 Expense, 
 Expense, 
 
 Postage stamps, . . . 
 
 0"%. 
 
 2 tons Coal, © $5, . . 
 BUI of Stationery, . 
 Hands, for shop-work, 
 Invoice Cloths. J. B , . 
 
 Gas bill 
 
 Hands, for shop-work, 
 Our note, favor H. B., . 
 
 On same, 
 
 Clerks' Salaries, . . . 
 Hands, for shop-work, 
 Rent to September 30, 
 Porterage and Drayage, 
 Hands, for shop-work, 
 Partners' salaries to date, 
 
 Dr., 
 
 Cash, Cr., ... 
 
 Balance on hand, 
 
 Cr. 
 
 General 
 
 300 
 
 3000 
 
 1000 
 46 
 
 1746 
 
 6092 
 
 6.304 
 
 Expense. 
 3 
 
 10 
 15 
 150 
 
 15 
 
 175 
 
 112 
 260 
 100 
 35 
 275 
 606 
 
 1746 
 
 175 
 
Double Entry— Sales -Book. 
 
 Chicago, September 1, 1878. 
 
 [Set 4. 
 
 Thebon W. Woolson, ML Pleasant, la. 
 
 4 doz. Shirts, 2d quality, 48 @ $1 00 
 6 " Union Neckties, 72 " 38* 
 
 20 " Linen Hdkfs, 240 " 6W 
 
 3 pes. Caseimere, 150 yds., " 1 £5 
 
 Disc, off", Si, 
 
 $48 00 
 27 36 
 120 00 
 187 B0 
 
 19 14 
 
 Ika Packard, 
 
 50 Boys' Overcoats, 
 
 60 " " 
 
 Peru,Ind. 
 
 i$5 50 
 7 50 
 
 $275 00 
 375 00 
 
 Note © e mo. 
 
 3 
 
 D. V. Bell, 
 
 1 Dress Snit for self, 
 1 Overcoat for son, 
 1 box Hdkfs., 
 
 Chicago. 
 
 $50 00 
 
 15 00 
 
 6 doz. @ $4 CO 24 00 
 
 J. H, Goldsmith, 
 
 Detroit. 
 
 2 pos. Eng. Broadcloth, 100 yds. @ $4 00 $400 00 
 60 Military Coats, per order, " 10 00 600 00 
 
 James Allen, Dubuque. 
 
 20 Zouave Uniforms, @ $25 00 $500 00 
 
 1 pc. Striped Satin, 60 yds., 
 
 500 
 
 250 00 
 
 Disc, off Satin, @ Bit, 
 
 m 
 
 $750 00 
 12 50 
 
 James Atwateb, 
 
 1 lot Keady-made Clothing, viz. : 
 
 10 Coats, 
 
 20 " 
 
 50 " 
 
 8 pair Pants, 
 
 25 " " 
 
 50 Vests, 
 
 25 " 
 
 1 Overcoat, 
 
 @ $3 00 
 
 " 8 60 
 
 " 5 00 
 
 " 8 00 
 
 " 4 00 
 
 " 1 50 
 
 " 3 00 
 
 Madison. 
 
 $30 00 
 70 00 
 
 250 00 
 24 00 
 
 100 00 
 75 00 
 75 00 
 15 00 
 
 176 
 
 V 
 
 10 
 
 General. 
 
 Cash. 
 
 000 
 
 639 
 2189 
 
Set 4.] 
 
 Double Entry— Sales -Book. 
 
 Chicago, September 15, 1878. 
 
 2 
 
 William Baser, 
 S doz. Cravats, 
 
 Linen Hdkfe., 
 
 Amount! forward, 
 Springfield. 
 
 60 @ 75$ $45 00 
 
 36 " $1 00 36 00 
 
 108 " 60* 64 00 
 
 Disc, off, 5t, 
 
 $136 00 
 6 75 
 
 J. T. Calkins, North Bend, Ind. 
 
 60 Military Coats (privates), ® $10 00 $500 00 
 5 " " (officers), 
 
 15 00 
 
 18 
 
 D. Bragdon, 
 60 ready-made Coare 
 100 prs. Pants, 
 60 doz. Collars, 
 5 " F. T. Shirts, 
 
 Bock Island. 
 
 @ $500 $25000 
 
 300 
 1 50 
 
 1 75 
 
 300 00 
 75 00 
 105 00 
 
 Note @ 6 mos. 
 
 20- 
 
 George E. Harvey, 
 100 Zouave Uniforms, 
 60 Military Coats, " Co. H. 
 
 B. R. Note @ 60 (to. 
 
 Green Bay. 
 @ $20 00 $2000 00 
 
 10 00 
 
 500 00 
 
 James W. Lusk, Chicago. 
 
 50 Uniforms ("Line. Green") @ $25 00 $1250 00 
 30 •' (Zouaves) " 15 00 450 00 
 
 Robert McGrath, 
 
 20 ready-made Boy's Coats, 
 30 " " Vests, 
 20 doz. Collars, 
 
 Disc, off. Si, 
 
 so — 
 
 White Pigeon. 
 
 @ $5 00 $100 00 
 
 1 50 
 1 00 
 
 45 00 
 20 00 
 
 •$165 00 
 8 25 
 
 E. E. Felton, 
 
 75 Complete Uniforms, 
 
 Peoria. 
 
 @ $25 00 
 
 Sales on time, to credit of Mdse., 
 Sales for Cash, posted from C. B., 
 Petty Sales, entered alone on Cash Book, 
 
 Total Mdse. sold, 
 
 177 
 
 13 
 
 General. 
 
 Cask. 
 
 2189 
 
 575 
 
 730 
 
 1700 
 
 1875 
 
 1475 
 1227 
 
 12271 
 
 05 
 
 27 
 
Dr. 
 
 Double Entry— Ledger. 
 
 S. S. Packard. 
 
 [Set i- 
 Cr. 
 
 1878 
 Sept. 
 
 By Cash, 
 
 6000 
 
 Dr. 
 
 John R. Perm. 
 
 Or. 
 
 1878 
 Sept. 
 
 To Bills Payable, 
 
 1750 
 
 1878 
 Sept. 
 
 By Mdse., 
 
 6750 
 
 Dr. 
 
 J. C. Bryant. 
 
 Cr. 
 
 1878 
 Sept. 
 
 To Sundries. 
 
 900 
 
 1878 
 Sept. 
 
 By Sundries, 
 
 5900 
 
 Dr. 
 
 Bills Receivable. 
 
 Cr. 
 
 1878 
 
 
 
 
 
 
 1878 
 
 
 
 
 
 
 Sept. 
 
 1 
 
 To ji C. Bryant, 
 
 J 
 
 1500 
 
 
 Sept 
 
 17 
 
 By Cash, 
 
 CB 
 
 750 
 
 
 
 20 
 
 P.C. Schuyler, 
 
 J 
 
 1104 
 
 
 
 29 
 
 " 
 
 OB 
 
 750 
 
 
 
 1 
 
 Mdse., 
 
 8B 
 
 650 
 
 
 
 
 
 
 
 
 
 18 
 
 " 
 
 SB 
 
 780 
 
 
 
 
 
 
 
 
 
 20 
 
 (4 
 
 SB 
 
 2500 
 
 
 
 
 
 
 
 
 Dr. 
 
 5 
 
 J. T. Calkins. 
 
 Cr. 
 
 1878 
 Sept. 
 
 To J. C. Bryant, 
 Mdse., 
 
 500 
 575 
 
 1878 
 Sept. 
 
 By Cash, 
 
 178 
 
 200 
 150 
 
Set 4. J 
 
 Dr. 
 
 Double Entry— Ledger. 
 
 6 
 
 Cash. 
 
 Cr. 
 
 1678 
 Sept. 
 
 30 
 
 To Sundries, 
 
 12397 
 
 02 
 
 1578 
 Sept. 
 
 30 
 
 By Sundries, 
 
 75 
 
 Dr. 
 
 Merchandise. 
 
 Cr. 
 
 1878 
 Sept 
 
 1 
 7 
 
 To J. E. Penn, 
 Cash, 
 
 j 
 
 CE 
 
 6750 
 3000 
 
 
 1878 
 Sept. 
 
 ro 
 
 By Cash, 
 Sundries, 
 
 CB 
 SB 
 
 2702 
 9669 
 
 27 
 
 Dr. 
 
 
 
 E. R. 
 
 Felton 
 
 . 
 
 
 Cr. 
 
 
 1878 
 Sept 
 
 1 
 80 
 
 To J. C. Bryant, 
 Mdse., 
 
 J 
 
 SB 
 
 376 
 1875 
 
 
 1878 
 Sept. 
 
 25 
 
 By Cash, 
 
 CB 
 
 376 
 
 
 D 
 
 *. 
 
 
 J. 
 
 H. 
 
 Goldsmith. 
 
 
 Cr. 
 
 
 1878 
 
 
 
 
 
 
 1878 
 
 
 
 
 
 
 Sept. 
 
 1 
 
 To J. C. Bryant, 
 
 J 
 
 1170 
 
 
 Sept. 
 
 22 
 
 By Cart, 
 
 CB 
 
 1000 
 
 
 
 5 
 
 Mdse., 
 
 SB 
 
 900 
 
 
 
 36 
 
 
 CB 
 
 170 
 
 
 Dr. 
 
 10 
 
 James Atwater. 
 
 179 
 
 Cr. 
 
 1878 
 Sept. 
 
 1 
 12 
 
 To J. C. Bryant, 
 
 Mdse., 
 
 j 
 
 SB 
 
 1250 
 639 
 
 
 1878 
 Sept 
 
 10 
 27 
 
 By Cash, 
 
 CB 
 CB 
 
 750 
 500 
 
 
Dr. 
 
 Double Entry— Ledger. Pet*. 
 
 11 
 
 P. C. Schuyler. Or. 
 
 1878 
 S'jpt. 
 
 To J. C. Bryant, 
 
 1104 
 
 1878 
 Sept. 
 
 By Bills Rec'ble, 
 
 1104 
 
 Dr. 
 
 12 
 
 Charles Taylor. 
 
 Cr. 
 
 1878 
 Sept. 
 
 To Cash, 
 
 1878 
 Sept. 
 
 By J. C. Bryant, 
 
 600 
 
 Dr. 
 
 13 
 
 James W. Lusk. 
 
 Cr. 
 
 1878 
 
 
 
 
 
 
 1878 
 
 
 
 
 
 
 Sept 
 
 IS 
 25 
 
 To Bills Payable, 
 
 Mdse., 
 
 J 
 
 SB 
 
 400 
 1700 
 
 
 Sept. 
 
 1 
 
 By J. C. Bryant, 
 
 j 
 
 400 
 
 
 Dr. 
 
 14 
 
 Bills Payable. 
 
 Cr. 
 
 1878 
 Sept. 
 
 15 
 
 To Cash, 
 
 OB 
 
 1000 
 
 
 1878 
 Sept. 
 
 1 
 15 
 
 By J. E. Penn, 
 J. W. Lusk, 
 
 j 
 J 
 
 1750 
 400 
 
 
 'Dr. 
 
 15 
 
 Interest. 
 
 Cr. 
 
 1878 
 
 
 
 
 
 
 1878 
 
 
 
 
 
 — 
 
 Sept, 
 
 15 
 
 To Cash, 
 
 CB 
 
 43 
 
 75 
 
 Sept. 
 
 17 
 
 By Cash, 
 
 CB 
 
 84 
 
 85 
 
 
 
 
 
 
 
 
 99 
 
 
 CB 
 
 14 
 
 50 
 
 180 
 
Skt 4] 
 
 Double Entry— Ledger. 
 
 Dr. 
 
 16 
 
 Expense. 
 
 Cr. 
 
 1878 
 Sept. 
 
 30 
 
 To Cash, 
 
 1746 
 
 PRACTICAL EXERCISES. 
 
 [CONTTJJDATION OF SET 4.] 
 
 Transactions. — Fourth Series. 
 
