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 COPYRIGHT DEPOSrc 
 
MANN'S 
 
 AGRICULTURAL 
 
 BOOKKEEPING INSTRUCTOR 
 
 Designed for Self-Instruction and School Room Use 
 
 J. D. MANN 
 
 GALENA, OHIO 
 
 Graduate of Ohio H'esleyan University School of Business, 
 Delaware, Ohio 1902 
 
 COPYRIGHT 1914 BY 
 J . D . MANN 
 
 MAIL ORDERS WILL BE FILLED PROMPTLY BY THE AUTHOR 
 

 • • 
 • • 
 
 PREFACE 
 
 • • 
 • • 
 
 iHE object in presenting this volume to the farmer and student of agricul- 
 ''^1 ture, is to teach the important points of theory and practice of book- 
 .^;j J keeping to such an extent, that it may be possible to keep a record of bus- 
 ^"^^ iness transactions in such a way, that by an examination of the books 
 the true condition of the business may be known at once. 
 
 Since farming has become a science, the successful farmer has become, both a 
 scientific and business man. 
 
 It is just as important for a farmer to keep a record of his business transactions 
 as it is for any other business man. 
 
 After making a careful study of the several systems of bookkeeping, -we have 
 failed to find a system that meets the requirements of the man who is engaged in 
 general farming. This fact has prompted the author to present to the modern far- 
 mer a system of keeping farm accounts that will meet his requirements and at the 
 same time eliminate the unnecessary technicalities of bookkeeping which he will 
 never use in keeping farm accounts. For this reason we have employed transac- 
 tions in this set of books that will be familiar to the ordinary farmer and at the same 
 time be such that they will illustrate the fundamental principles of bookkeeping. 
 
 We have also endeavored to make the system as simple as possible and yet so 
 complete that it will meet the requirements of any one who is engaged in general or 
 specialized farming. 
 
 For the farmer who is engaged in the mercantile business, such as selling fence, 
 fertilizer, farm implements, etc., we have employed transactions that will show how 
 such entries should be made. 
 
 It is not necessary to be a college graduate in order to be able to master this sys- 
 tem. Indeed it has been our foremost aim to put the work in such a way that anyone 
 possessing a moderate education will be able to master it without difficulty. 
 
 By studying the definitions and rules, by inspecting carefully the entries made 
 in the journal and ledger, and by foUowingthe instructions for making such entries, 
 no difficulty should be experienced in recording transactions and making entries 
 of the same in a satisfactory manner. Of course it will be necessary to use judg- 
 ment in comparing the transactions made in this book with actual transactions which 
 you will make. 
 
 The transactions used in this set of instructions are real transactions taken from 
 our own books, which cover a period of ten years. 
 
 We have been engaged in both general and specialized farming and stock rais- 
 ing, also have handled several lines of merchandise during the period from which 
 these transactions have been taken. We have taken great care to select all of the 
 different kinds of transactions that a farmer is likely to make. 
 
 We have long felt the need of a system of keeping farm accounts which would 
 be complete, yet simple enough that a man possessing a moderate education and a 
 little good common sense would be able tc keep a record of his business transactions 
 in an intelligent manner. This fact has prompted the author to put this book before 
 the public. Our greatest desire is that it will meet the desired requirements and that 
 it will be a help to the farmers in keeping a record of their business. 
 
 ©CI.A362371 
 
Preliminary Remarks 
 
 To the Farmer: 
 
 In presenting this liocik tn tlic farmer we feel that we must make sume intrnductory remarks, 
 I'irst we wish tn im|)ress ujxin VdU the importance of keeping a recurd of vour business trans- 
 actions. It is both interesting and l)eneficial to kn.ow just what ynur income and expenses are. 
 Man}- farmers ha\e paid tlie same bill twice because they failed tn keep a record of their Inisi- 
 ness. The larger part of many estates have been consumed b}- lawyer's fees and cotirt expenses 
 liecause the deceased, wdiile li\ing, failed tn keeji a recnrd nf his business in a businesslike wa_\-. 
 
 This system is imt as com])licaled as it nia_\ at hrst appear. ^'l]U are not expected to master 
 the whole system at once. In fact it ma\- ne\er be necessary for you to master it all. 
 
 In this system we ha\e endeaxured tn employ transactinns that will cn\er ever^■ phase nf 
 farm business, taken from a commercial standpoint. We dn nnt expect that any one farmer will 
 make all of the transactions recorded in this bock, but in order to co\er the needs of all farmers 
 it has been necessary to use a large \arietv of transactions. 
 
 It is not necessary for you to sttuh' this system fnr several nmnths before c(.immencing tn 
 keep your own accounts. In fact _\'nu can 1)egin the da_\' ynu recei\-e this book. Howexer. it will 
 I'e necessary fc^r you to gi\e it snme stuch' and }'ou slmuld dexote a few^ hours Inoking it oyer be- 
 fi-re you attempt to keeji ynur own accounts. It is best to read the dehnitions. rules, and instruc- 
 tions a few times and Innk o\er the Ixiok ennugh to become familiar with it, then you are ready- 
 to begin keeping books for yourself. The instructions are so arranged that ynu ha\'e tn learn tn 
 record but one transaction at a time. \'nu may learn tn make niie or two to-da}- and perhaps an- 
 I'ther toniorrw, that depends enlireU- upnn thi.' numlier of transactions you actuall}- make. 
 
 The Journal is the pi-incipal book that \(ia will use. ^'nu will \ er}- seldnm use the Ledger 
 unless your business is very extensive. The majnrity nf your entries will be in the journal, only. 
 Tn case y'ou do any business on credit it will be necessarv- tn npen ])ersonal accnunts in the ledger 
 
 It is not necessary to use the I'arm Reciird Hook at all. The transactions can l)e recnrded in 
 the journal at once. The a\'erage farmer will nnt make nmre than two nr three transactions each 
 day, and it will re(.|uire but a few minutes each evening tn make the entries in the journal. The 
 Farm Record Book is used when \nu make se\era' transactinns and wish tn write them down until 
 you have a chance to record them in the jnurnal. An\- cheap talilet nr paper pad will dn fi r this 
 purpose. 
 
 \\'hen vou wish tn recnrd a ti-ansactinn in the jnurnal, turn tn The h'arm Recnrd ISnnk and 
 find a transactinn like the one ynu wish tn record, then Innk in the journal and se how that trans- 
 action was recorded, and recnrd \-nur transaction in the same vvay. In the explanations to en- 
 tries in the journal and ledger we have referred tn the I'ule gn\erning each entry. It is best tn Innk 
 up the rules referred tn. 
 
 If y(.iu wish to take an inventory at the time you begin bonkkeeping, turn to the hrst part of 
 the "Farm Record Book" and see how the .\utlior has taken the inventory, then proceed to 
 take yours in the same way. and then turn to the first page of the Journal and see how the .\uthor 
 has made the entries for the in\entnry. and then make your entries in the same way. 
 
 To the Teacher: 
 
 When the book is used in the school room, the pupils should be recpiired to learn the delini- 
 tions and rules and study the explanations before attempting to make any entries. Lach pupd 
 sh(juld ha\e blank paper ruled the same as the ji urnal and ledger. ISegin with the in\entory and 
 have the pupils make the same entries that are made in this journal, .\fler the inventory has been 
 disposed of take up each transaction. I la\e the )iu]iil gi\e the rule for each entry made, .\fter the 
 journal has been completed take up the ledger in the same way, beginning with the inventory and 
 then each entry found in Sundry Personal Account Column in the Journal. .Vfter all of the en- 
 tries have been disposed of close the accounts in tlu Ledger, referring to Closing the Ledger. 
 
 Page Three 
 
How to Study This Book Without a Teacher 
 
 1st — Study the Definitions. 
 
 2nd — Study the Rules for Making Debits and 
 Credits. 
 
 3rd — Study Explanations to Columns in 
 Journal. 
 
 4th — Turn to the Farm Record Book. On 
 the first page, will be found the inventory, 
 taken Jan. 1st, 1911. Look over it carefully. 
 Then turn to the first page of the Journal and 
 see how the entries have been made. Use youi 
 own name instead of Proprietor, when you 
 keep books for yourself. 
 
 5th — After the Inventory has been disposed 
 of take up each transaction, noticing how eacli 
 debit and credit has been made. 
 
 6th — Read the Instructions for Making 
 Debits and Credits in Journal, and How to 
 Study This Journal. 
 
 7th — In connectiiin witii each entry in the 
 Journal, read Explanation to Debits and 
 Credits in Journal. This gives the amount of 
 each debit and credit and the rule srovernine 
 
 the entry. It is well to read the rules referred 
 to until you become familiar with them. 
 
 Sth — W'c have given some explanations to 
 some of the transactions. These explanations 
 will he found under Helpful Explanations to 
 Some of the Most Difficult Transactions. I'nn- 
 sult this subject freely. 
 
 9th — After all oi the transactions lia\e been 
 disposed of, stud}- Explanation of Ledger, and 
 How to Post to the Ledger. 
 
 10th — K\ery aninunt found in Sundry Per- 
 sonal Account column in the journal must be 
 posted to the ledger. 
 
 11th — .\fter all of the amounts have been 
 posted to the ledger, study Closing the Ledger. 
 
 12th — When an amount is posted from tlie 
 journal to the ledger, always place the jour- 
 nal page in J. P. column in the ledger, and 
 place the ledger page in L. P. column in the 
 journal. This is done for convenience in re- 
 ferring to a transaction from journal to ledger, 
 or from ledger to journal. 
 
 A ledger is usually closed at the end of each 
 year. It can be closed at any time the pro- 
 prietor sees fit. 
 
 Definitions 
 
 1. BOOKKEEPING is the art of recording 
 mercantile transactions in a regular and sys- 
 tematic manner, and keeping accounts of the 
 same in such a way, that a man may know 
 by an inspection of his books, the true con- 
 dition of his business. There are two kinds 
 of bookkeeping — Single Entry and Doul)Ie 
 Entry. 
 
 2. SINGLE ENTRY BOOKKEEPINK is 
 
 the method by which the amount of a simple 
 transaction is entered in only one account. 
 Personal Accounts and Cash Account are the 
 only accounts kept in this method. 
 
 3. DOUBLE ENTRY BOOKKEEPING 
 
 is the method by which tlie amount of a simple 
 transaction must l)e entered under at least two 
 accounts. Once on the Debit side and once 
 on the Credit side. 
 
 4. BOOKKEEPER. A bookkeeper is a 
 person who has charge of keeping accounts. 
 It is the duty of a bookkeeper to make a com- 
 plete record of business transactions. This 
 record consists of the date on which a transac- 
 tion was made, a statement as to whether you 
 bought or sold, the name of the person or per- 
 sons of whom you bought or to whom sold, 
 the terms on which you bought or sold, the 
 name of the article or articles bought or sold, 
 the number or amount of articles bought or 
 sold, the price paid or received, and the wliole 
 amount of the bill. 
 
 Page Four 
 
 5. KEEPING FARM ACCOUNTS is the 
 
 act of rec(jrding business transactions made by 
 a farmer. 
 
 6. A FARM RECORD BOOK is a book in 
 which a farmer keeps a detailed description of 
 his business transactions in the order of which 
 they take place. This book corresponds to 
 what some bookkeepers call a Blotter, Day 
 Piook, or Waste Book. A common tablet or 
 blank book will answer the purpose very well. 
 
 7. A JOURNAL is a book in which Debits 
 and Credits are arranged in con\-enient form 
 to ])e posted to the Ledger. 
 
 8. A LEDGER is a book into which ac- 
 counts are carried from a Journal. 
 
 9. A BUSINESS TRANSACTION is an 
 
 action between at least two persons in ex- 
 changing values. 
 
 10. AN ACCOUNT is a collection of a par- 
 ticular kind or class of ^•alues in the form of 
 Del)its and Credits, the names of the persons 
 to the transaction, date, and price of tlie ar- 
 ticle. An account has two sides — a Debit Side 
 and a Credit Side. The Debit side is the Left 
 Hand side. The Credit side is the right hand 
 side. 
 
 11. TO DEBIT AN ACCOUNT is to place 
 an amount on the Left Hand Side or Debit 
 Side of the account. 
 
12. TO CREDIT AN ACCOUNT is tu 
 
 place an amount un the Credit Side nr Right 
 Hand Side i,f the account. 
 
 13. CASH. By the term Cash, we mean 
 currency, bank checks, bank drafts, nmney or- 
 ders, certificates of deposit. &c. 
 
 14. INTEREST is a premium paid for the 
 use of money. 
 
 15. A BANK CHECK is a written instru- 
 ment authorizing a certain bank to pay a speci- 
 fied sum of money to a certain person. It is 
 necessary for a person to make a deposit in a 
 bank before issuing checks on that bank. 
 
 16. FREIGHT is a charge made for the 
 transportation of goods, usually by railroads 
 or ship. 
 
 17. DRAYAGE is a charge made for the 
 transportation of goods, usually by team and 
 wagon, or by motor truck. The difference be- 
 tween freight and drayage is that the tormei 
 term is used by railroads and ship line com- 
 panies, while the latter term is used by dray 
 companies or by any one engaged in carrying 
 goods short distances, such as from a depot 
 to some place in the same town. 
 
 18. DISCOUNT is an allowance given for 
 the payment of a bill on or before a specified 
 time. For instance, some merchants sell goods 
 on 20 or 30 days' time, but if paid before 10 
 days they will allow a discount of 1 per cent. 
 When a note is paid before it is due, the holder 
 will sometimes give a discount from the face 
 of the note. 
 
 19. A NOTE is a person's written promise 
 to a pay a certain sum of money at a specified 
 time. Notes are Negotiable or Non-Negoti- 
 able. 
 
 20. A NEGOTIABLE NOTE is one that 
 can lie briught or sold. A Negotiable Note 
 has the words (or order) or (or bearer) in- 
 serted after the name of the person to whom 
 the money is to be paid. If (or order) is in- 
 serted, the holder of the note must sign his 
 name on the back of the note before he parts 
 with it. If (or bearer) is inserted, any one can 
 present the note for payment. 
 
 21. A NON-NEGOTIABLE NOTE is one 
 
 that can ni it 1)C biiuglit i ir sold. 
 
 22. A CONTRACT is an agreement be- 
 tween, at least two persons, in which each per- 
 son binds himself to do some act, and each ac- 
 quires a right to what the other promises. 
 
 23. A BANK DEPOSIT is money de- 
 posited in a bank for safekeeping until the de- 
 positor calls for it. Money deposited in a bank 
 can be drawn out at any time. If the deposit 
 is made subject to check, the depositor can 
 issue checks on that bank until the amount of 
 
 the checks issued equals the amount deposited. 
 
 24. A CERTIFICATE OF DEPOSIT is a 
 
 written instrument, issued by a bank, certify- 
 ing that a certain person has deposited a speci- 
 fied sum of money in that bank. 
 
 25. A TIME CERTIFICATE OF DE- 
 POSIT is written for a specified length of time 
 and usually bears interest. 
 
 26. INSURANCE is a contract by wdiich 
 one party engages for a certain amount, to 
 pay a loss which another may sustain. 
 
 27. FIRE INSURANCE is a contract by 
 which one party agrees, for a certain amount, 
 to pay a specified sum to another person for 
 damages done by fire or lightning. 
 
 28. LIFE INSURANCE is a contract by 
 which one party agrees, for a certain amount, 
 to pay a specified sum to another person at 
 the death of a third person. 
 
 29. A CORPORATION is a society hav- 
 ing the capacity of transacting business as one 
 person. 
 
 30. STOCK is the money or goods em- 
 ployed in carrying on some enterprise, such 
 as manufacturing, insurance companies, bank- 
 ing, oil and gas companies, &c. Stock is di- 
 vided into shares. 
 
 31. AN INVENTORY is a written account 
 
 of the particulars of articles with the value or 
 price annexed. 
 
 32. A DIVIDEND is a part or share of the 
 income earned by a company, divided among 
 the stockholders of the company. Each stock- 
 holder receives a dividend in proportion to the 
 number of shares of stock he owns. 
 
 33. A REBATE is a deduction from an 
 amiiunt given for a specified reason. 
 
 34. A DRAFT is an order from one person 
 to another, demanding the payment of money 
 to a third person. There are three persons 
 mentioned in a draft. The Drawer, Drawee, 
 and Payee. 
 
 35. THE DRAWER is the person who is- 
 sues the draft. 
 
 36. THE DRAWEE is the person who is 
 ordered to pay the draft. 
 
 37. THE PAYEE is the person to wdiom 
 the draft is made payable. 
 
 38. DRAFTS are either Sight Drafts or 
 Time Drafts. 
 
 39. A SIGHT DRAFT is one that must be 
 paid when presented for payment to the 
 Drawee. 
 
 Page Five 
 
40. A TIME DRAFT is one that is tc ht- 
 paid at some future s]iecified time. 
 
 41. AN ORDER i'- a re(|ucst fnmi (jne pcr- 
 siiii til aniither. requirinu; the pavmeut nf 
 money to a tliird person. The difference be- 
 tween a Draft and an Order is that tlie furnier 
 is a flemand while the latter is a i-ecpiest. 
 
 42. A POST OFFICE MONEY ORDER 
 
 is a lucinex" urdir issued li\' a I'nst Office. 
 
 43. AN EXPRESS MONEY ORDER is a 
 
 mone\ urdcr issued hy an Kxpi'ess (.'nmpan}-. 
 
 44. TO BUY ON ACCOUNT i- t.. buy on 
 
 time nr in other weirds tn l>u\' on ci'edit. 
 
 45. TO SELL ON ACCOUNT is t.. sell on 
 time I ir in other words [<> sell nu credit. 
 
 46. SUNDRY PERSONAL ACCOUNTS: 
 
 In this .'\ecount are kept the amounts of all 
 Personal Accounts. In this Set of Books thi^ 
 account is l<ept in the Journal. All amounts 
 found in this accdunt are pnsted tn the Led;_;"er. 
 
 47. EXPENSE ACCOUNT is an account in 
 which are kejit all amounts paid out to carry 
 on the business after the Inisiness is in pro- 
 gress. The amount in\'ested in the business 
 at the betjinnini; is not ))Ut in Expense Ac- 
 count. In this set of books. Expense Account 
 is kept in the Journal. The accnunt is alw:n- 
 Debited and ne\ er Credited. 
 
 48. LABOR ACCOUNT is an account 
 under which are kept all amnunts paid nut fur 
 labor on the farm. In this set ■ >f bnoks this 
 account is kept in the Journal. This account 
 is always Debited and ne\-er Credited. The 
 amounts you recei\'e for labm- can be kept in 
 Income Account nr o|)en a Labor Account in 
 the led.i.;er. 
 
 49. INCOME ACCOUNT is an account in 
 wdiich are ke|>t all amounts recei\'ed for ar- 
 ticles sold from the farm and for services ren- 
 dered to other persons. This account is kei>t in 
 the Journal. .Ml entries made in this account 
 arc Credit entries. 
 
 50. CASH ACCOUNT is an account in 
 which are kept all amriunts of t'ash i-ecei\ed 
 nr parted with. .\11 amounts receix ed are kept 
 on the Debit ni Left Hand side. .\11 anmunts 
 paid out are kept on the Credit nr Right Hand 
 .side. This account is kept in the Journal. 
 Some bookkeepers kee]) their Cash Account 
 in a Cash Book, while others kee|) it in a 
 Ledger. 
 
 51. A PROPRIETOR ACCOUNT is an 
 
 account in which is kept the \'alue of all i)ro|)- 
 erty, both Real and I'ersonal. that the nwner 
 of a business furnishes to carry r)n that busi- 
 ness; also all amounts the proprietor owes the 
 l)iisiness, such as notes outstanding;-. Personal 
 .-\ccounts jiayable, (.1'C. 
 
 52. A PERSONAL ACCOUNT is an ac- 
 count in which are kept amounts another |)er- 
 Page Six 
 
 son owes \'ou on account and the anmunts }'ou 
 owe another person nn accnunt. 
 
 53. A REAL ESTATE ACCOUNT is an 
 
 account in which is kejit an account of all 
 Real Estate owned by a proprietor. 
 
 54. A BANK ACCOUNT is an account in 
 which are kepit all tile amounts deposited in a 
 certain bank suljject to check. .\lso the 
 amounts of all checks draw^n on that bank. .\11 
 amounts deposited are kept on the Debit or 
 Left Hand side, and the amounts of checks 
 drawn are ki-pt on the Credit or Right Hand 
 side. 
 