 The following rontine is a continuation of the business of Set 4, and the transactions 
 should be entered in the proper books and posted in accordance with the plan and instruc- 
 tions of the set, using the same books, and producing at the close a general result of the 
 whole business. As this set is by far the most practical in the treatise, Mb peculiar points 
 should be thoroughly impressed upon the mind. The student should exercise much care in 
 the symmetrical arrangement of the original books of entry. The accompanying initials 
 will indicate the books to be written up, and their order. 
 
 Oct. /. — Bo't of Dunham & Brokaw, on %, Invoice of Mdse. amounting to 
 $6000, (J.)- Sold James Johnson, Freeport, for Cash, 1 doz. 
 Fancy Neckties, @ $1 each ; 12 doz. prs. Lisle Thread Stockings, 
 @ $3 per doz. (S. B., C. B.). 
 
 3.— Paid shop-hands, Cash, $300 (C. B.) Received Cash for petty 
 
 sales, $119 (C. B.). 
 
 8.— Received Cash of J. H. Goldsmith, in full of %, $900 (C. B.) 
 
 Sold E. R. Felton, on % , 6 doz. French Yoke Shirts, @ $18 per doz.; 
 10 doz. Knit Undershirts, @ $7 per doz. ; 8 doz. prs. Knit Drawers, 
 @ $8 per doz. (S. B.). 
 
 5.— Received Cash for petty sales, $120 (C. B.) Sold Robert 
 
 Harmer, Vandalia, for Cash, 15 Summer Coats, @ $2 ; 20 Summer 
 Vests, @ $1.50 ; 6 doz. Cut-throat Collars, @ $2 per doz. (C. B.). 
 
 7.— Paid Cash for repairing store, $150 (C. B.) Received Cash for 
 
 petty sales, $94.83 (C. B.). 
 
 8.— Received Cash of J. T. Calkins, in full of %, $725 (C. B.)----Sold 
 Jacob Horn, Milwaukee, on his note @ 60 ds., 50 Complete Uni- 
 forms, (ffi $20 (S. B.) Received Cash for petty sales, $110 (C. B.). 
 
 9.— Paid shop-hands, Cash, $297 (C. B.) Sold J. W. Lusk, on %, 
 
 24 Ready-made Coats, @ $5 ; 15 prs. Pants, @ $3.75 ; 30 VestBj 
 @ $2 ; 1 Fine Overcoat, $25 (S. B.). 
 tO.— Received Cash for petty sales, $119.50 (C. B.). 
 /g.— Received Cash In full for P. C. Schuyler's note, $1104 (C. B.). 
 
 181 
 
PRACTICAL EXERCISES. 
 
 15. — Sold Abraham Jackson for Cash, 5 doz. Byron Collars, @ $2 per doz.; 
 
 4 doz. D'Orsay Cravats, @ $12 per doz. (S. B., C. B.) Received 
 
 Cash for petty sales, $157.30 (C. B.). 
 
 16.— Paid Dunham & Brokaw, Cash on %, $3000 (C. B.) Paid 
 
 shop-hands, Cash, $263 (C. B.) Received Cash for petty sales, 
 
 $85.90 (C.B.). 
 18.— Sold E. R. Pelton, on %, 1 case Overalls, 6 doz. pre., @ $6 per doz.; 
 
 2 cases Summer Frocks, 12 doz., @ $18 per doz. (S. B.) 
 
 Received Cash for petty sales, $115 (C. B.). 
 20.— Received Cash of E. R. Felton, on f c , $1500 (C. B.) Sold 
 
 Robert C. Spencer, St. Louis, for Cash, 10 Military Coats, @ $15 ; 
 
 5 do. (officers'), @ $25 (S. B., C. B.) Received Cash for petty 
 
 sales, $143 (C. B.). 
 
 J8f.— Paid Cash for salaries, $117 (C. B.) SoldChas. Taylor, on %, 
 
 1 piece French Cassimere, 50 yds., @ $3 (S. B.) Received Cash 
 
 for petty sales, $125 (C. B. ) Paid Dunham & Brokaw, Cash in 
 
 full of %, $3000 (C. B.). 
 
 23.— Paid Shop-hands, Cash, $375 (C. B.) Received Cash for petty 
 
 sales, $75 (C. B.). 
 
 25.— Sold James Atwater, on %, 12 Boys' Frocks, @ $2 ; 36 do., @ $5 
 (S. B.) Received Cash for petty sales, $85.90 (C. B.). 
 
 27.— Received Cash of James Atwater, in full of %, $843 (C. B.). 
 
 28.— Paid Cash for gas bill, $15 ; Rent, $100 (C. B.). 
 
 SO.— Paid shop-hands, Cash, $400 (C. B.). 
 
 Inventory : Merchandise unsold, $3000. 
 
 STATEMENT. 
 
 The above transactions, properly entered, will produce the following result • 
 
 
 S. S. Packard - 
 
 Facb of 
 
 Ledger 
 
 
 Balances. 
 
 
 Br. 
 
 Cr. j 
 
 Dr. 
 
 Cr. 
 
 
 
 
 5000 
 
 
 
 
 5000 
 
 
 
 J. R. Penn 
 
 1750 
 
 
 6750 
 
 
 
 
 5000 
 
 
 
 J. C. Bryant - - - - 
 
 900 
 
 
 5900 
 
 
 
 
 5000 
 
 
 
 Bills Receivable - - 
 
 7484 
 
 
 2604 
 
 
 4880 
 
 
 
 
 
 Cash - - - - 
 
 19378 
 
 45 
 
 14109 
 
 75 
 
 6168 
 
 70 
 
 
 
 
 Merchandise - - - 
 
 15750 
 
 
 16183 
 
 95 
 
 
 
 433 
 
 95 
 
 
 B. R. Felton 
 
 8745 
 
 
 1876 
 
 
 869 
 
 
 
 
 
 Charles Taylor - - - 
 
 450 
 
 
 500 
 
 
 
 
 50 
 
 
 
 J. W. Lusk - - - 
 
 8361 
 
 25 
 
 400 
 
 
 1961 
 
 25 
 
 
 
 
 Bills Payable - - - - 
 
 1000 
 
 
 2150 
 
 
 
 
 1150 
 
 
 
 Interest 
 
 46 
 
 75 
 
 48 
 
 75 
 
 
 
 2 
 
 
 
 Expense - - 
 
 3763 
 
 
 
 
 3763 
 
 
 
 
 
 55522 
 
 45 
 
 55528 
 
 45 
 
 16635 
 
 95 
 
 16635 
 
 95 
 
 182 
 
APPENDIX. 
 
 Hereik are given, in their order, the transactions which make 
 up the material of the written sets, in both parts of the book ; as 
 also matter for short practical sets which may be profitably used in 
 connection with, and at such points in the student's progress 
 as the teacher may think best. 
 
 PART I. — SET I. 
 
 New York, July 1, f879.— Sold Robert Simpson, on %, 10 lbs. Rio 
 Coffee, @ 12* ; 1 lb. Best Black Tea, $1 ; 25 lbs. Crushed Sugar, 
 
 @ 12/ Sold James Cruikshank, on %, 1 box Raisins, 25 lbs., 
 
 @ 20/ Sold Horace Webster, on %, 1 gal. Vinegar, 75/; 3 lbs. 
 
 Black Tea, @ 75/ ; 4 bush. Apples, @ $1. 
 
 2.— Sold W. L. Carpenter, on %, 50 lbs. Ham, @ 11/ ; 1 box Herrings, $3 
 Rec'd cash, on %, $5. 
 
 3.— Sold John Shields, on %, 1 brl. Flour, $8 Sold Peter Van 
 
 Wyck, on % , 5 gals. Cider Vinegar, @ 75* ; 3 bush. Potatoes, @ $1. 
 
 6. — Sold Peter Cooper, on % , 6 gals. Molasses, @ 75/ ; 50 lbs. Sugar, 
 @ 12/ ; 12 lbs. Coffee, @ 11/. 
 
 6.— Sold Stephen O. Hayward, on %, 1 brl. Mess Pork, $11; 3 boxes 
 Sugar, ea. 500 lbs., @ 6/. 
 
 7-— Bo't of J. B. Atwood, Bill of Mdse., as per Invoice, $300 Gave 
 
 in payment order on S. O. Hayward for $101 ; Balance on %, 
 
 8. — Sold James Sweeney, on %, 100 lbs. Loaf Sugar,® 9/; 50 lbs. Crushed 
 
 . Sugar, @ 8/ ; 3 hhds. Molasses, @ $20. 
 10.— Sold P. R. Stebbina, on %, 1 tierce Rice, 1800 lbs. @ 3/. 
 
 183 
 
APPENDIX. 
 
 SET II. 
 
 St. Zouis, April f, 7879.— Invested Cash, $1500 Paid for Sta- 
 tionery, Postage Stamps, etc., $8 Bo't of Roberts, Rhodes 
 
 & Co., N. T., on %, Mdse. per Invoice, $4000 Sold James 
 
 Campbell, on %, 10 yds. Calico, @ 12? ; 5 yds. Ribbon, @ 20?; 20yds. 
 
 Sheeting, @ 10? ; 5 yds. Broadcloth, @ $3 Received cash for 
 
 sales this day, per tickets, $115.25. 
 2.— Paid for Insurance, £% on $4000, $20; for Drayage on Mdse., $5 
 
 Received for sales this day, per tickets, $175. 
 
 3. — Sold Lauren G-. Thomas, on %, 15 yds. Cassimere, @ $1 ; 20 yds. 
 
 Dress Silk, @ $1.25 Drew out for personal expenses, $15 
 
 Paid porter on % of wages, $5 Rec'd cash for sales this 
 
 day, per tickets, $87.23. 
 4-. — Sold R. B. Finney, on %, 10 yds. Vesting, @ $5 ; Trimmings, etc., 
 
 $10 Paid expenses cleaning store, $2.50 ; Paid for 1 box Pens, 
 
 88? Rec'd cash for sales this day, per tickets, $110.50. 
 
 6. — Sold David P. Johnson, on %, 6 yds. Flannel,.® 50? ; 12 yds. Alpaca, 
 
 @ $1-50 Sold Isaac Stevens, on %,12yds. Dress Silk, ® $1.50; 
 
 6 yds. Fine Broadcloth, @ $4 Paid for Letter Press, $7.50 ; 
 
 for putting light in window, $2.50 Received cash for sales 
 
 this day, per tickets, $183.25. 
 
 6. — Received cash on % of James Campbell, $10 Paid clerk's 
 
 salary, $15 Received cash for sales this day, per tickets, $100. 
 
 8.— Sold Cyrus Wheelock, on %, 25 yds. 10-4 Sheeting, @ 75? ; 6 pairs 
 
 Ladies' Hose, @ $1 ; 12 yds. Printed Jaconets, (w 15? Paid 
 
 cash for 1 doz. balls Twine, $1.20 ; for Carriage Hire, $4 
 
 Received for sales this day, per tickets, $215. 
 
 9.— Paid Drayage, $4 ; Porterage, $3 ; for Show Case, $20 
 
 Received for sales this day, per tickets, $76. 
 
 30. — Sold Robert Demarest, on a / c , 25 yds. Black Doeskin, @ $2 ; 50 yds. 
 
 Bleached Shirting, @ 15? Paid for Safe, $250 ; Book-keeper 
 
 on %, $10; Small items of expense, $1.28 Received for 
 
 sales this day, per tickets, $110. 
 
 //.—Paid rent in full to May 31, $200 ; on Bill of Furniture, $25 
 
 Received for sales this day, per tickets, $76.75. 
 
 32. — Received from Cyrus Wheelock, cash on %, $15 Sold James 
 
 Atwater (per wife), on %, 1 doz. Linen Hdkfs. $6; 10 yds. Cotton 
 
 Damask, @ 25? ; 14 yds. Black Bombazine, @ $1.50 Received 
 
 for sales this day, per tickets, $84. 
 