 55. INTEREST ACCOUNT is an accunt 
 in which are kept all amoiuits |)aid or recei\cd 
 for the use i if mone_\'. 
 
 56. DISCOUNT ACCOUNT is an account 
 in which are kept all amnunts paid nr recei\ed 
 fni" discnuntini;- bills nr notes nf any kind. 
 
 57. LOSS AND GAIN ACCOUNT is an 
 
 accnunt in which are ke])t all amounts of 
 Losses or Oains sustained by a business. This 
 account is Debited for all Losses and Credited 
 for all Gains sustained. This account is kept 
 in a Ledger and is nnt opened until the hooks 
 are closed unless there is an unexpected Loss 
 or Gain, in such a case the account is opened 
 at the time the unexpected loss or gain is sus- 
 tained. 
 
 58. BILLS RECEIVABLE ACCOUNT is 
 
 an accnunt in which are kept the amounts of 
 nther ])erson"s notes payable to you. This 
 account is Debited when a note is received and 
 Credited when it is ]jarted with. It is also 
 Credited, when partial payments are made, for 
 the auKiunt nf the pa\nient. 
 
 59. BILLS PAYABLE ACCOUNT is an 
 
 accnunt in which are kept the amounts of your 
 notes, ])ayable to other parties. This account 
 is Credited when you issue a note. It is Debited 
 when you redeem or pay your note. It is also 
 Debited when }"ou make a partial payment, for 
 the aninunt of the pa\-ment. 
 
 60. A SPECULATIVE ACCOUNT is an 
 
 account in which is kept a record of ]M-o]3erty. 
 such as merchandise or any projierty that is 
 bnught and snld fnr speculati(m. In this set, 
 h'ence ,\ccnunt. Real Estate .\ccnunt, and 
 L(|uipment .\ccnunt, are Speculative Accounts. 
 
 6L EQUIPMENT ACCOUNT is an ac- 
 cnunt in which are ke])t the value of all ef|uip- 
 nient fnr carrxing on the farm business, h'or 
 instance, the \ alue of machinery, live stock, 
 f:irm prnducts, household goods, iSrc, which 
 \du nwn \yhen voti open your books. Do not 
 Debit or Credit tliis account for any of the 
 abiwe articles that are bought between the 
 time of o|)ening and closing the books. .See 
 Rule .'v=^. 
 
 62. MERCHANDISE is any article that is 
 bought and snld in trade, usually fnr the pur- 
 pnse nf making a proht. 
 
Rules for Making Debits and Credits 
 
 Cash Account 
 
 1. Debit Cash Account for the amount of 
 cash (in hand when liooks are npened. 
 
 2. Debit Cash Accnuiit when cash is re- 
 ceived. 
 
 3. Credit Casli Accimnt when cash is paid 
 (lUt or parted witli. 
 
 4. Credit Cash Account for the amount of 
 cash on hand when books are closed. ( ( )nh' 
 when this account is to be balanced.) 
 
 Real Estate Account 
 
 3. Debit Real Estate .Account for the mar- 
 ket value of all real estate owned when Ijooks 
 are opened. 
 
 6. Debit Real Estate .Account for the mar- 
 ket \-alue of all real estate of which you become 
 the owner. 
 
 7. Credit Real Estate Account for the 
 amount received for any real estate disposed of. 
 
 8. Credit Real Estate Account for market 
 value of all real estate owned when books are 
 closed. 
 
 Bills Receivable Account 
 
 9. Debit 1 Sills Receivable .Account for the 
 amount of other persons' notes you own wlien 
 books are opened. 
 
 10. Debit Bills Receivable .Account when 
 vou receive another person's note. 
 
 I .. ' ' V T ». ■- «■ . t " > i - < ; 
 
 11. Credit Rills Receivable .Account when 
 von part with another ])erson's note. 
 
 12. Credit Bills Receivable Account when 
 another person makes a partial payment on his 
 note, for the amount of the payment. Never 
 Credit this account for interest and ne\'er for 
 more than the face of the note. 
 
 13. Credit Bills Receivable Account for the 
 amount of all other persons' notes you own 
 when books are closed, if you wish to balance 
 the account. 
 
 Persons or Corporations 
 
 14. Debit Persons or Corpiirations for the 
 amount they owe you when books are opened. 
 
 13. Delut Persons or Cor])orations when 
 you furnish them values on account. 
 
 16. Debit Persons or Corporations when 
 other persons furnish them values for you on 
 account. 
 
 17. Debit Persons or Corporations when 
 ■sou furnish \alues to another person for them 
 on account. 
 
 18. 1 )el)it Persons or Corporations when 
 you receive another person's order on them. 
 
 Rules for Making Debits and Credits 
 
 1'). De])it Persons or Corporations when 
 their checks, drafts, or orders on other persons 
 or corporations are dishftnored and returned to 
 you. 
 
 20. Credit Persons or Corporations for the 
 amount vou owe them (jn account when books 
 are opened. 
 
 21. Credit IVrsons or Corporations when 
 they furnish you values on account, and when 
 they furnish 'Other parties values for you on 
 account. 
 
 22. Credit Persons or Corporations when 
 you issue an order or check on them and when 
 vou part with orders on them. 
 
 23. Credit Persons or Corporations when 
 you cancel what they owe you on account. 
 
 Bills Payable Account 
 
 24. Debit Bills Payable Account when you 
 pav your notes outstanding. 
 
 23. Debit Bills Payable Account when you 
 make a partial payment on your note outstand- 
 ing, alwavs for the amount of the payment. 
 
 26. Debit Bills Payable Account for the 
 face of the notes you have outstanding at the 
 time the books are closed, if the account is to 
 be balanced. 
 
 27. Credit Bills Payable for the face of all 
 notes you ha\-e outstanding when books are 
 opened. 
 
 28. Credit Bills Payable Account when you 
 issue a note. 
 
 Bank 
 
 29. Debit a bank for the amount you have 
 in that bank, subject to check when books are 
 opened. 
 
 30. Debit a bank when you make a deposit 
 subject to check. 
 
 31. Debit a bank when another person 
 makes a deposit in that bank in your favor, 
 subject to check. 
 
 32. Credit a bank when you issue a check 
 on that bank. 
 
 Page Seven 
 
?)5. Credit a hank when that bank returns 
 a vvnrthless check tn ynu, which you depusited 
 sul)ject to check. 
 
 34. Credit a hank for the amount you ha\c 
 in tliat bank subject to check wlien liooks are 
 chjsed. (Only A\hcn this account is to be lial- 
 anced.) 
 
 Expense Account 
 
 33. Debit Expense Account for all amounts 
 paid for articles used to promote the farmint^- 
 business, such as labor, repairs, produce, live 
 stock, machinery, groceries, tile, spraying ma- 
 terials, freight, grass seed, fruit trees, binder 
 twine, butter, paint, coal, fence, postage 
 stamps, stationery, telephone rent, fire and life 
 insurance, newspapers, ta.xes, gifts, ]ireacher's 
 salary, baling hay, hauling milk, shearing 
 sheep, making cider, keeping of li\'e stock 
 owned by Companies, amounts in\ested in 
 Stock Companies. &c. 
 
 Speculative Account 
 
 ,^6. Debit a Speculative Accnunl fur the 
 amount of merchandise on hand when inxoice 
 is taken at the opening of the books. 
 
 ,i7. Del)it a Speculati\e Acccjunt when 
 freight is paid nii merchandise. 
 
 38. Debit a S];eculati\'e .\ccount wlun 
 merchandise is received. 
 
 39. Deljit a S|)eculative Account when 
 drayage is paid (,n merchandise. 
 
 40. Debit a Speculative Account when la- 
 bor is required in caring for merchandise or in 
 case of contract work when lalxir is required. 
 
 41. Debit a Speculative Account when you 
 gi\c a rebate to a customer who has bought 
 merchandise. 
 
 42. Credit a Sijeculatixe .\ccount when 
 merchandise is parted with. 
 
 43. Credit a Speculative Account for the 
 value of merchandise on hand when books are 
 closed. 
 
 Discount Account 
 
 44. Debit Discount Account when you gixe 
 a discount to another person. 
 
 43. Credit Discount Account when you re- 
 ceive a discount from another person. 
 
 Interest Account 
 
 46. Debit Interest -\ccount when you ]xiy 
 interest to another person. 
 
 47. Credit Interest Account when you re- 
 ceive interest from another person. 
 
 Labor Account 
 
 48. Del)it Labor Account for all values 
 gi\-en to laborers for doing general farm work, 
 such as raising and taking care of crops, car- 
 ing for li\e stock, doing re|)air work on the 
 farm, and housework. Such items as filing 
 saws, baling hay, shoeing horses, hauling milk 
 to the creamery, threshing grain and grass 
 seed, making cider. &:c., should not be put in 
 Labor Account, but in Expense Account only. 
 
 Income Account 
 
 4'X Credit Income .\ccount when articles 
 are sold from the farm. 
 
 30. Credit Income Account when you re- 
 ceive \alues for rendering services to other per- 
 sons. 
 
 31. Credit Income Account when you re- 
 ceive a dividend from some Stock Company in 
 \\hich you own stock. 
 
 Equipment Account 
 
 32. Debit Equipment .Account for the \-alue 
 of the machinery, live stock, hay, grain, seed, 
 household goods, &c., you have on hand when 
 h( )oks are opened. 
 
 33. Credit Equipment .\ccount for the 
 \alue of articles mentioned in rule 32, which 
 \(iu ha\-c on hand when Ixioks are closed. 
 
 Proprietor Account 
 
 34. Debit I'ro])rietor Account for the 
 amount the Proprietor owes when the l)Ooks 
 are opened, and value of property owned when 
 liooks are closed. 
 
 33. Credit Proprietor Account for the value 
 of all the property the Proprietor puts into the 
 lousiness when the books are opened, and for 
 the amount of his deljts when liooks art 
 closed. 
 