 38. — Received for sales this day, per tickets, $98.75. 
 
 33. — Sold James Campbell (per daughter), on %, 1 pair Lisle Gauntlets, 
 $1 ; 12 yds. French Calico, @ 15? ; 3 doz. Satin Buttons, @ 25? ; 
 
 8 skeins Twist, @ 4? Paid cash for Express charges, $1.50 ; 
 
 for Postage stamps, $1 Paid carpenter for repairing store, 
 
 $56.83 Received for sales this day, per tickets, $95. 
 
 184 
 
APPENDIX. 
 
 /ft— Sold Jame3 W. Lusk, on %, 1 yd. Black Satin, $3 ; Trimmings for 
 
 Vest, $1.50 Received for sales this day, per tickets, $88.75. 
 
 77. — Received from Robert Demarest order on S. S. Packard to balance %, 
 
 $ Received cash for sales this day, per tickets, $126.31. 
 
 78.— Paid cash for Drayage, $4 ; Freight, $7.50 Received for sales 
 
 this day, per tickets, $175. 
 79. — Sold James Atwater, on $,20 yds. Linseys, @ 50?; 30 yds. Corset 
 
 Jeans, @ 30? ; 1 doz. Gents. Socks, $3 Received for sales this 
 
 day, per tickets, $210.50. 
 20.— Sold S. S. Packard, 10 yds. French Broadcloth,.® $4 ; 50 yds. Globe 
 
 Drills, @ 13)* ; 20 yds. Paper Cambrics, @ 12? ; 15 yds. Cotton 
 
 Damask, @ 25? ; 30 yds. Cottonades, @ 33? ; 6 pairs Kid Gloves, 
 
 @ 75? ; Received cash on %, $50 ; Balance due, $. 
 
 Received for sales this day, $112.81. 
 22.— Paid cash for 2 tons Coal, @ $5 ; Paid balance on Furniture, $53 
 
 Received for sales this day, per tickets, $103.20. 
 
 23. — Received for sales this day, per tickets, $129. 
 
 2&. — Received for sales this day, per tickets, $180.58. 
 
 25.— Sold John J. Howell, Jr., on %, 10 yds. Mixed Satinet, @ 75? ; 6 yds. 
 
 Cotton Drilling, @ 10? ; 1 yd. Fine Satin, $2 ; 10 skeins Twist, @ 4? 
 
 Paid Book-keeper on %, $15 Received for saleB this 
 
 day, per tickets, $98. 
 26. — Received for sales this day, per tickets, $163.75. 
 27.— Sold Amos Dean, on %, 6 yds. Black Doeskin, @ $3; 1 doz. Linen 
 
 Hdkfs., @ 50? each ; 6 pairs Gents. Hose, @ 257* Paid cash for 
 
 Drayage, $10 ; Porterage, $6 Received for sales this day, per 
 
 tickets, $173.81. 
 29. — Paid Express charges on package from Chicago, $1.50 ; Paid Freight 
 
 on Mdse., $24.75 - - - - Received for sales this day, per tickets, 
 
 $74.10. 
 SO. — Received cash on % of James Atwater, $20; also of Lauren G. 
 
 Thomas, in full of %, $ Received for sales this day, 
 
 per tickets, $125 Sold Isaac Stevens, on %, 14 yds. Poplin, 
 
 @ $1.25 ; 1 pair Kid Gloves, $1. 
 
 May /.—Sold James Campbell, on % , 12 yds. Brilliants, @ 25? ; 35 yds. Blk. 
 
 Bombazine, @ $1.50 Paid cash for firkin of Butter for family, 
 
 $10. 
 2.— SoldR. B. Finney, on %, 10 yds. Blk. Doeskin, @ $1.63; 25 yds. 
 
 Brown Sheetings, @ 12? ; 20 yds. Check Gingham, @ 20? 
 
 Paid cash for Stationery, $1.50. 
 5.— Paid Roberts, Rhodes & Co., on %, cash (per draft on New York), 
 
 $2000. 
 €.— Sold S. S. Packard, on $,15 yds. "Duck Drilling, @ 20?; 10 yds. 
 
 Brown do., @ 30? ; 6 pairs Pearl Spun Hose, (of 75?. 
 185 
 
APPENDIX. 
 
 7.— Sold David P. Johnson, on %, 8 yds. Broadcloth, @ $4; 10 yds. 
 
 Doeskin, @ $2 ; 1 yd. Satin, $2 ; Trimmings, $5 Sold Robert 
 
 Demarest, on %, 14 yds. Dress Silk, @ $2 Paid clerk's Salary, 
 
 $50 Received for sales this week, $497.84. 
 
 9.— Sold Robert C. Spencer, on %, 10 yds. Flannel, @ 50j> ; 6 Linen 
 
 Hdkfs., @ 38f* ; 20 yds. Brown Sheeting, @ W. 
 fO. — Received of Isaac Stevens, cash on %, $30. 
 
 72. — Sold R. B. Finney, on %, pairs Gents. Hose, @ 25^ ; 1 pair Sus- 
 penders, $1 ; 1 pair Kid Gloves, 750 Paid cash for Invoice of 
 
 Mdse., Freight, etc., $1575 88 Paid on % of rent, $50; for 
 
 carriage hire, $15. 
 H. — Received for sales this week, $553.25. 
 //>.— Sold James Campbell, on %, 10 yds. Broadcloth, @ $4 ; 6 yds. 
 
 Doeskin, @ $2 Received cash on % of R. B. Finney, $25. 
 
 /7.— Paid cash for ton of Hay, $12. 
 20.— Sold John J. Howell, Jr. , on %, 4 yds. Beaver Cloth, @ $3; 1 yd. 
 
 Satin, $4 ; Trimmings for Coat and Vest, $8 Paid Gas Bill, 
 
 $10.24. 
 2 J. — Received of Cyrus Wheeler, cash in full of %, $ - 
 
 Received for sales this week, $723.85. 
 25. — Received of R. B. Finney cash to balance %, $ 
 26. — Paid for Postage stamps, $3 ; for Stationery, $5. 
 27. — Bo't of John J. Howell, Jr., on %,2 cords Wood, @ $5 ; 50 lbs. 
 
 Butter,,® 16f* Sold James W. Lusk, on %, 13 yds. Mous. de 
 
 Laine, @ 25;* ; 14 yds. Figured Silk, @ $1.50 ; Trimmings for Dress, 
 
 $10. 
 28.— Sold Robert C. Spencer, on %, 12 yds. Broadcloth, @ $4 ; 6 yds. 
 
 Doeskin, @ $2 - - - - - Received for sales this week, $573.24. 
 30.— Sold Amos Dean, on %, 50 yds. Brown Sheeting, @ 12* : 10 yds. 
 
 Pressed Flannel, @ 75)* Received cash of Amos Dean in full 
 
 Inventory : Merchandise on hand, $1075.45. 
 
 SET III 
 
 Albany, July /, /879.—R. B. Bryant and H. D. Stratton commence 
 business with the following resources — gains and losses to be divided 
 equally. H. B. Bryant invests, Cash, $1200 ; Merchandise, as per 
 Inventory, $4750 ; Notes, as follows: one dated June 7, @ 30 ds., for 
 $500, signed by Robert Bruce, and endorsed by Henry Ivison, and 
 one dated Jan. 10, @ 8 mos., for $1000, signed by S. S. Packard, and 
 endorsed by Jas. W. Lusk ; Personal Accounts, as follows : John R. 
 
 Penn, $500 ; L. Fairbanks, $750 ; Alonzo Gaston, $375 H. D. 
 
 Stratton invests, House and Lot, valued at $5000 ; Cash, deposited 
 in Union Bank, $3000 ■ — - Paid cash for Postage stamps and Pens, 
 
 186 
 
APPENDIX. 
 
 $5 Sold Robert Van Schaick, for cash, 110 yds. Merrimack 
 
 Prints, @ 11C ; 75 yds. Union do., @ 100 ; 120 yds. Orange do., @ 9|0 ; 
 80 yds. Lowell do., @ 10?. 
 
 2. — Received cash, on %, of J. R. Penn, $250 Paid cash for print- 
 ing Hand bills, $10. 
 
 ■3. — Sold James Johnson, on %, 2 cases Men's Thick Boots, 24 pr., @ $2 ; 
 3 cases Calf Welt Boots, 36 pr., @ $3 ; 1 case Boys' Grain D. S. Boots, 
 12 pr., @ $3 Received cash for petty sales, $17.50. 
 
 <&.. — Sold E. H. Bender, on his note @ 60 ds., endorsed by J. T. Calkins, 
 
 1 case Pemberton Remnants, 1200 yds., @ 5|-0 ; 9 pieces Lynn Cot- 
 tons, 270 yds., @ llf ; 3 pieces Scotch P. Ginghams, 125 yds., @ 100 
 Paid C. Jones for repairing store, per check, $175. 
 
 6, — Bo't of Claflin, Mellen & Co. (N. Y), on %, Invoice of Boots and 
 
 Shoes, amounting to $575 Bo't of A. T. Stewart & Co., on %, 
 
 Invoice of Dry Goods, $757 - - - • Paid Freight on Mdse , per check, 
 $27.50. 
 
 7.— Sold E. B. Rice, on %, 2 pieces Eagle Cottons, 80 yds., @ 120 ; 3 
 pieces Garibaldi Twills, 95 yds., @ 90 ; 2 pieces Bleached Drills, 90 
 
 yds., @ 110 ; 4 pieces Marietta Cloth, 120 yds., @ 120 Received 
 
 of Alonzo Gaston, cash in full of % , $ Paid clerk hire 
 
 in cash, $25. 
 
 8.— Sold W. H. Clark, for cash, 3 pieces Bar Muslin, 54 yds., @ 130; 
 
 2 pieces Brilliants, 64 yds., @ 20,* Traveling expenses to New 
 
 York, paid in cash, $15.75. 
 
 10. — Sold Benjamin Payn, on %, 6 pieces Paper Cambric, 72 yds., @ 80 ; 
 1 piece 6-4 Cotton Damask, 36 yds., @ 40/- ; 1 piece Canvas, 25 yds., 
 
 @ 130 Received cash for Robert Bruce's note, $ ■ 
 
 Paid A. T Stewart & Co., on %, $300. 
 
 12.— Sold Calvin S. Sill (Troy), on his note @ 90 ds., endorsed by G. V. S. 
 Quackenbush, 10 pieces Fancy Linens, 120 yds., @ 250 ; 20 pieces 
 Crash Linen, 200 yds., @ 9f ; 15 pieces English Prints, 200 yds., @ 
 220 ; 36 Balmoral Skirts, @ $2.25 - - - - Accepted P. R. Spencer's 
 
 draft, @ 10 ds., on H. D. Stratton, for $75 Received cash for 
 
 petty sales, $33.50. 
 
 13. — Sold Amos Dean, on %, 3 cases Kip Brogans, 72 prs., @ $1.50 ; 2 cases 
 Ladies' Sandals, 120 prs., @ 600. 
 
 16.— Gave Claflin, Mellen & Co. our note @ 60 ds., to balance %, $ 
 
 - - - - Paid H. B. Bryant, on private %, cash, $75. 
 
 16.— Received of Lorenzo Fairbanks, cash on %, $350. 
 
 18.— Sold George H Doty (Schenectady), for cash, 2 cases Women's Walk- 
 ing Shoes, 120 prs., @ $1 ; 1 case Ladies' Morocco Shops, 48 prs., @ 
 $1.50 ; 4 pes. Check Marseilles, 40 yds., @ 750 ; 10 pes. Cambric Cur- 
 tain cloth, 120 yds., @ 250. 
 
 19, — Paid cash for advertisement in Evening Journal, $15. 
 
 20. Sold Victor M. Rice, on %, 1 doz. Silk Scarfs, @ 880 each ; 4 pieces 
 
 English Tweed, 36 yds., @ $112 ; 2 pieces Spanish Check Prints, 80 
 
 187 
 
APPENDIX. 
 
 yds., @ 40)* Received on % of V. M. Rice, $30 Paid 
 
 cash for petty expenses, $10. 
 
 2f. — Received cash on % of Amos Dean, $50 Paid Bill for Car- 
 penter work, per check, $175 Paid cash for Drayage, $5 ; for 
 
 Postage, $3. 
 
 22. — Sold James R. Morgan (Buffalo), on his note @ 60 ds., endorsed by 
 W. P. Spencer, 36 Elastic Hoop Skirts, @ $2.50 ; 12 Stella Shawls, 
 @ $2 ; 6 pieces Parametta, 300 yds., @ 75)*. 
 
 23. — Sold James Shelden (Schoharie), on %, 3 cases Congress Gaiters, 
 36 pre., @ $1.30 ; 4 cases Jenny Lind Gaiters, 48 pre., @ $1.12 ; 2 cases 
 
 Misses' Sandals, 96 prs., @ 33 ? Sold Robert Metcalf, for cash, 
 
 4 cases Men's Thick Boots, 48 prs., @ $1.50 ; 3 cases Calf tVelt Boots, 
 36 pre., @ $2 ; 1 case Patent Leather Boots. 12 pre., @ $5 ; 1 case 
 Misses' School Shoes, 60 prs., @ 50)*. 
 
 2£. — Sold Charles Heyden (Greenbush), for cash, 1 piece Black Doeskin, 
 20 ydB., @ $1.25 ; 3 pieces Corset Jeans, 90 yds., @ 10)* ; 6 pieces De 
 Laine, 180 yds., @ 40)* Received of E. B. Rice, cash in full of 
 
 %.% 
 
 25. — Sold William Shepard (Hudson), on %, 6 pieces Lancashire Gingham, 
 250 yds., @ 10)* ; 1 piece Canvas, 30 yds., @ 12|)* ; 1 piece Padding, 
 
 40 yds., @ 10)* ; 3 pieces Wiggin, 60 yds., @ 8)* Sold Robert 
 
 Dawes (Pittsfield, Mass.), for cash, 4 cases Misses' Fancy Ties, 96 prs., 
 @ 70)* ; 2 cases Ankle Boots, 48 pre., @ $1.25 ; 1 case Kid Gaiters, 
 
 24 prs.,@ $1.50 Paid clerk hire in cash, $25 Paid cash 
 
 for acceptance favor of H. D. Stratton, f 
 
 26. — Sold John Belden (Utica), on <%, 2 pieces Fancy Cassimeres, 50 yds., 
 @ $1.25 ; 3 do. Saco Cassimere, 60 yds., @ $1 ; 9 do. Hard Times 
 Cassimere, 270 yds., @ 20s* ; 2 do. Striped Satinet, 80 yds., @ 50)* 
 Paid A. T. Stewart & Co., cash in full of %. 
 
 27.— Sold James H. Lansley, for cash, 12 Stella Shawls, @ $2 ; 36 Bal- 
 moral Skirts, @ $2.25 ; 24 Silk Scarfs, @ 88)*. ; 36 Gents' LineJ 
 Hdkfs.,@35)*. 
 
 29. — Sold Wm. H. Fiquet (Marion, Ala.), for cash, 8 pieces Turkey Red 
 Prints, 200 yds., @ 16)* ; 10 pieces English Tweed, 90 yds., @ $1 ; 
 
 2 do. Spanish Check, 80 yds., @ 40)* Received of John R. 
 
 Penn, cash in full of %, $ 
 
 «?/. — Sold Charles A. Seeley (Rochester), on %, 4 cases Misses' Renfrew 
 Boots, 96 prs., @ $1; 2 do. Ladies' Rarey Boots, 24 prs., @ $2 ; 2 do. 
 
 Misses' Union Gaiters, 48 prs., @ 80f Received cash on above 
 
 %, $75. 
 
 INVENTORY. 
 
 Merchandise, . $3000. 
 
 Real Estate, - . 5000. 
 
 188 
 
APPENDIX. 
 
 SET IV. 
 
 Brooklyn, April /, 7879. — James Lester and Robert Brown enter into 
 copartnership this day, as Dealers in Furniture and Cabinetware, 
 under the firm-title of " Lester & Brown," Mr. Lester transferring 
 to the firm the Assets and Liabilities of a former business, and Mr. 
 
 Brown investing an equivalent in cash, as per terms of contract 
 
 James Lester invests as follows : Mdse. (finished articles), per I. B., 
 $3000 ; Materials and Unfinished Work, $2500 ; TooIb and Imple- 
 ments, $300 ; Notes on hand, per Bill-Book, $1375 ; Balance of David 
 Owens's %,$230; Bal. of Thomas Webster's %, $57.30; Bal. of Tim- 
 othy Pay well's %, $175 The Firm assume for him the follow- 
 ing liabilities : Note favor of Joseph Wiggins, due Apr. 20, $500 ; 
 Note favor of Peter Jones, due Sept. 10, $250 ; Balance due Austin 
 
 Packard on %, $175 ; Balance due J. W. Bulkley, $230 Robert 
 
 Brown invests cash, $6482.30 Paid cash for Stationery, $5 ; 
 
 for Postage stamps, $3. 
 
 ^.—Received from David Owens cash in full of %, $ 
 
 Sold A. A. Low, Brooklyn, on %, 1 Rosewood Tete-a-t§te, $60; 1 
 Gothic Mahogany Bedstead, $20 ; 6 Mahogany Chairs, carved, $25 ; 
 
 1 Marble-top Table, $15 Sold H. W. Beecher, Brooklyn, for 
 
 cash, 1 Dressing Bureau, Serpentine Front, $22 ; 1 Lounge for Study, 
 
 $15 ; 1 Gothic Hall Stand, R. W., $24 Paid J. Stevens & Co.'s 
 
 bill, Box Lumber, $75 Paid cash for Glue and Varnish, per 
 
 Expense Book, $18.75. 
 
 «?.— Sold H. W. Clark, Williamsburg, on %, 6 Cane-bottom Chairs, 
 Mahogany, $15 ; 1 Black Walnut Tete-S-tete, $25 ; 1 Mahogany 
 Centre Table, $14 ; 1 Mahogany Card Table, O. G. Front, $7. 
 
 ^.—Received from H. W. Clark cash on a / c , $50 - Sold J. J. Powell, 
 
 Jamaica, on his note @ 30 ds., 1 Card Table, Mahogany, $8 ; 1 Sofa 
 Table, B. W., $9 ; 1 Piano Stool, R. W., $7.50 ; 2 small Wash-stands, 
 
 @ $2.50 Sold Thomas Proctor, Yonkers, for cash, 1 French 
 
 Bedstead, B. W., $15 Paid cash for J. White's Bill of Hair 
 
 Cloth, $150. 
 
 6.— Sold J. W, Bulkley, Williamsburg, on %, 1 pair Ottomans, B. W., 
 
 $10 ; 1 Lounge Brocatelle, $15 ; 6 Parlor Chairs, R. W., @ $5 
 
 Paid cash for Copy Press, $6 ; for Letter Book, $2. 
 
 6.— Sold John N. Pattison, New York, for cash, 1 Piano Stool, $8 ; 1 
 Music Rack, $4; Paid Workmen wages to date per Time Book, 
 $128.17. 
 
 7.— Sold Richard Bannister, Chester, on %, 1 Stuffed-back Chair, $15 ; 
 1 Cottage Bedstead, B. W., $12 ; 1 Gothic do., $20 ; 4 Parlor Chairs, 
 Mgy, @ $4 ; 1 Corner Stand, $4 Sold Henry W. Taylor, Brook- 
 lyn, for cash, 1 Double-leaf Secretary, $35 ; 1 Enameled Cloth Lounge, 
 
 $10 Received cash for John Simpson's note, $500. 
 
 189 
 
APPENDIX. 
 
 8.— Sold T. L. Cuyler, Brooklyn, for cash, 1 Extension Dining Table, $14 ; 
 
 6 Kitchen Chairs, @ 50^ ; 1 Book Case, R. W., $40 ; 1 Pall Stand, R. 
 
 W., $15 Paid Simpson's Bill for B. W. Lumber, in cash, $350. 
 
 10.— Sold Robert McGrath, Islip, for cash, 2 Quartette Tables,. Mgy, @ 
 
 $2.50 ; 1 Sofa Table, Lyre Front, $11 ; 1 Large Arm Chair, $12 ; 2 
 
 Sewing Chairs, Cane Bottom, @ $3.25 Paid cash for Petty 
 
 Expenses, per Expense Book, $15.30. 
 12. — Sold James Smith, Hempstead, for cash, 12 Dining Chairs, @ $1.50 ; 
 
 1 Dining Table, $15. 
 IS.— Paid Workmen's wages, per Time Book, $121.33. 
 16. — Received from Thomas Webster cash in full of %, $ 
 
 Sold Roger Bacon, Haverstraw, on %, 1 Lady's Arm Chair, R. W., 
 
 $10 ; 1 Lady's Sewing Chair, R. W., $7.50 ; 1 Card Table, R. W., $6 ; 
 
 1 Cabinet Box, R. W., $20 Effected Insurance on Building and 
 
 Contents, paid premium in cash, $85. 
 18.— Paid Austin Packard cash in full of %, $175 Sold Wm. F. 
 
 Turner, Brooklyn, for cash, 1 Single BedBtead, $6 ; 6 Cottage Chairs, 
 
 @ $1.75 ; 1 Quartette Table, $5. 
 20. — Sold John Anderson, Brooklyn, on %, 1 set Enameled Furniture, 
 
 $65 Received from Richard Bannister cash on %, $30 - - 
 
 J. Wiggin's note, $500.00 Paid Workmen's Wages, per Time 
 
 Book, $113.17. 
 26.— Sold James E. Jenkins, Brooklyn, on his note @ 60 ds., 1 Sofa Bed- 
 stead, Patent, $45 ; 6 Parlor Chairs, Brocatelle, @ $5 Received 
 
 from Roger Bacon cash in full of %, % , Paid cash for 
 
 Drayage, $10 ; for Postage stamps, $3. 
 27 • — Received from Richard Bannister his note @ 30 ds. to balance %, 
 
 $37 Paid Workmen's Wages per Time Book, $121. 
 
 28.— Sold David Woods, Red Hook, for cash, 1 Tgte-atgte, B. W. and 
 
 Broc, $40 ; 1 Easy Rocker, B. W. and Broc, $25 ; 1 Corner Stand, 
 
 $4.00. 
 SO.— Sold H. W. Clark, Williamsburg, on %, 1 Sofa Bedstead, Patent, 
 
 $45. 
 
 INVENTORY TAKEN APEIL 30. 
 
 Value of Finished Stock, - $4250. 
 
 Unfinished Stock, 1875. 
 
 " Tools and Implements, 500. 
 
 Jifay 1. — Messrs Lester & Brown have this day associated with them Robert 
 Lincoln, who is to make an equal investment with each of the two 
 former partners, and share equally in gains and losses. The Books 
 of Lester & Brown are therefore made to exhibit their Resources 
 and Liabilities, each partner being credited with his share of the Net 
 Oain, and the balances brought down as a new investment. The new 
 firm is to be styled " Lester, Brown & Co." Robert Lincoln 
 
 190 
 
APPENDIX. 
 
 invests cash, $ Sold Peter Jamieson, Morrisania, for 
 
 cash, 1 "Sleepy Hollow" Chair, $18; 1 Enameled Bedstead, $20; 
 
 1 Enameled Wash stand, $5 Deposited cash in Central Bank, 
 
 $12000. 
 <?.— Sold A. A. Low, Brooklyn, on %,2 Gothic Chairs, B. W. Stuffed, $30; 
 
 1 set Enameled Furniture, $75 Paid Sundry Expenses, per 
 
 Expense Book, in cash, $18.75. 
 .£.— Paid Fisher & Bird's Bill for Marble in cash, $115 Paid Work- 
 men's Wages, per T. B., $117.50. 
 <5.r-Sold Joseph Brooks, Bellvale, on %, 2 Cupboard Washstands, @ $6 ; 
 
 1 Hat Back, $5 ; 1 Dining Table, $14 ; 1 Black Walnut Crib, $5 
 
 Beceived of John Anderson, cash in full of %, $ 
 
 6.— Sold J. W. Bulkley, Williamsburg, on %, 1 Centre Table, B. W. 
 Carved, $25; 1 Bureau, Serpentine Front, $24.50; 1 Side "What- 
 not," $4.50. 
 8. — Beceived of Timothy Paywell, cash in full of %, % 
 &.— Paid J. W. Bulkley, cash in full of %, $ 
 
 10. — Sold Eichard Bannister, Chester, on %, 1 Beclining Chair, patent, 
 
 $12.50 ; 1 High Book Case, B. W., $40; 1 pair Footstools, $4.50. 
 //.—Paid Workmen's Wages per Time Book, $128.75. 
 