 Loss and Gain Account 
 
 36. Debit Loss and Gain y\.ccount when an 
 une-xpected loss is sustained. 
 
 37. Debit Loss and Gain Account for losses 
 sustained by a Speculative Account. 
 
 38. Credit Loss and Gain Account when a 
 S]:)eculati\e Account shows a Credit Balance 
 when the Ijooks are closed. 
 
 39. Credit Loss and Gain Account when an 
 unexpected .gain is received. 
 
 Page Eight 
 
Farm Record Book 
 
 Inventory, Jan. 1st, 1911. 
 On opening my books Jan. Isl, I'Jll. my Inventory is 
 
 Cash on hand - 
 
 I own 150 acres of land worth $80.00 per acre 
 
 I have a Note on Albert IMonroe for 
 
 Ralph Taylor owes me, on account 
 
 Andrew Hamlin owes me, on account 
 
 I have on hand 800 bushels of Corn @ 50c per bushel 
 
 100 shocks Corn @ 75c per shock 
 
 600 shocks Fodder (a) 10c per shock 
 
 20 tons Timothy Ha>' (a: $12.00 per ton 
 
 5 tons Mixed Hay @ $11.00 per ton 
 
 5 tons Clover Hay @ $10.00 per ton 
 
 200 bushels Wheat @ $1.00 per bushel 
 
 200 bushels Oats @ 40c per bushel 
 
 5 bushels Clover Seed @ $8.00 per bushel 
 
 4 bushels Timothy Seed (S) $3.00 per bushel 
 
 40 bushels Potatoes, $1.00 per bushel 
 
 6 Horses @ $150 00 
 
 1 share in Percheron Horse Co 
 
 8 Cattle @ $35.00 
 
 5 Hogs @ $25.00 each 
 
 20 Hogs @ $10.00 each 
 
 40 Sheep @ $4.00 each 
 
 100 Chickens @ 30c each 
 
 1 Grain Drill worth 
 
 1 Self-Binder worth 
 
 1 Play Loader worth 
 
 1 Side-Delivery Rake worth 
 
 1 Hay Tedder worth 
 
 1 Mowing Machine worth 
 
 2 Breaking Plows @ $10.00 
 
 1 Disc Harrow worth 
 
 1 Spring Tooth Harrow worth 
 
 loll. 
 
 Proprietor's investment 
 
 I owe Frank Adams, on account 
 
 Note, outstanding, favor T. A. Hood, dated Dec. 31st. 
 1910, due in 2 years and bearing interest at 6% per 
 annum 
 
 Proprietor's delfts 
 
 . $ 1,000 00 
 . 12,000 00 
 
 80 00 
 100 00 
 
 10 00 
 
 400 00 
 
 75 00 
 
 60 00 
 
 240 00 
 
 55 00 
 
 50 00 
 
 200 00 
 
 80 00 
 
 40 00 
 
 12 00 
 
 40 00 
 
 900 00 
 
 200 00 
 
 280 00 
 
 125 00 
 
 200 00 
 
 160 00 
 
 30 00 
 
 50 00 
 
 30 00 
 
 50 00 
 
 35 00 
 
 15 00 
 
 20 00 
 
 20 00 
 
 15 00 
 
 10 00 
 
 -$ 5,392 00 
 16,582 00 
 
 $ 50 00 
 
 100 00 
 
 $ 150 00 
 
 Jan. 1st — Deposited in Dan\-ille Bank, sub- 
 ject to check, cash, $600.00. 
 
 Jan. 3rd — Paid James Baker, for groceries, 
 cash, $2.00. 
 
 Jan. 7th — Sold Charles left'erson, 2 l)ushels 
 clover seed @ $8.00 per' bushel. $16.00. re- 
 ceived his check on Riverside Bank, $16.00. 
 
 Jan. 9th — Sold John Madison, on account, 
 20 lbs. beef @ 5c per pound, $1.00. 
 
 Jan. nth— Bought of The Shelby Clay Co., 
 on account, 100 rod 4-inch tile (a 25c per rod 
 and 50 rod 6-inch tile @ 30c per rod, $40.00. 
 
 Jan. 13th — Frank Adams paid The Shelb> 
 Clay Co., for me, on account, cash, $5.00. 
 
 Jan. 15th — Albert Monroe paid his note by 
 giving me his certificate of deposit on Albany 
 Bank. $80.00. 
 
 Jan. 17th — Drew check on Danvile Bank, 
 favor Lewis Jackson, to pay lodge dues for 
 Luke Harrison, on account, $5.00. 
 
 Jan. 19th — Bought of The Ohio Fence Co., 
 as follows, terms 2-20-60: One set fence 
 stretchers, $10.00; 500 rod 11-48 fence, @ 40c 
 per rod ; 300 rod 10-46 fence, @ 35c per road ; 
 100 rod 20-60 fence, @ 50c per rod; 100 rod 
 16-48 fence @ 45c per rod; $410.00. 
 
 Jan. 21st — Deposited in Danvile Bank, sub- 
 ject to check, Albert Monroe's Certificate of 
 Deposit on .Albany Bank, $80.00. 
 
 Jan. 23rd — Paid cash for money order to 
 send to Jupiter Farmer for advertising my 
 Thoroughbred Poland China Hogs, six months, 
 $10.00. '" 
 
 Jan. 25th— Paid Henry Tyler (freight agent) 
 for freight on fence, cash, $12.00. 
 
 Page Nine 
 
Jan. 27th — Gilbert F'olk hauled one load of 
 fence fnim Danville for me; he charged $4.80; 
 he t(Kik 10 rod l(i-4S fence, (cv 48c per rod, 
 84.80. 
 
 Feb. 1st — Ralph Taylor paid his account in 
 full h\- .^i\ing me his check on (Ireen's I'.ank. 
 SI 00.00.' 
 
 Feb. 3rd — Deposited in Danville IJank, suli- 
 ject to check, Ralph Taylor's check on Green's 
 "';ank, $100.00; Charles Jefferson's check ><u 
 Riverside Bank, $16.00; $116.00. 
 
 Feb. 5th — Drew check on Danville i'.ank fa- 
 vor N(iah T<"illmore for one ton coal, for the 
 Al. 1',. Church, >m accnunt, $3.00. 
 
 Feb. 7th — I'aid ( )hio Fence Cn. fnr invoice 
 dated 1-10-11; face fif invoice $410.00; 2 per 
 cent discount on face of invoice $8.20; sent 
 them my check on Danville I'.ank, $401.80. 
 
 Feb. 9th— -Sold C. Z. Hess nf Lancaster, 
 Penn.. one Thoroughbred Poland China Mog; 
 received X. Y. Draft, $35.00. 
 
 Feb. nth— Paid Peter Pierce for .500 letter- 
 lieads $2.00. 2.^0 envelopes $2.00; $4.00, 
 
 Feb. 12 — Bought of David Lincoln, on my 
 note for 8 months at 6 per cent interest per 
 annum. 100 sheep (W $4.00 per head, $400.00. 
 
 Feb. 15th— Sold lacol) Lackson, on account, 
 100 l.ushels wheat (7i 80c per bushel, $80.00. 
 
 Feb. 20th— Sold Cyrus Grant, 200 bushels 
 corn (Tt 73c per bushel, $150.00; received his 
 check .m Danville Bank, $1.50.00. 
 
 Feb. 22nd — Ga\e X(_iah Haves mv check on 
 Danville I'.ank for cash. $20.00. 
 
 Feb. 25th — Sold |<iseph Garfield, on acc<.unt. 
 200 rod n-4S fence (7v 43c per rod, $86.00. 
 
 March 1st — loseph (iarfield deposited cash 
 in Dan\ille Bank, my favor, on account, $50.00. 
 
 March 3rd — Paid Oliver Arthur cash for 
 lielping Initcher, $1.00. 
 
 March 5th — Paid f.evi Cleveland cash for Til- 
 ing saws, $1.00. 
 
 March 8th — Paid Grace I'.urr cash for doing 
 liousework. 2 weeks (Ti $2.00 per week. $4.00. 
 
 March 12th — Received of lacob Jackson, on 
 account, cash, $50.00; his check on Alhanv 
 I'.ank, $30,00; $80.00, 
 
 March 15th — I'aid John Clinton cash for 
 Lime Sulpur .Solution, 20 gallons (a 35c per 
 gallon, $7.00. 
 
 March 18th— Bought of David King, for 
 cash, 2 l.ushels Timothy Seed frt $4.00 ])er 
 Page Ten 
 
 bushel ; 1 bushel Clover Seed, $10.00 ; $18.00. 
 I did not ha\'e any cash with me so I gave him 
 the check for $150.00 on Albany Bank which 
 Cyrus Grant gave me, and he gave me $132.00 
 in cash for change. 
 
 March 20th — Robert Marshall worked for 
 me one dav ; I ga\ e him for his labor, 1 bushel 
 I'c.tatoes, worth $1.00. 
 
 March 25th — Paid Siiringfield Nurserv cash 
 for ,-() I'each Trees (7i_ 20c each. $10.00. 
 
 March 28th — I lough of Ohio Supply Co., one 
 1io.\ Prunes; paid cash for Express Money 
 Order to send as payment for the Prunes, $4.00. 
 
 April 1st — Paid Henry Tyler (freight agent) 
 cash for freight on 20 gallons Lime-Sulfur So- 
 lution shipped froni SiKer T^akes, ()., to Kil- 
 l.uck, O., $1.00. 
 
 April 3rd — Ga\ e Philip Clay my check on 
 Dan\ille B.ank for ni\- share of keeping Com- 
 pan\- Morse for one year, $15.00. 
 
 April 5th — Paid Bell Telephone Co. cash 
 for three months' 1io,x rent, $3.00; tolls, $1.00; 
 $4.00. 
 
 April 9th — Sold Joseph Clayton, for cash, 
 .^0 bushels Oats (ci) 30c per bushel, $15.00; 
 100 rod 10-46 fence (a' 38c per rod, $38.00; 
 $53.00. 
 
 April 13th — Oscar Black paid me for pastur- 
 ing 5 Colts, 2 months, (cv $1.00 per month for 
 eacli Colt; he gave me cash, $3.00; his check 
 on Green's Bank, $7.00; $10.00. 
 
 April 15th — Paid Le\i Fish, cash, for shoe- 
 ing horses, $2.00. 
 
 April 17th— Sold Herbert Blaine. 100 rod 
 11-48 fence (g) 43c per rod, $43.00; 100 rod 
 10-46 fence @ 38c per rod, $38.00 ; 50 rod 20-60 
 fence (a) 33c per rod, $26.50; 50 rod 16-48 
 fence ® 48c per rod, $24.00; $131.50. Re- 
 ceived his check on Danville I'ank, $131.50. 
 
 April 21st — Deposited in Danville Bank, 
 sul)ject to check, C, Z, Hess's N. Y. Draft, 
 $35.00; Jacob Johnson's check, $30.00; Oscar 
 Black's check, '$7.00; Herbert Blaine's check, 
 $131..^0; $203.. ^0. 
 
 May 1st — Llaving decided that 1 had more 
 money in Danville Bank, subject to check, 
 than was necessary to carry on my business, 
 J drew a check on Danville Bank in favor of 
 Danville P.ank for $500.00 and received a Time 
 Certificate of Deposit, bearing interest at the 
 rate of 4 per cent per annum. 
 
 May 2nd — Drew check on Danville JSank, 
 favor Hiram Wheeler, to pay for one suit of 
 clothes for Frank .\dams. on account, $30.00. 
 
 May 5th — Paid Fdwin Wilson cash for 
 shearing 50 head of Sheep (a' 8c jier head, $4.00, 
 
May 9th — loseph (larfield returned 30 rod 
 11-48 fence @ 43c per rod, $21.50. 
 
 May 12th — Andi-cw iiamlin L;a\e me his 
 check on .Mhany Hank, en account, $10.00. 
 
 May 15th— Snld Kin- I'.ro.s. 100 md 10-46 
 fence (a 43c per rod erected, $43.00; recei\-ed 
 his check on Danville Bank, $43.00. 1 paid 
 L. Kile ca.sh for hclpinL:; me erect his fence. 
 $2.00. 
 
 May 17th — lacoh (ackson haled hav for me. 
 on account, l.<tons (Ti $2.00 per ton, .S30.00. 
 
 May 21st- S. lid W ni. Allen \? Idus May (ft 
 $20.00 per ton ; received his check on Alhanv 
 r.ank, $300.00. 
 
 May 25th — Depusited in Danville P.ank, 
 subject to check, Andrew llamlin's check, 
 $10.00; King- Bros", check, $43.00; A\'m. Allen's 
 check. $300.00; cash (currency), $200.00; 
 $333.00. 
 
 June 1st — Boui^ht of Cilhert T^olk. on ac- 
 count. 100 llis. Ilinder Twine (7i 8c per lli., 
 
 $s.oo. 
 
 June 3rd — Drew check on Danxdlle Bank, 
 favor Danville Bank. f. ir Cash, $.30.00. 
 
 June 5th — My Creamery Statement for Jtme 
 is as follows; 'lOOO lbs. Milk, average test, 3 
 per cent ; amount of Butter, 50 lbs., price per 
 lb. 30c. Butter used during month. $3.00 ; paid 
 for hauling Milk, $1.00. 
 
 June 7th — I let T. D. Anderson have Cash, 
 without note or interest, $100.00. 
 
 June 12th — I stored 100 bushel Wheat in 
 New York Milling Co. ; I am to receive 40 lbs. 
 flour for every Inishel of Wheat stored. Wheat 
 is worth $1.00 ])er Inishel. hdour is worth 2"j 
 cents per 11). I brought 1000 lbs. V\nw home. 
 
 June 16th-— Sold 1 Ib.g to C. A. Arnold on 
 his note fur 6 nicjnths (ii 10 per cent interest, 
 per annum, $25.00. 
 
 June 25th — The check which .\ndrew Ham- 
 lin ga\ e me. May 12th, was icturned on ac- 
 c.iunt of no funds'; $10.00. 
 
 July 1st — Paid Joseph Bacon Cash for in- 
 suring $2800.00 worth of Buildings, Live Stock, 
 and Grain, against damage by Fire or Light- 
 ning, (a 1 per cent for a term of three years; 
 $28^00. 
 
 July 3rd — I'.nugln of John Clintcm, f(ir 
 Cash, 3 gallons Paint (ti $2.00 per gallon, 
 $10.00. 
 
 July 6th — Paid Dr. Bailey, Cash, for render- 
 ing medical ser\-ices to Jacob Jackson, on ac- 
 count, $30.00. 
 
 July 10th I ). E. Baker ^vorked for me one 
 <la\' I <u acci lunt. $2.00. 
 
 July 20th I returned Andrew Hamlin's 
 Check In him; he gave me Cash, $10.00. 
 
 July 25th— i;.,ught of Xoah l-illmnre 10 t..n 
 Coal ((L .$2.30 per ton. I let him have .^0 Inishel 
 Corn (ci 30c per bushel. $23.00. 
 
 July 26th— I'Hiught of 1. D. Balboa for my 
 ( )rder (in Luke I l.irris.ui, 10 bushel Oats (Fu 40c 
 per Imshel. ,S4.00. 
 
 July 27th— Sold W. B. Barton for his Check 
 un Danville l'.;nik, 1 \'eal Calf, $10.00. 
 
 July 28th — 11. T\. Boone gave me Cash for 
 thc Check which I received from \\'. B. Bar- 
 ten. $10.00. 
 
 Aug. 1st — Mrs. B. C. Bragg cleaned houst 
 f,,r me 3 days (cy $1.00 per day, $5.00; I paid 
 her Cash. $4.00. and let her have I bushel 
 Onions worth $1.00; $3.00. 
 
 Aug. 6th — Drew Check on Danxille Bank, 
 favor S. P. Brown, for threshing 400 bushels 
 W heat ® 4c per bushel, $16.00'; 500 bushers 
 < )ats (a) 2c per bushel, $10.00; 25 bushels Tim- 
 othy Seed (Tc 20c per bushel. $5.00; $31.00. 
 
 Aug. 8th — 1 bought 2 shares of Galena Oil 
 & (ias Stock @ $k).00 per share, $100.00; I 
 paid Cash, $10.00; the rest to be paid on de- 
 mand. 
 
 Aug. 15th — J(.seph ( larfield came to settle in 
 full for the fence wdiich he bought of men on 
 account; he said the fence was not as repre- 
 sented so 1 gave him a Rebate of $2.00 ; he gave 
 me Cash, $;12.50. 
 
 Aug. 18th— The Cialena Oil & Gas Co. called 
 nn its Stockholders to pay 50 per cent of the 
 Stock subscribed. In my case that would be 
 .$50.00; T gave Cash, $50.00. 
 
 Aug. 20th— Sold D. C. Bryant for his Order 
 on 1. C. Buell, 50 rod 11-48 Fence (a 38c per 
 
 nid! $1').00. 
 
 Sept. 1st — Si lid to P.. F. Cabot for his Check 
 (in .\rlington Bank. 20 Fat Hogs, total weight 
 4000 lbs.'. (7i (k per lb,; ,$240.00'; 
 
 Sept. 5th — liought of Universal Rooting Co., 
 for my Check on Danville Bank. 20 squares 
 Roofing (a $3.00 per square; $60.00. 
 
 Sept. 10th — Paid Oliver Arthur cash for cut- 
 ting Cnrn, 200 shocks ra 5c per shock. $10.00. 
 
 Sept. 15th — Paid PL G. Conway Cash for 
 making twd barrels Cider (a 50c per barrel, 
 
 $1.00. ' 
 
 Sept. 18th — U. C. Davis rented my Grain 
 Drill 1(1 sdw 40 acres ^^'heat (a 25c per acre. 
 
 Page Eleven 
 
$10.00; he paid me liv giving me a Calf wortli 
 $10.00. 
 
 Sept. 25th— I traded Calves with W. B. Bar- 
 ton, lie gave me S.rOO Cash, for my Calf was 
 worth $5.00 more than liis. 
 
 Sept. 27th — Deposited in Danville Bank, 
 sul.jcct to Check, B. F. Cabot's Check. $240.00, 
 
 Sept. 28th — Paid Frank Adams Cash on ac- 
 count, $10.00. 
 
 Sept. 30th — An attempt was made to burg- 
 larize the Dan\ille Bank on the night of Sept. 
 25th. A reward was oiTered for the capture of 
 the guilty party. I succeeded in capturing the 
 guilty person and the Danville Bank credited 
 my account for $300.00. 
 
 Oct. 1st — I hired H. O. Franklin to work for 
 me nne month for $25.00. 
 
 Oct. 1st — I, being a little suspicious in refer- 
 ence to the iMnancial Standing of the Danville 
 Bank, decided to draw some of my money out 
 of that Bank. I drew a check on Danville Bank 
 in favor of Danville Bank ; the Cashier gave me 
 cash $500.00. I deposited cash in People's 
 Bank and received a Certificate of Deposit, 
 I)earing 4 per cent interest per annum, $500.00. 
 
 Oct. 3rd — I paid on Preacher's Salarv, Cash, 
 $10.00, gave him 10 bushels Corn worth .^Oc 
 per bushel, $5.00; $15.00. 
 
 Oct. 4th — Let H. O. Franklin ha-s'e. on ac- 
 count, 200 lbs. Flour @ ly.z per lb., $5.00. 
 
 Oct. 5th— Sold Edward Earlv, for Cash, 10 
 head Cattle for $200.00. 
 
 Oct. 10th — Paid H. O. FrauKlin, Cash, on 
 account, $10.00. 
 
 Oct. 12th— :\ly note for $400.00, given Fell. 
 12th. I'Ul, liearing interest at the rate of 6 
 per cent per annum, in favor of David Lincoln, 
 falls due to-day. I paid him Cash $100.00. 
 gave him my Check on Danville Bank, $300.00 ; 
 $400.00. I credited his Account for the inter- 
 est, which was $16.00. 
 
 Oct. 18th — Paid li. G. Conwav Cash for 
 hulling 20 bushels Clover Seed @ $1.00 per 
 bushel, $20.00. 
 
 Oct. 20th — Some one Ijruke into my Smoke- 
 house and stole meat worth $5.00. 
 
 Oct. 21st — Paid Dr. Baily cash for Medical 
 Treatment rendered to H. O. P'ranklin, $5.00. 
 
 Oct. 31st — 1 gave H. O. I-'ranklin credit for 
 i.ne mr.nth's labor, $25.00. 
 
 Oct. 31st— Paid H. O. Franklin Cash in full 
 on account, $5.00. 
 Page Twelve 
 
 Nov. 1st — I received cash for driving one 
 day for an agent who was selling machinery 
 for The International Flarvester Co., $3.00. 
 