 IS. — Sold C. L. Derby, New York, for cash, 1 set Enameled Furniture, 
 
 $75 ; 1 Tete-a-tete, $30 ; 1 Eosewood Sofa, $60 Paid sundry 
 
 expenses, per Expense Book, in cash, $24.30. 
 
 18. — Sold Ivison, Phinney & Co., New York, for cash, 1 B. W. Library 
 
 Book Case, $75 Paid Workmen's Wages, per Time Book, 
 
 $98.50. 
 
 20. — Sold W. L. Stimson, Penn Yan, for cash, 2 Plain Wash-stands, @ $2 ; 
 1 French Bedstead, B. W., $25; 1 single do., B. W., $10; 6 Dining 
 
 Chairs, @ $1.50 ; 3 Parlor do., @ $4.50 Paid L. Johnson's 
 
 bill for Plush, etc., in cash, $124 Sold Steamer Isaac Newton, 
 
 North Biver, on %.G Eosewood Tete-sJ-tetes, @ $35; 24 Eosewood 
 Chairs, @ $5 ; 3 Stuffed Brocatelle Arm Chairs, @ $25 ; 1 Carved 
 Eosewood Centre Table, $50. 
 
 25. — Sold A. A. Low, Brooklyn, on %, 150 Orchestra Chairs, for Academy 
 
 of Music, @ $4 Paid Workmen's Wages, per Time Book, 
 
 $113.75. 
 
 28.— Sold Geo. McDougal, New York, for cash, 1 Hall Stand, $4 ; 6 Parlor 
 
 Chairs, @ $2.75 ; 1 Wash-stand, $10 Paid sundry expenses, 
 
 per Expense Book, $19.25. 
 
 SO.— Sold Abraham Fuller, Jamaica for cash, 1 B. W. Sofa, $30 ; 1 Tete- 
 
 S-tgte, $25 ; 1 Large Dining Table, $16 ; 2 Gothic Chairs, @ $5 
 
 Sold E Van Norman, New York, for cash, 1 Piano Stool, $10 ; 1 
 Music Eack, $5 : 3 Arm Chairs, Rosewood, @ $15. 
 
 INVENTOKY, MAT 31 
 Finished Stock on hand, $4750; Unfinished Stock, $875; Tools and 
 
 Implements, $500. 
 
 J.V/J. 
 
APPENDIX. 
 
 PART II. — SET I. 
 
 JVew York, January /, 7879.— Bought of Smith & Sons, on %, 1000 
 brls. Flour, @ $6. 
 2.— Sold Robert Bates,' for cash, 300 brls. Flour, @ $6.50. 
 5.— Sold Peter Cooper, on %, 250 brls. Flour, @ $7. 
 7.— Sold John Jones, on his note @ 30 ds., 150 brls. Flour, @ $7. 
 10.— Bought of J. B. Wheeler, on our note @ 60 ds., 500 bush. Wheat, 
 
 @$1. 
 12.— Sold James Turner, for cash, 100 bush. Wheat, @ $1.25 ; 100 brls. 
 
 Flour, @ $6.75. 
 fib-. — Paid cash for Stationery and Books, for use of store, $50. 
 /<?.— Bought of Thos. Payne, for cash, 300 brls. Flour, @ $5. 
 /7.— Sold Patrick Murphy, for cash, 100 brls. Flour, @ $6. 
 18.— Bought of Geo. Davis, on %, 1000 bush. Oats, @ 75<*. 
 20. — Sold Raymond & Co., on their note @ 5 ds., 500 bush Oats, @ 800 ; 
 
 100 bush. Wheat, @ $1.15. 
 22.— Sold Abram Fuller, for cash, 400 brls. Flour, @ $6 ; 300 bush. 
 
 Wheat, @ $1.10. 
 25.— Bought of James Hathaway, on %, 1500 brls. Flour, @ $5.50. 
 27.— Sold Jonas Clark, on %, 1000 brls. Flour, @ $6. 
 28. — Received cash in full for Raymond & Co.'s note, $515. 
 29.— Sold John Drummond, for cash, 500 brls. Flour, @ $5-75 ; 500 bush. 
 
 Oats, @ W. 
 SO.— Paid Clerk Hire, in cash, $50 ; Store Rent, $50. 
 
 SET II. 
 
 New Torh, February 1, 1879. — Commenced business this day with 
 the following resources and liabilities taken from Ledger A. (See 
 Statement, page 121.) Resources : Cash on hand, $8270 ; Notes on 
 hand, $1050 ; Peter Cooper's account, $1750 ; Jonas Clark's do. 
 
 $6000 Liabilities : Notes outstanding, $500 ; Smith & Sons' 
 
 account, $6000 ; Geo. Davis's do. , $750 ; James Hathaway's do. 
 
 $8250 Bought of Comstock & Co., for cash, 10 hdds. N. O. 
 
 Molasses, 600 gals., @ W ; 10 do. Cuba Sugar, 9500 lbs., @ U \ 
 17 bags Rio Coffee, 1575 lbs., @ 160 ; 20 half-chests Oolong Tea, 
 1080 lbs., @ 50j* ; 10 tierces Rice, 5000 lbs., @ 4J|*. 
 2.— Sold S. S. Randall, on %, 3 gals. Molasses, @50/; 200 lbs Sugar, 
 
 @ 6? ; 150 lbs Coffee, @ 16^. 
 8.— Sold James W. Lusk, on his note @ 30 ds., 2 hhds. Sugar, 2100 lbs., 
 
 @6P; 10 half-chests Tea, 540 lbs., @ 55f* Paid cash to Geo. 
 
 Davis, in full of %, f 
 
 192 
 
APPENDIX. 
 
 A. — Sold Henry C. Spencer, on %, 2 hhds. Molasses, 120 gals., @ 45/. 
 6.— Bought of J. A. Tilford, on our note @ 60 ds., 10 tubs Lard, 400 lbs., 
 @ 13/; 20 boxes Soap, 1400 lbs., @ 7/; 5 brls. Pork, 1000 lbs., 
 
 @ 10)* Sold Harmer Smith, for cash, 2 brls. Pork, 400 lbs., 
 
 @ 10|/ ; 1 tierce Rice, 500 lbs., @ 5/. 
 6.— Sold B. F. Carpenter, on %, 2 tierces Rice, 1000 lbs., @ 5£/ ; 1 bag 
 
 Rio Coffee, 150 lbs. @ 18/ Bought of Clarence Doubleday, for 
 
 cash, 10 brls. Potatoes, @ $3 ; 1000 lbs. English Dairy Cheese, 
 @18/. 
 7. — Sold James Reed, for cash, 10 lbs. Coffee, @ 18/ ; 3 boxes Soap, 
 
 210 lbs., @ 8/. 
 8. — Bought of Robert Hanaford, for cash, 10 hhds. Havana Sugar, 
 
 11000 lbs., @ 5/ ; 3 do. N. O. Sugar, 3700 lbs., @ 5£/. 
 9.— Sold Henry Van Dyck, on %, 2 hhds. Havana Sugar, 1970 lbs., 
 @6/. 
 JO.— Paid James Hathaway, cash on %, $4000. 
 72.— Sold James Hathaway, on %, 1 brl. Pork, 200 lbs., @ 11/ ; 1 bag 
 
 Rio Coffee, 110 lbs., @ 18/ ; 1 hhd. Havana Sugar, 900 lbs., @ 6/. 
 i3.— Sold L. Fairbanks, on %, 100 lbs. English Dairy 'Cheese, @ 25/; 
 
 1 brl. Potatoes, $4. 
 
 /4.— Sold Henry Van Dyck, on %, 10 lbs. Coffee, @ 18/ ; 50 lbs. English 
 
 Dairy Cheese, @ 25/ ; 50 lbs. Rice, @ 5|/. 
 15. —Paid cash for Rent of Store, $100 Sold J. T. Calkins, for cash, 
 
 150 lbs. English Dairy Cheese, (* 25/. 
 f7. — Received cash of Henry C. Spencer, in full of %, f 
 18.— Sold S. S. Randall, on %, 25 lbs. Tea, @ 56/ ; 50 lbs. Lard, @ 15/ : 
 
 20 lbs. Rice, @ 5/. 
 20.— Sold Peter Cooper, on %, 2 brls. Pork, 400 lbs., @ 11/. 
 22.— Sold E. F. Hill, on %, 1 half -chest Tea, 54 lbs., @ 60/. 
 23.— Received of Jonas Clark, in full of %, cash, $3000 ; Note @ 90 ds.. 
 
 $3000. 
 26.— Paid Smith & Sons, cash on <%, $3000 Sold Geo. Davis, on % s 
 
 2 hhds. N. O. Molasses, 120 gals., @ 44f/. 
 
 26.— Paid cash for our note, favor of J. R. Wheeler, $500 Sold 
 
 E. C. Bradford, for cash, 10 lbs. Rio Coffee, @ 19/ ; 10 lbs. Tea, 
 
 @ 50/; 50 lbs. Rice, @ 7/. 
 27'— Sold Edwin Morgan, for cash, 1 tierce Rice, 500 lbs., @ 6/ ; 2 brls. 
 
 Potatoes, @ $3. 
 28.— Paid Clerk's Salary in cash, $100. 
 
 Inventory : Merchandise unsold, $2500. 
 
 [Set III same as in Past I.] 
 
 193 
 
SET IV. 
 
 Chicago, September 2, 2879.— S. S. Packard, John R. Penn, and J. C. 
 
 Bryant are partners. S. S. Packard invests, Cash, $5000 
 
 J. E. Penn invests Merchandise, amounting as per Inventory to 
 $6750. The firm assumes for him two notes — one favor of J. Mat- 
 
 tox for $750 ; and one favor of Henry Brown for $1000 J. C. 
 
 Bryant invests : J. Smith's note for $750 ; H. Young's do. for $750 
 and personal accounts as follows : J. T. Calkins, $500 ; E. R. Pelton, 
 $376 ; J. H. Goldsmith, $1170 ; Jas. Atwater, $1250 ; P. C. Schuyler, 
 $1104. The firm assumes for him personal accounts, viz. : Chas. 
 
 Taylor, $500 ; J. W. Lusk, $400 Paid cash for Postage stamps, 
 
 $3 Sold Theron W. Woolson, Mt. Pleasant, la., for cash, 
 
 4 doz. Shirts, 2d quality, 48, @ $1 ; 6 doz. Union Neckties, 72, 
 @ 38)*; 20 doz. Linen Hdkfs., 240, @ 50^ ; 3 pes. Cassimere, 150 yds., 
 
 @ $1.25 ; Disc, off", 5% Sold Ira Packard, Peru, Ind., on his 
 
 note @ 6 mos., 50 Boys' Overcoats, @ $5.50; 50 do., @ $7.50 
 
 Received cash for petty sales, per P. C. B., $54.25. 
 
 .2.— Received of J. T. Calkins, cash on %, $200 Paid Chas. Taylor, 
 
 cash on %, $300. 
 
 3.— Sold D. V. Bell, City, for cash, 1 Dress suit for self, $50 ; 1 Overcoat 
 
 for son, $15; 1 box Hdkfs., 6 doz., @ $4 Received cash for 
 
 petty sales, per P. C. B., $28.90. 
 
 Z..— Paid cash for 2 tons Coal, @ $5. 
 
 6. — Received cash for petty sales, per P. C. B., $105 ----- Sold J. H. 
 Goldsmith, Detroit, 2 pes. English Broadcloth, 100 yds., @ $4; 
 
 50 Military Coats, per order, @ $10 Received cash for petty 
 
 sales, per P. C. B., $105. 
 
 6. — Paid cash for bill of Stationery, $15 ; Paid hands, for shop work, 
 $150. 
 
 7. — Sold James Allen, Dubuque, for cash, 20 Zouave Uniforms, @ $25 ; 
 
 1 piece Striped Satin, 50 yds., @ $5 ; Disc, off Satin, 5% Paid 
 
 cash for Invoice Cloths, per I. B., $3000. 
 
 20. — Received cash of Jas. Atwater, on %, $750 Paid cash for Gas 
 
 bill, $15. 
 22. — Sold Jas. Atwater, Madison, on %, 1 lot ready-made clothing, viz. . 
 10 Coats, @ $3 ; 20 do., @ $3.50 ; 50 do., @ $5 : 8 prs. Pants, @ $3 ; 
 25 do., @ $4; 50 Vests, @ $1.50; 25 do., @$3; 1 Overcoat, $15 
 
 Received cash for petty sales, per P. C. B., $58. 
 
 23. — Paid hands, for shop work, cash, $175. 
 
 2Z-. — Received cash for petty sales, per P. C. B., $138. 
 
 25. — Gave Jas. W. Lusk our note @ 30 ds. to bal. %, f 
 
 Sold Wm. Baker, Springfield, for cash, 5 doz. Cravats, 60, @ 75^ ; 
 3 doz. do., 36, @ $1 ; 9 doz. Linen Hdkfs., 108, @ 50)* ; Disc, off, 5% 
 Sold J. T. Calkins, North Bend, Ind., on %, 50 Military Coats 
 
 194 
 
APPENDIX. 
 
 (privates), @ $10 ; 5 do. (officers), @ $15 Paid cash for our 
 
 note favor H. B., and interest. Face of note, $1000. Interest to date, 
 
 $46.75. 
 16— Received cash on % of J. T. Calkins, $150. 
 17- — Received cash for J. Smith's note, and interest to date. Face of 
 
 note, $750. Interest, $34.25. 
 78. — Sold C. D. Bragdon, Rock Island, on his note @ 6 mos., 50 Coats 
 
 (ready-made), @ $5 ; 100 pre. Pants, @ $3 ; 50 doz. Collars, @ $1.50 ; 
 
 5 doz. F. T. Shirts, 60, @ $1.75 Received cash for petty Bales, 
 
 per P. C. B., $94.83 Paid Clerk's Salaries in cash, $112. 
 
 20.— Received of P. C. Schujjer, his note @ 60 ds. to bal. %, f 
 
 - - - - Sold Geo. E. Harvey, Green Bay, on his note @ 60 ds., 100 
 
 Zouave Uniforms, @ $20 ; 50 Military Coats, " Co. H," @ $10 
 
 Paid cash to hands, for shop work, $250. 
 22. — Received cash on % of J. H. Goldsmith, $1000 ; for petty sales, per 
 
 P. C. B., $112.44. 
 25.— Sold Jas. W. Lusk, City, 50 Uniforms ("Lincoln Green"), @ $25; 
 
 30 do. (Zouaves), @ $15 Received of E. R. Felton, cash in full 
 
 of %, $ Received for petty sales, per P. C. B., $83.75 
 
 Paid Rent to Sept. 80, in cash, $100. 
 
 26. — Received of J. H. Goldsmith, cash on %, $170 Received for 
 
 petty sales, per P. C. B., $58.94 Paid cash for Porterage and 
 
 Drayage, $35. 
 27. — Received of Jas. Atwater on %, cash, $500 Received for petty 
 
 sales, per P. C. B., $117.50. 
 28.— Sold Robert McGrath, White Pigeon, 20 Boys' Coats (ready-made), 
 
 @ $5 ; 80 Vests (ready-made), @ $1.50 ; 20 doz. Collars, @ $1 ; Disc. 
 
 off, 5% Received cash for petty sales, per P. C. B., $87.50 
 
 Paid cash to hands, for shop work, $275. 
 
 29. — Received cash in full for H. Young's note. Face of note, $750. 
 
 Interest accrued to date, $14.50 Received cash for petty sales - , 
 
 per P. C. B., $112.94. 
 SO. — Sold E. R. Felton, Peoria, on % , 75 complete Uniforms, @ $25 
 
 Received cash for petty sales, per P. C. B , $175 Partners' 
 
 salaries for month, paid in cash, 
 
 [For a continuation of this business, eee page 181 (Fourth Scries).] 
 
APPENDIX. 
 
 MATERIAL FOR SHORT* SETS. 
 
 EITHER IN SINGLE OR DOUBLE ENTRY. 
 
 The material furnished herewith is intended to supplement the regular 
 sets of the main work — or to supplant such of them as may be deemed best. 
 The transactions will be found specially useful for drill exercises, or exam- 
 ination tests. „ J 
 
 Supplementary Set 1. 
 
 Carting Business.— Single Proprietorship. 
 JVew York, July 7, 7880.— Began business with a cash capital of $5000 
 
 Bought for cash 4 horses, iarts, and equipments, $800 
 
 Paid cash for rent of stable, one month, $25. 
 July 8. — Received cash for cartage during the week, $75 Work done 
 
 on %, viz.: For W. A. Miller, $10 ; J. L. Hunt, $15 ; Thos. Hunter, 
 
 $13 Paid workmen's wages, $35.75. 
 
 July 75. — Paid cash for horse-shoeing, $7 ; For repairing carts and harness, 
 
 $3.75 Received cash for carting during the week, $83.75 
 
 Work done on %, viz. ; Thos. Hunter, $10 ; William Taylor, $17 ; 
 
 J. L. Hunt, $3 ; C. E. Cady, $5.75 Paid workmen, $29.50. 
 
 July 22. — Received cash for drayage during the week, $85 Work 
 
 done on a /c, viz. : Thos. Hunter, $15 ; W. A. Miller, $17.50 ; C. Clag- 
 
 horn, $18 Received cash, viz.: W. A. Miller, on %, $18; 
 
 Thos. Hunter, on %, $27 ; J. L. Hunt, in full, $ 
 
 Horses, carts, and equipments, valued at cost. 
 Required the condition of the business, and the net gain or loss. 
 
 Supplementary Set 2. 
 Dry Goods Business. — Single Proprietor. 
 
 Albany, Sept. 7, 7879. — Began business with a cash capital of $1000 
 
 Paid for repairing store, $75 Bought goods of G. A. 
 
 Crocker, New York, on %, amounting, per invoice, to $2517. 
 
 Sept. 5.— Sold Merchandise, viz. : To C. S. Sill, Troy, on %, for $175 ; To 
 McCook, for cash, $210.30 ; To E. G. Folsom, on his note at 30 ds., 
 $412.75. 
 
 Sept. 72. — Paid one month's rent of store, in cash, $100 Paid em- 
 ployes, for services, $50 Sold merchandise to Joseph Brower, 
 
 on a /c, $31725 Received from C. S. Sill, Troy, goods, not as 
 
 ordered, for which we credit him $25. 
 
 Sept. SO. — Settled with Joseph Brower for his indebtedness — accepting a 
 
 compromise of 75% : Cash received, in full of %, $237.94 ; Lost the 
 
 balance, f Paid cash for petty expenses, $17.50 
 
 Paid G. A. Crocker, cash on %, $500 Sold merchandise, for 
 
 cash, $375. 
 
 Merchandise on hand, $158472. 
 
 Required afuU statement of the business, as to property, condition, etc. 
 
 190 
 
APPENDIX. 
 
 Supplementary Set 3. 
 Business of a Teacher.— Single Proprietorship. 
 
 Philadelphia, Oct. /, 1879. — Began business with » cash capital of 
 
 $1500 Paid cash for furniture and implements, $750 ; For 
 
 office-books and stationery, $50 ; For 5 tons of coal, $25. 
 
 October SO.— Received cash for tuition, $1500 Paid janitor, $30. 
 
 October SO. — Paid cash for teachers' salaries, $120. 
 
 .1 "ovember JO. — Paid cash for 2 months' rent, $300 ; For repairs, $30 
 
 Paid teachers' salaries, $90 Paid janitor, $30. 
 
 December 80. — The following amounts are due for tuition, etc. ; From 
 W. J. Carter, $53.75 ; From W. L. Hill, $73 ; From S. G. Howe, 
 
 $89.50 ; From Rednor Wood, $115.30 The following balances 
 
 are due teachers : To Sallie L. Cook, $25 ; To Alice P. Luick, $57 ; 
 
 To Geo. S. Bigelow, $100 Paid janitor's wages, $30 Paid 
 
 for two months' rent, $300. 
 
 Estimated value of furniture and implements, $750 Unexpired rent, $150. 
 
 Required a fuli statement of current and standing condition. 
 
 Supplementary Set 4. — Continuation of Set S. 
 Business of Teaching.— Copartnership. 
 
 [The business represented In the previous set is continued, under a copartnership, the 
 new proprietor Investing in cash an amount equal to the net capital shown at the close of the 
 previous month. The partners in the new firm are, the previous proprietor (supposed to be 
 the student, who will fill the blank with his own name) and Thos. M. Pierce, under the title 
 of & Pierce.] 
 
 Philadelphia, January /, 7880. — Thos. M. Pierce invests cash, 
 $ Paid Sallie L. Cook, balance of salary due, f 
 
 January A. — Received cash of Rednor Wood, in full of %, f 
 
 Received cash for tuition, $183.75 Paid janitor, $15. 
 
 January f&. — Received cash for tuition, $517 Deposited cash in 
 
 Union Bank, $3500 Paid cash : To Geo. S. Bigelow, on %, $50. 
 
 January 20. — Rec'd cash for tuition, $325 Paid janitor's wages, $35. 
 
 J^eb. 5.— Paid for repairs, $15.75 Received cash for tuition, $175 
 
 Paid balances due teachers : G. S. B., $50 ; A. P. L., $57. 
 
 March fO. — Rec'd cash for tuition, $225 Paid for office stationery, $15. 
 
 March 30. — Received cash for tuition, $1525 Paid rent in full to 
 
 date, $300 Quarterly tuition bills unpaid, viz. : S. G. Howe, 
 
 $175 ; W. J. Carter, $75 ; W. L Hill, $100 ; G. W. Brown, $117. 
 
 March St. — Paid teachers' salaries, in full, $575. 
 
 Value of furniture and fixtures, $700. 
 
 Required the interest of each partner at the close of business. 
 
 197 
 
APPENDIX. 
 
 PRACTICAL HINTS. 
 
 In the preparation of this book the author has kept in view the fact tha* 
 in order to become a good accountant, the student should learn not only ti 
 think for himself, but to give his thoughts proper expression ; hence the 
 introduction of "Exercises" and "Examples," intended to throw him upon 
 his own resources, and remedy the evils which attend the practice of copy- 
 ing. This feature must commend itself to the faithful teacher who is satis- 
 fied with no progress which is not real. The three qualities essential to suc- 
 cess in Accountantship are, 1. Accuracy ; 2. Neatness ; 3. Dispatch ; and 
 these can be acquired only through practice. Instead, therefore, of omitting 
 any of the practical Exercises, or passing lightly over them, they should be 
 regarded as indispensable, and even additional exercises should be given by 
 the teacher or self-imposed by the student. The limited space renders it 
 impossible to carry out in detail, all the labor which actual business would 
 require in the way of filling out notes, drafts, checks, etc., or to suggest 
 appropriate forms for such letters and documents as would be necessary in 
 conducting the business represented ; hut the student should be required to 
 supply this deficiency, with such aid as the teacher may offer. 
 