 Nov. 5th — Paid The Practical Farmer cash 
 f(ir one vear's subscription, $1.00. 
 
 Nov. 10th — Sold C. B. Fremont for Cash, 
 10 bushels Clover Seed (n) $10.00 per bushel, 
 $100.00. 
 
 Nov. 15th — 1 used fence on mv Farm, 100 
 n.ds 11 -4S fence ra 43c per rod, $43.00. 
 
 Nov. 20th — Borrowed of John Durling on 
 my note due one year from date without in- 
 terest. $100.00. 
 
 Nov. 25th — I bought for Cash, a note of 
 $100.00 drawn by T. P. Gage in favor of C. A. 
 Gates ; received Discount, $5.00. 
 
 Nov. 26th — Bought of Peter Pinder one Hog 
 for $19.00; gave him the Order, which I have, 
 drawn by D. C. Bryant, on J. C. Buell, $19.00. 
 
 Nov. 28th — Sold at Green's Grocery 20 
 dozen F.ggs (a) 20c per dozen, $4.00; took the 
 whole amount in Groceries, $4.00. 
 
 Nov. 29th — Some one stole 10 rods 16-48 
 fence worth 45c per rod, $4.50. 
 
 Nov. 30th— 1 snld the $500,00 Certificate of 
 Deposit, which I hold on The People's Bank, 
 to Henry AMlson for $495.00, which is $5.00 
 less than the face of the Certificate. The 
 Accrued Interest on this Certificate of Deposit 
 is $3.33, making a Discount of $8.33. 
 
 Dec. 1st — Oliver Arthur Imled Hay for me, 
 20 tons (cv $1.75 per ton; $35.00. I let him 
 have one Hog worth $20.00, gave him Check 
 on Danville Bank, $10.00, and gave him Cash, 
 $3.00, leaving balance (in account $2.00. 
 
 Dec. 5th — I decided to cancel the account 
 which I have against The M. E. Church. $3.00. 
 
 Dec. 10th — I had to pay Peter Hanover's 
 Note on wdiich I was Security. The face of the 
 ndtc is $75.00. I paid Cash. 
 
 Dec. 16th— C. A. Arnold paid Cash for his 
 Note which was given June 16th, 1911 ; face of 
 note is $25.00; interest, $1.25; $26.25. 
 
 Dec. 20th — Drew Check on Danville Bank 
 fa\-or Treasurer of Delaware Countv to pav 
 Ta.xes, $150.00. 
 
 Dec. 25th — Sold L. Moss for his Check on 
 Green's Bank, 10 tons hay @, $18.00 per ton. 
 $180.00. 
 
 Dec. 25th — I'aid Cash for a Christmas pres- 
 ent f.ir L. O. Goodman, $5.00, 
 
 Dec. 26th — Received Cash of Philip Clay, 
 
mv share of Dividend on Percheron Horse C o. 
 Stock, $30.00. 
 
 Dec. 28th — Bought of J. C. Henry, 200 
 bushels Corn @ 50c per bushel, $100.00; paid 
 him with Note which I bought, made in fa -or 
 of C. A. Gates ; $100.00. 
 
 Dec. 31st — Prepaid my Note favor T. A. 
 Hood and recci\'ed 5 per cent Discount on face 
 
 of Note. Face of Note, $100.00 ; Interest, $6.00 ; 
 Discount, $5.00: paid Cash, $101.00. 
 
 Dec. 31st — ( iave Frank Adams. Cash, on Ac- 
 count, $10.00. 
 
 Dec. 31st — Sold 8 dozen Eggs at Jones' 
 Grocery @ 25c per dozen, received $1.00 cash, 
 and groceries amounting to $1.00. 
 
 Dec. 31st — Sold 3 pounds of Butter to the 
 huxter (a) 20c per pound, took groceries 
 nmnunting to $2.00. and paid cash $1.00. 
 
 Helpful Explanations to Some of the Most Difficult Transactions 
 
 In this set of transactions Cash Account is 
 debited or credited for Cash in all of its forms. 
 See Definition 13. But when we say "Cash 
 received or paid out" we mean Currency. If 
 Cash in any of its other forms is received or 
 parted with, they are also designated. 
 
 In making debits and credits in the Journal 
 for the inventory taken Jan. 1st, 1911. del)it 
 Cash, Real Estate, Bills Receivable, Ralph 
 Taylor, Andrew Hamlin and Equipment Ac- 
 counts, because those persons and accounts 
 owes the Proprietor the respective amounts 
 for which they are debited. Credit Proprietor 
 for $16,582.00 because that is his investment. 
 Debit Proprietor for $150.00 becatise he owes 
 that amount when the books are opened. 
 Credit Frank Adams for $50.00 because the 
 Proprietor owes him that amount. Credit 
 Bills Payable for $100.00 because the Proprie- 
 tor has a note outstanding for that amount. 
 
 Jan. 15th — Debit Cash because a Certificate 
 of Deposit is considered Cash. .See Def. 13. 
 
 Jan. 17th — Lewis Jackson is the officer of the 
 lodge to whom the dues were paid. 
 
 Jan. 19th — Aside from regular farm work, 
 some farmers carry some line of mercantile 
 business. For instance, some farmers sell com- 
 mercial fertilizer, roofing, fence, &c. This 
 transaction is used for the purpose of showing 
 how to handle accounts of this kind. The 
 term "2-20-60" means if the account is paid 
 within 20 days from the date of the invoice. 2 
 per cent may be deducted from the face of the 
 invoice. In case the purchaser does not take 
 advantage of the cash discount, the bill be- 
 comes due in 60 days from the date of invoice. 
 and the purchaser must pay the full amount of 
 the invoice. There are several more transac- 
 tions to follow which will help to show how 
 this account is handled. 
 
 Jan. 25th — Fence Account is deljited for the 
 amount paid for transportation. All expenses 
 of this nature are considered part of the cost 
 price. 
 
 Jan. 27th — Debit Fence Account for all ex- 
 penses for which the fence Inisiness is respon- 
 sible. 
 
 Feb. 1st — Dcljit Cash because bank checks 
 are considered Cash. See Def. 13. 
 
 Feb. 7th — The purchaser has taken ad\-an- 
 tage of the Cash Discount. 
 
 Feb. 9th — Cash is deliited because this draft 
 is considered Cash. It is payable at sight. A 
 time draft would not be Cash. It would be a 
 Bill Payable or Bill Receivable after it has 
 been accepted. 
 
 Feb. 22nd — This transaction is often made 
 by a person who has a Bank Account subject 
 to check, but is in need of some currency and 
 his location is such that it is not practical tor 
 him to go to the bank for it. It is only an 
 act of courtesy of one person to another. 
 
 March 1st — Joseph Garfield owed me and in- 
 stead of paying me, he deposited it in the bank 
 in my favor. 
 
 March 3rd — Expense and Labor Accounts 
 are each debited. See Rules 35 and 48. 
 
 March 5th — Debit Expense only, for this 
 wciuld not be general farm work. 
 
 March 8th — Housework should Ijc handled 
 the same as outside work, unless the proprie- 
 tor -wishes to keep it separate. 
 
 March 15th — Debit Expense because this 
 material was used on the farm. If I had 
 bought it to re-sell, I would have opened an 
 account for Spraj'ing jNIaterial. 
 
 April 3rd — You will notice by the invoice 
 that I own some Percheron Horse Stock. This 
 is what I have to pay towards keeping him. 
 
 May 1st — .Ml Certificates of Deposit are con- 
 sidered Cash and are payable at the bank which 
 issues them whenever presented. Banks do 
 not generally pa}" interest on Time Certificates 
 of Deposit if they are presented for payment 
 before maturity. 
 
 May 15th — This transaction is divided and 
 entered in the Journal as two transactions in 
 order to simplify it. 
 
 Page Thirteen 
 
June 3rd — This transaction shows hnw to i^et 
 ni(]nev on your rianl< Account. 
 
 by L;i\ini; me an order on J. C. lUiell, therefore 
 J. C. Ikiell became indelited to me. 
 
 June 5th — For convenience this transaction 
 is di\-ided and entered in the Journal as two 
 separate transactii nis. 
 
 June 7th — This is simply lending money on 
 acci lunt. 
 
 June 12th — Many farmers store Wheat at a 
 mill and L^et tlour whenever they wish. Chari^e 
 the mill for the \alue of wheat stored and 
 credit it for the \alue of flour received. Some 
 millini; companies allow a certain amount of 
 flour regardless of value. 
 
 June 25th — Andrew flamlin overdrew his 
 bank account, therefore he must be debited, 
 and Danville Hank credited, because he was 
 credited when he gave it to me, and the Han- 
 \ille ISank was debited when 1 de])osited it. 
 
 July 20th — .Andrew Hamlin redeemed his 
 worthless check, theref<ire he should be 
 credited. 
 
 July 26th — See definition 41. 
 
 July 28th — This transaction is a \ery com- 
 mon one. It does not necessarily need to l)e 
 entered in the Journal, but it is best to do so 
 in order to ha\ e a record of the disjiosal of the 
 check. 
 
 Aug. 8th — When shares of stock in a stock 
 company are subscribed for, the company is- 
 suing the stocks should be credited. Debit the 
 com])any when juiyments are made on the sub- 
 scripti( m. 
 
 Aug. 20th— In this case J. ( '. I'.uel owed I ). 
 C. I'li-yant on account. D. ('. I'.ryant ])aid nu- 
 
 Sept. 25th — This is simply a trade and I re- 
 ceixed $.^.00 beside-- a Calf, therefore Income 
 should 1ie credited. 
 
 Oct. 1st — It is not necessary to make an en- 
 try, foi- it is only an agreement between 11. 
 ( ). b^-anklin and mxself. He is debited when 
 I furnish him values on account and he is 
 credited at the end of the month for the amount 
 he was to recei\-e per month for his labor. 
 
 Oct. 1st — This transaction is di\'ided and 
 entered in the Journal as two separate trans- 
 actions. 
 
 Oct. 12th — I decided to just pay the face of 
 the Xote and credit Da\'id Lincoln for the in- 
 terest. 
 
 Oct. 20th — Xo (.-ntrx- need be made -when 
 goods are stole which have not been inxoiced 
 and charged to some speculatixe account. 
 
 Nov. 15th — Fence .Account must Ije credited 
 for the amount the fence would ha\e sold for 
 to anotlier person. 
 
 Nov. 25th — It is customary to allow a dis- 
 count for cashing a note before it is due. 
 
 Nov. 26th — This is the order 1 received from 
 I). C. I'.ryant Aug. 20th. 
 
 Nov. 29th — I-'ence .\ccount must be credited 
 for the \ alue of fence stolen. Rule 42. l)ecausc 
 it was charged to h'ence Account when it was 
 receix ed. 
 
 Dec. 10th— It is poor policy to sign a Note 
 as security. It has made many a rich man 
 ])ennyless. 
 
 Explanations to Columns in Journal 
 
 1st — The first double column on the left hand 
 side of the Journal is the Date Column. The 
 Year, Month and Day on which a transaction 
 is made should l>e kept in this column. Place 
 the Year at the top of the column, the Month 
 in the left hand side, and the Day in the right 
 hand side. 
 
 2nd — The ne.xt large double column to the 
 right of the Date Column is a column in which 
 are k'ept the names of the accounts to be 
 Debited or Credited, also the ])articulars in ref- 
 erence to the transaction. The names of the 
 .\ccounts to be Debited or Credited should be 
 ])laced at the extreme left hand side of the 
 column. The particulars in reference to the 
 transaction should ne\er e.xtend to the lelt ol 
 the fine verticle line that divides this column. 
 The names of the accounts which are to be 
 Debited should always be placed first. The 
 Page Fourteen 
 
 names of the accounts which ai'e to be Credited 
 should be placed under the one that is Debited 
 and the word (to) should precede the name of 
 the acci lunt. 
 
 3rd — The next small column to the right of 
 the al)o\-e described is the Folio Column. In 
 this column is ke])t the Ledger Page on which 
 an account is fouml. The Ledger page is 
 placed in this column when the account is 
 jiosted to the Ledger. If the account that is 
 to be Debited or Credited is one that is not to 
 be posted to the Ledger, a mark (\') is m;ide 
 instead of a I^edger page. 
 
 4th — The next column to the right lif the 
 Folio Column is the Sundry Personal Account 
 Column. In this column are placed all the 
 auKiunts that are to be posted to the Ledger 
 which would be all of the accounts that does 
 not ha\e a column in the Journal. 
 
5th — The next c(.ikimii to the riglit tif Sun- 
 dry Personal Account Column is Expense Ac- 
 count Column. In this column are kept all the 
 amounts paid for expenses in keepino- up the 
 farmino- business. See Rule 35. 
 
 >lumn to tlie rit^ht of Ex- 
 lumn is Labor Account 
 Column. In this column are kept all amounts 
 Y>aid for labor on the farm. See Rule 48. 
 
 6th — The next c 
 pense Account C 
 
 7th — The next column to the rii^ht of Labor 
 
 Account Column is Income Account Column. 
 In this column are kept the amounts received 
 for articles sold from the farm. See Rule 49, 
 50 and 51. 
 
 8th— 'i"hc la>l double column to the ri,L;hl is 
 Cash Account Column. The Left Hand side 
 of this column is the Debit Side. All amounts 
 of Cash received are kept on this side. The 
 Right Hand side of this column is the Credit 
 Side. .\11 amounts o{ Cash parted with are 
 kept on this side. 
 
 Instructions for Making Debits and Credits in Journal 
 
 All Credits and Debits are placed in Sundry Personal .-\ccounts Column except Expense, 
 Labor, Income and Cash .\ccounts. These four accounts are provided with columns in the 
 Tournal because transactions made by a farmer aiffect these accounts most frequently. This saves 
 "time and labor of posting" to a Ledger. You can keep as many accounts in the Journal as you 
 \\ish bv adding more columns. 
 
 HOW TO STUDY THIS JOURNAL 
 
 First turn to the Farm Piccord i'.nnk and read the Inventory, and then turn to the Journal 
 and notice Carefully how the entries are made; also read the explanation given and read the Rules 
 referred to. When vou Thoroughly understand the Inventory, study the first transaction, and so 
 on until you have made a thorough study of the entire Journal. Pay no attention to the Ledger 
 Page Column when making entries in the Journal. 
 
 ^^4^en you open a set of liooks, compare your transactions with the ones in this set. Look 
 for a transaction that is identical in principle with your own transactions, then make your entries 
 the same as they are made in this Journal. While the transactions made by you will not be identi- 
 cal in words with the ones found in this set, they will be the same in principle. Great care has been 
 taken to select transactions that will illustrate the underlying principles of bookkeeping and at the 
 same time be familiar to the farmer who is engaged in general farming. 
 
 EXPLANATIONS TO DEBITS AND CREDITS IN JOURNAL 
 
 Cash for $1000.00; see rule 1. 
 Real Estate for $12,000.00 ; rule 5. 
 Bills Receivable for $80.00 ; rule 9. 
 Ralph Tavlor for $100.00 ; rule 14. 
 Andrew Hamlin for $10.00; Rule 14. 
 Equipment for $3392.00; rule 52. 
 Proprietor for $16,582.00; rule 55. 
 Proprietor for $150.00; rule 54. 
 Frank Adams for $50.00 ; rule 20. 
 P.ils Pavable for $100.00 ; rule 27. 
 Danville Bank for $600.00 ; rule 30. 
 Cash hn- $600.00 ; rule 3. 
 Expense for $2.00; rule 35. 
 Cash for $2.00 ; rule 3. 
 Cash for $16.00 ; rule 2. 
 Income for $16.00; rule 49. 
 John Madison for $1.00; rule 15. 
 Income for $1.00; rule 49. 
 Expense for $40.00; rule 35. 
 Shelby Clav Co. for $40.00; rule 21. 
 Shelby Clay Co. for $5.00; rule 16. 
 Frank Adams for $5.00; rule 21. 
 Cash for $80.00 ; rule 2. 
 Bills Receivable for $80.00; rule II. 
 Luke Harrison for $5.00; rule 17. 
 Danville Bank for $5.00; rule 32. 
 Fence Account for $410.00; rule 38. 
 Ohio Fence Co. for $410.00; rule 21. 
 Danville Bank for $80.00; rule 30. 
 Cash for $80.00; rule 3. 
 
 Jan. 
 
 1st- 
 
 -Debit 
 Debit 
 Debit 
 Debit 
 Debit 
 Debit 
 Credit 
 F)ebit ■ 
 Credit 
 Credit 
 
 Jan. 
 
 1st- 
 
 -Debit : 
 Credit 
 
 Jan. 
 
 3rd- 
 
 -Debit 
 Credit 
 
 Jan. 
 
 7th~ 
 
 -Debit 
 Credit 
 
 Jan. 
 
 9th- 
 
 -Debit 
 Credit 
 
 Jan. 
 
 11th- 
 
 -Debit 
 Credit 
 
 Jan. 
 
 13th- 
 
 -Debit 
 Credit 
 
 Jan. 
 
 15th- 
 
 -Debit 
 Credit 
 
 Jan. 
 
 17th- 
 
 --Debit 
 Credit 
 
 Jan. 
 
 19th- 
 
 -Debit 
 Credit 
 
 Jan. 
 
 21st- 
 
 -Debit 
 Credit 
 
 Page Fifteen 
 
Jan. 
 
 23 rd- 
 
 Jan. 
 
 23th- 
 
 Jan. 
 
 27th- 
 
 Feb. 
 
 1st- 
 
 Fel... 
 
 3rd- 
 
 Fel). 
 
 .3th- 
 
 Feb, 
 
 7th- 
 
 Feb, 
 
 9th- 
 
 Feb. 
 
 11th- 
 
 Feb. 
 
 12th- 
 
 Feb, 
 
 l.^^th- 
 
 Feb. 
 
 20tn- 
 
 Feb, 
 
 22 nd- 
 
 Feb, 
 
 2.Mh- 
 
 Mar, 
 
 1st- 
 
 Mar, 
 
 3 rd- 
 
 Mar, 
 
 3th- 
 
 Mar, 
 
 Sth- 
 
 Mar. 
 
 12th- 
 
 Mar, 
 
 13th- 
 
 Mar, 
 
 18th- 
 
 Mar, 
 
 20th- 
 
 Mar, 
 
 23th- 
 
 Mar. 
 
 2Sth- 
 
 April 
 
 1st- 
 
 .\pril 
 
 3rd- 
 
 April 
 
 3 th- 
 
 April 
 
 9th- 
 
 April 
 
 13th- 
 
 April 
 
 13th- 
 
 April 
 
 17th- 
 
 April 
 
 2isv- 
 
 May 
 
 1st 
 
 ;e Sixteen 
 
 
 -Debit Expense for $10.00; rule 33. 
 
 Credit Cash for $10.00; rule 3, 
 -Debit Fence Account for $12.00; rule 37. 
 
 Credit Cash for $12.00; rule 3. 
 -Debit Fence Account for $4.80; rule 39. 
 
 Credit Fence Account for $4.80 ; rule 42. 
 -Debit Cash for $100.00; ritle 2. 
 
 Credit Ralph Taylor for $100.00; rule 21. 
 -Debit Danville Bank for $116.00; rule 30. 
 
 Credit Cash for $116.00; rule 3. 
 
 Debit M. E. Church for $3.00; rule 15. 
 
 Credit Danville Bank for $3.00; rule 32. 
 -Debit Ohio Fence Co. for $410.00; rule 15. 
 
 Credit Danville Bank for $401,80; rule 32, 
 
 Credit Discount for $8.20; rule 43. 
 -Debit Cash for $33.00; rule 2. 
 
 Credit Income for $35.00 ; rule 49. 
 -Debit Expense for $4.00; rule 35. 
 
 Credit Cash for $4.00; rule 3. 
 -Debit Expense for $400.00 ; rule 35. 
 
 Credit Bills Pavable for $400.00 ; rule 28. 
 -Debit Jacob Jackson for $80.00; rule 15. 
 
 Credit "Income for $80.00; rule 49. 
 
 Debit Cash for $150.00; rule 2. 
 
 Credit Income for $1.30.00; rule 49. 
 -Debit Cash for $20.00 ; rule 2. 
 
 Credit Danville Bank for $20.00; rule 32. 
 -Debit Joseph Garfield for $86.00; rule 15. 
 