 The following hints are submitted as appropriate. 
 
 ORDER AND NEATNESS. 
 
 There is no error more common than that a theoretical knowledge of 
 general principles will prepare a person for the duties of the Counting Room. 
 It is true that without this knowledge, one need never hope to succeed ; and 
 equally true that with no other knowledge the way will be very difficult. 
 Although in enumerating the qualifications of an Accountant we have placed 
 neatness second in the list, it is the first which attracts attention, and is of 
 the utmost importance in the practical work of accountantship. Neatness in 
 book-keeping is the result of good writing and tasteful arrangement. It is a 
 mistaken idea that the ability to form a few wondrous curves in the execu- 
 tion of capital letters or the adornment of a fancy title, constitutes the chief 
 qualification of a business writer. Practical men do not usually appreciate 
 such qualifications, but insist, rather, on the utmost modesty of display and 
 simplicity of arrangement. A professional flourish is as much out of place 
 on a page of business record, as a daub of paint on a marble statue. Uni- 
 formity, legibility, and adaptation to space and purpose should be the charac- 
 teristics of business writing ; and he who fails in these will need something 
 more than a certificate from a professor of pen art to save him. These remarks 
 are not in disparagement of any style or system of penmanship, nor designed 
 to underrate the very useful profession which makes good writers; but to 
 
 198 
 
APPENDIX. 
 
 (ilace the practical above the fanciful ; and to insist upon a proper recogni- 
 tion of the standard of taste which business men have adopted. Rapidity of 
 execution is an essential element in business writing, but even this should be 
 subordinated to neatness. In the selection of script for the principal forms 
 in Part I. reference has been had to the standard of neatness above indicated ; 
 it is not expected that the student will attempt to copy the style of the writing, 
 but it is hoped that he may seek to emulate its legibility and taste in arrange- 
 ment. Particularly should he seek to avoid errors which requiie erasures. 
 Nothing so destroys the beauty of a page as erasures and interlineations. 
 Even occasional blotting is preferable to occasional scratching. Where it is 
 possible, errors should be corrected by counter entries, thus affording an 
 explanation, without destroying the harmony of the page. Finally, let the 
 student practice until he becomes proficient in ruling. In using red ink care 
 should be had to keep it pure : and to that end, never use a pen that has 
 been dipped in black. Even steel pens are thought to destroy the brilliancy 
 of red ink, and quills are preferred on that account. A steel pen, however, 
 is the best for ruling, and needs only to be kept perfectly clean. 
 
 PROFICIENCY IN MATHEMATICS. 
 
 The processes of book-keeping seldom call into practice the higher depart- 
 ments of mathematics ; albeit a thorough mathematician — other things being 
 equal — will make the best accountant. The kind of proficiency most avail- 
 able to a book-keeper is facility and accuracy in addition. The ability to add 
 long columns of figures with speed and certainty is one of the very best claims 
 » young man can present for a position of trust. So highly is this accom- 
 plishment esteemed by business men, that where it is wanting other qualifi- 
 cations sink into comparative insignificance. A clerk who " never makes a 
 mistake " is sure of promotion and remuneration. There are many theories 
 as to the surest and most rapid method of adding, and occasionally some 
 eccentric genius electrifies the world with an exhibition of almost magical 
 power in this direction ; but the only thing that can with safety be relied 
 upon is practice — faithful and continued practice. The student should be 
 required to write down lonfr columns of figures of various numerical values, 
 and test his powers by adding, first in one direction and theu in the other ; 
 occasionally trying two and three columns at a time. We give on the next 
 page three simple processes of retaining the figure to be carried — a very 
 important matter with beginners. The first is the usual method of writing 
 the carrying figure small under the unit amount of the column which pro- 
 duced it. The second requires the addition of each separate column to be 
 written down on a waste space commencing with the right hand column 
 and carrying to the next as in the usual method ; these separate amounts 
 placed in their order, one under the other, will present in their unit figures, 
 counting upward, the general result. The third method consists of the 
 proper arrangement of the independent sum of each column, so that, being 
 added, the proper result is secured. 
 
 199 
 

 APPENDIX. 
 
 
 
 
 Examples. 
 
 
 lirst Process. 
 
 Second Process. 
 
 Third Process. 
 
 1839 25 
 
 1st column, 50 
 
 5 
 
 743 18 
 
 2d *' 29 
 
 2 4 : 
 
 2562 28 
 
 3d '* 34 
 
 3 2 
 
 
 145 19 
 
 4th " 39 
 
 3 6 : 
 
 
 2823 25 
 
 5th " 39 
 
 3 6:: 
 
 
 7574 28 
 
 6th " 19 991 90 
 
 16::: 
 
 
 4291 83 
 
 
 19 9 9 4 9 
 
 25 64 
 
 
 
 19994 90 
 
 
 
 8S8 25 
 
 
 
 
 The process of adding two or more columns at once is much more simple 
 than is generally supposed ; requiring little, if any, more skill than the com- 
 mon method. The only point of difficulty is the necessity of adding units to 
 units, tens to tens, etc. To give the student an idea of the process, we will 
 take the two cent-columns in the above example, and add them together. 
 Commencing with the lower amount, we proceed : 64 and 3 are 67, and 80 
 are 147, and 8 are 155, and 20 are 175, and 5 are 180, and 20 are 200, and 9 
 are 209, and 10 are 219, and 8 are 227, and 20 are 247, and 8 are 255, and 10 
 are 265, and 5 are 270, and 20 are 290 ; which is the sum of the two columns. 
 It will be seen that we separate each amount into units and tens, adding the 
 units to the units and the tens to the tens of the accumulating result. We 
 will now vary the process by commencing at the top and adding downward ; 
 and also by adding the tens first : 25 and 10 are 35, and 8 are 43, and 20 are 
 63. and 8 are 71, and 10 are 81, and 9 are 90, and 20 are 110, and 5 are 115, 
 and 20 are 135, and 8 are 143, and 80 are 223, and 3 are 226, and 60 are 286, 
 and 4 are 290 ; the same result as before. By continued practice of this kind 
 the student will soon astonish himself with his own proficiency. Let him 
 practice on two columns, until he becomes thoroughly familiar with the 
 process, and then take three, and four. The necessity of keeping his mind 
 constantly on the alert for fear of adding tens to units, and units to hundreds, 
 will serve to quicken his powers of concentration, and develop the practical 
 resources of his mind. 
 
 TO DETECT ERRORS IN THE TRIAL BALANCE. 
 
 Unaoubtedly the best method for guarding against the trouble of finding 
 errors in the Trial Balance is not to make them ; but as this advice is much 
 more easily given than followed, and as, in despite of the best efforts, Trial 
 Balances do frequently fail to balance, a few hints as to the best methods of 
 discovering the errors may be kindly received. In the first place let it be 
 remembered that while the Trial Balance is not a sure test of the correctness 
 of the Ledger, no Double Entry Ledger can be correct that does not balance ; 
 hence, the necessity of knowing that the sides are equal. The Trial Balance 
 is simply the summing up of the debit and credit sides of the Ledger to 
 
 200 
 
APPENDIX. 
 
 ascertain if they are equal. If the trial should prove that they are not equal, 
 the cause must exist either in entries being omitted, posted to the wrong 
 side, or in wrong amounts. A little observation will enable the accountant 
 to classify the error under one of the above heads. If the precaution indi- 
 cated in our first Double Entry sets be taken, viz. : to carry the total amounts 
 posted into the Trial Balance— and either side agrees with the footing of the 
 Journal columns, the difficulty is easily overcome, as the difference between 
 the sides will show not only the error or combination of errors, but the side 
 of the Ledger upon which they occur. For various reasons, however, it is 
 not always convenient to embrace the total Ledger entries in the Trial 
 Balance ; therefore for general purposes, we would suggest the following 
 process for detecting errors : First, make sure that an error exists. It is 
 often the case that an overweening anxiety to have the sides of the Trial 
 Balance equal actually produces a supposed error, by dissipating the mind 
 while engaged in ascertaining the result, and thus persistently, though 
 erroneously realizing its own fears, by errors in addition. If an error seems 
 to exist, before attempting to find it go carefully over the work of addition, 
 proving it in every way. If the test should prove that the sides do not equal, 
 refer to the Ledger accounts, and ascertain that the proper amounts have 
 been transferred to the Trial Balance. Foot up the accounts very carefully, 
 and permit no doubt to exist that the exact condition of the Ledger is shown 
 in the Trial Balance. — Second, If the error still exists, ascertain its exact 
 amount, and then look carefully for the same amount in the Journal, which 
 may have been omitted in posting. If no such an amount should appear, or 
 should not prove to have been omitted, next ascertain if any Journal Entry 
 exists of Iialf the amount, which being posted to the wrong side would produce 
 the difference. Should this test prove unsuccessful, ascertain if the difference 
 be divisible by 9, and if so, look carefully for a transposition of some amount 
 posted.* — Third, Should this process fail, the last resort is to check the post- 
 ings. First ascertain that the Journal entries balance and then go carefully 
 over the work, checking in pencil mark, all entries that have been properly 
 posted both on the Journal and the Ledger. The most reliable process of 
 checking is to have one person take the Journal and call off the Ledger titles 
 and amounts, slowly and distinctly — the debits first, and credits next — while 
 another examines the Ledger entries to see if they correspond. Many prac- 
 tical accountants adopt the plan of thus checking before attempting to take 
 a Trial Balance, for the purpose, not only of facilitating the labor but of 
 being assured that the Ledger is absolutely correct. We cordially commend 
 the practice, believing that if it is adopted, and faithfully carried out, there 
 will be little need of resorting to any other method to ensure a balance. 
 Above all, let the student hunt up his own errors of balance ; for while it is 
 
 * It Is a curious fact that the difference between any given amount composed of two or 
 more figures, and the same figures transposed, is divisible by 9. For example, the difference 
 between 75 and 67 is 18; between 130 and 210, 90; between 195 and 159, 36, etc., all of which 
 differences 18, 90, and 36, are divisible by nine, without a remainder. The illustration may 
 be carried to any extent, i villi the tame results. 
 
 201 
 
APPENDIX. 
 
 true that all such errors are the result of carelessness, the adoption of means 
 to detect them, will tend, in the greatest degree to perfect his mind in those 
 practical questions and labor necessary to the full development of his powers. 
 It is the duty of the teacher to open up to the pupil's mind the bearings of 
 the various principles of the science he would inculcate, as well as to aid 
 him in the application of those principles ; but practical results should be the 
 student's own work. For these he should be held responsible ; and should 
 never be allowed to fall into the loose habit of making errors that his teacher 
 may find them. 
 
 RESOURCES AND LIABILITIES. 
 
 The student has been taught that certain Ledger accounts are used to 
 show resources, and certain others to show liabilities, and that the corres- 
 pondence between the resources and liabilities thus shown must agree, in a 
 certain sense, with the accounts showing gains and losses. He must be 
 aware, however, that all resources are not equally valuable ; that, in the 
 course of trade, persons may become indebted to us, both on note and on 
 account, who will never pay ; the resource thus represented being absolutely 
 valueless. In estimating the condition of a concern, therefore, it is well te 
 know whether the books are truthful; that is, whether the resources ex- 
 hibited on their pages are absolute or fictitious. The importance of this 
 precaution will be apparent when we consider that all gains in business, as 
 shown by business accounts, are predicated upon the integrity of the re- 
 sources. For instance, suppose we sell A. $500 worth of merchandise, and 
 take his note for it. In recording the transaction, we credit Merchandise 
 and debit Bills Receivable. In estimating our gains and losses, we, of 
 course, inclnde among the proceeds of merchandise this amount, which 
 adds $500 to our gains. But suppose the note to be worthless. In this 
 case Merchandise account is made to show a. gain which does not exist. 
 The error may be corrected by debiting Merchandise and crediting Bills 
 Receivable, thus disposing of the matter at once. But suppose the real 
 value to remain in doubt. The account may be worth its face, or 50 % of its 
 face, or nothing. In this case — and particularly if there were other accounts 
 of the same character — it would be well to open a " Suspense " account, and 
 credit it with an .amount equal to the supposed deficiency, debiting Loss and 
 Gain with the same. This would leave the doubtful accounts standing as 
 resources, but being offset by Suspense as a liability, the question of value 
 would be left to be determined by the final results. In either case, 
 the account showing resource should bo credited and Suspense debited. If 
 payments of value are made, they will appear to the debit of some resource 
 account and credited to Loss and Gain. 
 
 This method will be found preferable to that of closing doubtful accounts 
 into Suspense ; as it is equally effective in guarding against fictitious gains, 
 and leaves the doubtful accounts undisturbed for a more satisfactory adjust- 
 ment. 
 
 202 
 
APPENDIX. 
 
 BUSINESS FORMS. 
 
 BILLS. 
 
 1. Produce. 
 
 Thob. Mat Peikce, 
 
 New York, Sept. 1, 1879. 
 Bo't of Halliday & Smith. 
 
 
 100 brls. Flour, 
 
 50 do. do. 
 
 110 do. do. 
 
 "State Superfine" - @ $6. 80 
 "St. Louis XX." " 9. 6 ° 
 " WeBtern Extra," - " O. 40 
 
 Rec'd Payment, 
 
 Halliday & Smith. 
 
 630 
 475 
 704 
 
 
 
 1809 
 
 
 C. E. Cady, 
 
 2. Groceries. 
 
 New York, Dee. 13, 1879. 
 Bo't of II. K. Thurber & Co. 
 
 60 lbs. Granulated Sugar, 
 100 do. Crushed do. 
 
 50 boxes Adamantine Candles, 143 lbs., 
 5 bags Porto Rico Coffee, 150 lbs., - - 
 
 " w 
 
 6 
 
 12 
 21 
 24 
 
 rf4 
 
 30 
 
 45 
 75 
 
 50 
 
 3. Dry Goods. 
 
 J. F. Mooar & Co., 
 
 Syracuse, June 10, 1879. 
 Bo't of C. P. Meads. 
 
 5 pes. N. Y. Mills Sheetings, 72 in., 185 yds., @ 37# 
 3 do. Red Cross Cambrics, 96J " " 8? 
 
 10 do. Victoria Ginghams, 143 " " W 
 
 1 do. Franconia Denims, 
 
 " 15/ 
 
 203 
 
 50 
 7 
 
 40 
 
 5 
 
 104 
 
 88 
 
 04 
 
 12 
 
APPENDIX. 
 
 RECEIPTS. 
 
 1. On Account. 
 
 $500. Chicago, May 4, 1879. 
 
 Received April 30, 1879, Five Hundred Dollars, on account of 
 Joseph H. Palmer. 
 
 H. B. Bryant & Co. 
 
 2. In Full of all Demands. 
 
 $6£5. St. Louis, Oct. 24, 1879. 
 
 Received of E. P. Heald Six Hundred and Forty-five Dollars, in 
 
 full of all demands. 
 
 W. M. Carpenter. 
 
 3. To Apply on Contract. 
 
 $WOO. New York, Aug. IB, 1879. 
 
 Received of E. G. Folsom, One Thousand Dollars, the same to 
 apply on contract for building house, dated May 1, 1879. 
 
 George W. Latimek. 
 
 4. To Apply as an Endorsement. 
 
 $/50. Philadelphia, Mar. 4, 1879. 
 
 Received on the within note, One Hundred and Fifty Dollars. 
 
 J. E. Sotjlb. 
 
 5. .Receipt for Property. 
 
 Rochester, Apr. 28, 1879. 
 Received of A. W. Randall, the following enumerated articles to 
 be held in trust for him, and returned on his demand : one Gold Watch 
 (hunting case), two Promissory Notes, each dated June 8, 1878, and signed by 
 L. L. Williams — one for Three Hundred Dollars, due in six months from date, 
 and one for Seven Hundred Dollars, due in one year from date. 
 
 Thos. H. Shields 
 
 NOTES. 
 
 1. Individual Note. 
 
 $375. Utica, Nov. SO, 1879. 
 
 One month from date, I promise to pay to H. B. McOeary, or 
 
 order, Three Hundred and Seventy-five Dollars, without defalcation, for value 
 
 received, at Second National Bank. 
 
 John R. Carnell. 
 
 204 
 
APPENDIX. 
 
 Joint Note. 
 
 $200. New York, July 1, 1879. 
 
 Ninety days from date, we promise to pay to the order of L. S. 
 Metcalf, at his office, Two Hundred Dollars, value received. 
 
 D. Appleton. 
 Charles Scribner. 
 
 3. Joint and Several Note. 
 
 $650. Brooklyn, Aug. 17, 1879. 
 
 Nine months after date, we, or either of us, promise to pay Henry 
 A. Tidd, or order, Six Hundred and Fifty Dollars, value received. 
 
 A. S. Gladwin. 
 H. K. Motlrt. 
 
 4. Principal and Surety Note. 
 
 $300. San Francisco, Feb. 6, 1879. 
 
 For value received, on or before July 6, 1879, I promise to pay to 
 the order of F. B. Clemmer, Three Hundred Dollars. 
 
 Alva S. Walker, Principal. 
 James Thompson, Surety. 
 
 Note. — The nsual form of a principal and surety note is for the principal to properly 
 sign the note, and the surety to endorse it 
 
 5. Note, Payable to Bearer (with interest). 
 
 $4-76. Kingston, Pa., Aug. 1, 1879. 
 
 Sixty days from date, I promise to pay W. L. Dean, or bearer, 
 Four Hundred and Seventy-five Dollars, with interest from date. 
 
 L. L. Spragtje. 
 6. Non-negotiable Note. 
 
 $800. Boston, Jan. 4, 1879. 
 
 For value received, I promise to pay to Ira Mayhew on demand, 
 Eight Hundred Dollars. 
 
 D. T. Ames. 
 
 7. Chattel Note. 
 
 $900. Trenton, June 17, 1879. 
 
 Thirty days from date, for value received, I promise to pay to 
 Arthur S. Gladwin, or order, Nine Hundred Dollars in " Thurber's Perfection " 
 Flour, at the then market rate, the same to be delivered at the option of the 
 owner within the limits of the city of Trenton. 
 
 Joseph Brouwere. 
 
 205 
 
APPENDIX. 
 
 DRAFTS. 
 
 1. Sight Draft. 
 
 $500. Buffalo, Sept. 1, 1879. 
 
 At sight pay to the order of A. H. Hinman Five Hundred Dollars, 
 and charge to account of 
 
 C. L. Bryant. 
 To W. P. Gregory, J 
 Newark, 
 
 Gregory, ) 
 4, N. J. \ 
 
 2. Time Reckoned from Sight. 
 
 $700. Easton, Pa., Jan. 0, 1879. 
 
 At ten days' sight pay to the order of W. Blackman, at Citizen's 
 Bank, One Hundred Dollars, value received. 
 
 J. L. Knauss. 
 
 To E. M. HUNTZINGER, 
 
 Providence, B. I. 
 
 3. Reckoned from Date. 
 
 $J752jl Manchester, N. H., April SO, 1879. 
 
 Ten days from date pay to James H. Lansley or order, One Hun- 
 dred, Seventy five and -ffo Dollars, value received. 
 
 G. A. Gaseell. 
 
 To H. E. Hibbard & Co., 
 Boston, Mass. 
 
 i 
 
 DUE BILLS. 
 
 1. For Cash Drawing Interest. 
 
 $250. Washington, D. C, June IS, 1879. 
 
 Due Henry C. Spencer, on demand, Two Hundred and Fifty 
 Dollars, with interest from date. 
 
 Zalmon Richards. 
 
 2. For Merchandise, without Interest 
 
 $1000. Brooklyn, Avg. 17, 1879. 
 
 Due B. M. Bartlett or order, One Thousand Dollars, payable in 
 wheat at market price, on the first day of October nest. 
 
 Charles Claghorn. 
 206 
 
APPENDIX. 
 
 ORDERS. 
 
 1. To Apply on Account. 
 
 $4-6. Baltimore, Oct. 15, 1879. 
 
 Messrs. E. Burnett & Co. will please pay to the bearer Forty-five 
 Dollars in merchandise, and charge the same to my account. 
 
 P. H. Casfarl 
 2. In Full of Account. 
 
 $60. New Tokk, April IS, 1879. 
 
 C. E. Cadt, Esq. : 
 
 Please pay to H. C. Wright, or bearer, Fifty Dollars in goods, 
 and this shall be your receipt in full of my account. 
 
 Wm. Allen Miller. 
 
 C RE C K S. 
 
 1. Payable to Bearer. 
 
 $150. New York, March 18, 1879 
 
 Second National Bank. 
 
 Pay to Jonathan Jones, or bearer, One Hundred and 
 
 Fifty Dollars. 
 
 A. W. Randall. 
 
 2. Payable to Order. 
 
 $200. New York, May 9, 1879. 
 
 East Biter National Bank. 
 
 Pay to Byron Horton or order, Two Hun- 
 dred Dollars. 
 
 S. S. Packard. 
 
 8. Certificate of Deposit. 
 
 $843. Philadelphia, Nov. 14, 1879. 
 
 Keystone National Bank. 
 
 Thos. M. Peirce has deposited in this Bank, Eight Hundred and 
 Forty-five Dollars, payable to J. E. Soule or order, on return of this certificate. 
 
 (No. 406.) Alexander H. Small, Teller. 
 
 307 
 
APPENDIX. 
 
 SET OF 
 
 EXCHANGE. 
 1. 
 
 Exchange for £500. N ew y 0E K, July 5, 1879. 
 
 Ten days after sight of this my first Bill of Exchange (second 
 and third of same tenor and date unpaid), pay to S. S. Packard or order, Five 
 Hundred Pounds sterling, value received, with or without further advice. 
 
 T. A. Edison. 
 To Brown Brothers & Co., ) 
 Bankers, Liverpool. ) 
 
 2. 
 
 Exchange for £500. New York, July 5, 1879. 
 
 Ten days after sight of this my second Bill of Exchange (first and 
 third of same tenor and date unpaid), pay to S. S. Packard or order, Five 
 Hundred Pounds sterling, value received, with or without further advice. 
 
 T. A. Edison. 
 To Brown Brothers & Co., ) 
 
 Bankers, Liverpool. 
 
 3. 
 
 Exchange for £500. New York, July 5, 1879. 
 
 Ten days after sight of this my third Bill of Exchange (first and 
 second of same tenor and date unpaid), pay to S. S. Packard or order, Five 
 Hundred Pounds sterling, value received, with or without further advice. 
 
 T. A. Edison. 
 1 To Brown Brothers & Co., ) 
 Bankers, Liverpool. J 
 
 ACCOUNT SALES. 
 
 Account Sales of 2000 Bush. Canadian Club Wheat, on f c and 
 risk of C. F. Meads, Syracuse. 
 
 1879 
 
 
 
 
 
 
 June 
 
 18 
 20 
 
 C. L. Stewart on % , 
 
 1500 bush. @ $2.35 - 
 Q. C. Cannon, cash, 
 
 - - $3525 
 
 
 
 
 
 500 bush. @ $2.40 
 CHARfiFS. 
 
 1200 
 
 4725 
 
 
 
 
 
 May 
 
 17 
 
 Freight and Drayage 
 
 $325 
 
 
 
 June 
 
 20 
 
 Storage, Ins., etc. - - 
 Government Tax 
 
 17 26 
 5 91 
 
 
 
 
 
 Commission 2|$ on $4725 
 
 C. P. M.'s net proceeds - 
 
 118 12 
 
 466 
 $4258 
 
 29 
 
 
 
 71 
 
 New York, June HO, 1879. 
 
 Byron Horton & Co. 
 
 208