 Credit Fence Account for $86.00; rule 42. 
 -Debit Danville Bank for $.30.00; rule 31. 
 
 Credit Joseph Garfield for $50.00; rule 21. 
 -Debit Expense and I^abor, each for $1.00; rules 35 and 48. 
 
 Credit Cash for $1.00; rule 3. 
 -Debit Expense for $1.00; rule 35. 
 
 Credit Cash for $1.00; rule 3. 
 -Debit Expense and Labor, each, for $4.00; rules 35 and 48. 
 
 Credit Cash for $4.00; rule 3. 
 -Debit Cash for $80.00; rule 2. 
 
 Credit Jacob Jackson for $80.00; rule 21. 
 -T>ebit Expen.se for $7.00 ; rule 35. 
 
 Credit Cash for $7.00; rule 3. 
 -Debit Expense for $18.00; rule 35. 
 
 Credit Cash for $18.00; rule 3. 
 
 Debit Expense and Labor, each, for $1.00; rules 35 and 48. 
 
 Credit Income for $1.00; rule 49. 
 -Debit Expense for $10.00; rule 35. 
 
 Credit Cash for $10.00 ; rule 3. 
 -Debit Expense for $4.00 ; rule 35. 
 
 Credit Cash for $4.00 ; rule 3. 
 -Debit Expense for $1.00; rule 35. 
 
 Credit Cash for $1.00; rule 3. 
 -Debit Expense for $15.00; rule 35. 
 
 Credit Danville Bank for $15.00; rule 32. 
 -Debit Expense for $4.00; rule 35. 
 
 Credit Cash for $4.00; rule 3. 
 -Debit Cash for $53.00; rule 2. 
 
 Credit Income for $15.00; rule 49. 
 
 Credit Fence Account for $38.00; rule 42. 
 -Debit Cash for $10.00; rule 2. 
 
 Credit Income for $10.00; rule 49. 
 -Debit Expense for $2.00; rule 35. 
 
 Credit Cash for $2.00 ; rule 3. 
 -Debit Cash for $131.50; rule 2, 
 
 Credit Fence Account for $131, .^0; rule 42. 
 
 Debit Danville Bank for $203.50; rule 30. 
 
 Credit Cash for $203.50; rule 3. 
 -Debit Cash for $500.00; rule 2. 
 
 Credit Danville T'.ank f. ir $500.00; rule 32. 
 
-Debit Frank Adams fnr $30.00; rule 17. 
 
 Credit Danville Bank for $30.00; rule 32. 
 -Debit Expense and Labor, each, for $4.00; rubs 33 and 48. 
 
 Credit Cash for $4.00 ; rule 3. 
 -I")ebit Fence Account for $21.50; rule 38. 
 
 Credit Joseph Garfield for $21.50 ; rule 21. 
 -Debit Cash for $10.00; rule 2. 
 
 Credit Andrew Hamlin for $10.00; rule 21. 
 -lOebit Cash for $43.00 ; rule 2. 
 
 Credit Fence Account for $43.00; rule 42. 
 -Debit Fence Account for $2.00; rule 40. 
 
 Credit Cash for $2.00 ; rule 3. 
 -Debit Expense for $30.00; rule 33. 
 
 Credit Jacob Jackson for $30.00 ; rule 21. 
 -Debit Cash for $300.00 ; rule 2. 
 
 Credit Income for $300.00 ; rule 49. 
 -Debit Danville Bank for $553.00; rule 30. 
 
 Credit Cash for $553.00; rule 3. 
 -Debit Expense for $8.00; rule 35. 
 
 Credit Gilbert Polk for $8.00; rule 21. 
 -Debit Cash for $50.00; rule 2. 
 
 Credit Danville Bank for $50.00 ; rule 32. 
 -Debit Cash for $10.00 ; rule 2. 
 
 Debit Expense for $5.00 ; rule 35. 
 
 Credit Income for $15.00; rule 49. 
 -Debit Expense for $1.00; rule 35. 
 
 Credit Cash for $1.00; rule 3. 
 -Debit T. D. Anderson for $100.00; rule 15. 
 
 Credit Cash for $100.00; rule 3. 
 -Debit New York Millinq- Co. for $100.00; rule 15. 
 
 Credit Income for $100.00 ; rule 49. 
 -Debit Expense for $25.00; rule 35. 
 
 Credit New York Millino- Co. for $25.00; rule 21. 
 -Debit Bills Receivable for $25.00; rule 10. 
 
 Credit Income for $25.00 ; rule 49. 
 -Debit Andrew Flamlin for $10.00; rule 19. 
 
 Credit Danville Bank for $10.00; rule 33. 
 -Debit Expense for $28.00; rule 35. 
 
 Credit Cash for $28.00 ; rule 3. 
 -Debit Expense for $10.00; rule 35. 
 
 Credit Cash for $10.00 ; rule 3. 
 -Debit Jacob Jackson for $30.00; rule 17. 
 
 Credit "Cash for $30.00; rule 3. 
 -Debit Expense and Labor, each, fur $2.00; rules 35 and 48. 
 
 Credit D. E. Baker for $2.00; rule 21. 
 -Debit Cash for $10.00; rule 2. 
 
 Credit Andrew Hamlin for $10.00; rule 21. 
 -Debit Expense for $25.00; rule 3?. 
 
 Credit Income for $25.00 ; rule 49. 
 -Debit Expense for $4.00; rule 35. 
 
 Credit Luke Harrison for $4.00; rule 22. 
 -Debit Cash for $10.00; rule 2. 
 
 Credit Income for $10.00 ; rule 49. 
 -Debit Cash for $10.00 ; rule 2. 
 
 Credit Cash for $10.00; rule 3. It is nut necessar_y to make any 
 entries for this transaction, but it is best to do so in order 
 to ha\'e a record to show how the check was disposed of. 
 Aug. 1st — D'cbit Expense and Labor, each, for $5.00; rules 35 and 48. 
 
 Credit Cash for $4.00 ; rule 3. 
 
 Credit Income for $1.00; rule 49. 
 -Debit Expense for $31.00; rule 35. 
 
 Credit Danville Bank for $31.00; rule 32. 
 -Debit Expense for $100.00 ; rule 3?. 
 
 Credit Galena Oil & Gas Co. for $100.00; rule 21. 
 -Debit Galena Oil & Gas Co. for $10.00; rule 15. 
 
 f Vedit Cash for $10.00 ; rule 3. 
 -Debit Fence Account for $2.00; rule 41. 
 
 Debit Cash for $12.50 ; rule 2. 
 
 Credit Joseph Garfield for $14.50; rule 21. 
 
 Page Seventeen 
 
 May 
 
 2nd- 
 
 May 
 
 5th- 
 
 May 
 
 9th- 
 
 May 
 
 12th 
 
 May 
 
 15th- 
 
 May 
 
 15th- 
 
 May 
 
 17th- 
 
 May 
 
 21st- 
 
 May 
 
 25th- 
 
 June 
 
 1st- 
 
 June 
 
 3rd- 
 
 June 
 
 5th- 
 
 June 
 
 5th- 
 
 June 
 
 7th- 
 
 June 
 
 12th- 
 
 June 
 
 12th- 
 
 June 
 
 16th- 
 
 June 
 
 25th- 
 
 July 
 
 1st- 
 
 July 
 
 3 rd- 
 
 July 
 
 6th 
 
 July 
 
 10th- 
 
 July 
 
 20th- 
 
 July 
 
 25th- 
 
 July 
 
 26th- 
 
 July 
 
 27th- 
 
 July 
 
 28th- 
 
 Aug. 
 
 6th- 
 
 .Aug. 
 
 8th- 
 
 Aug. 
 
 8th- 
 
 Aug. 
 
 15th- 
 
Aug ISth— Debit Galena Oil & Gas Co. for $50.00 : rule 15. 
 
 Credit Cash for $50.00 ; rule 3. 
 Autj. 20th— Debit T- C. Buell for $19.00; rule 18. 
 
 Credit" Fence Account for $19.00; rule 42. 
 Sept. 1st— Debit Cash for $240.00; rule 2. 
 
 Credit Income for $240.00; rule 49. 
 Sept. 5th— Debit Expense for $60.00; rule 35. 
 
 Credit Danville Bank for $60.00; rule 32. 
 Sept. 10th — Debit Expense and Labor, each, for $10.00 ; rules 35 and 48. 
 
 Credit Cash for $10.00 ; rule 3. 
 Sept. 15th— Debit Expense for $1.00 ; rule 35. 
 
 Credit Cash for $1.00; rule 3. 
 Sept. 18th— Debit Expense for $10.00 ; rule 35. 
 
 Credit Income for $10.00; rule 50. 
 Sept. 25th— Debit Cash for $5.00; rule 2. 
 
 Credit Income for $5.00; rule 49. 
 Sept. 27th— Debit Danville Bank for $240.00 ; rule 30. 
 
 Credit Cash for $240.00; rule 3. 
 ^ept. 28th- Debit Frank Adams for $10.00; rule 15. 
 
 Credit Cash for $10.00; rule 3. 
 Sept. 30th— Debit Danville Bank for $300.00; rule 15. 
 
 Credit Income for $300.00; rule 50. 
 Oct. 1st— Debit Cash for $500.00; rule 2. 
 
 Credit Danville Bank for $500.00; rule 32. 
 (Jet. 1st- Debit Cash for $500.00; rule 2. 
 
 Credit Cash for $500.00 ; rule 3. 
 Oct. 3rd— Debit Expense for $15.00; rule 35. 
 
 Credit Cash for $10.00; rule 3. 
 
 Credit Income for $5.00 ; rule 49. 
 Oct. 4th— Debit H. O. Franklin for $5.00; rule 15. 
 
 Credit Income for $5.00 ; rule 49. 
 Oct. 5th— Debit Cash for $200.00 ; rule 2. 
 
 Credit Income for $200.00 ; rule 49. 
 Oct. 10th— Debit H. O. Franklin for $10.00; rule 15. 
 
 Credit Cash for $10.00; rule 3. 
 Oct. 12th— Debit Bills Payable for $400.00 ; rule 24. 
 
 Credit Cash for $100; rule 3. 
 
 Credit Danville Bank for $300.00 ; rule 32. 
 Oct. 12t]i— Debit Interest Account for $16.00; rule 46. 
 
 Credit David Lincoln for $16.00; rule 21. 
 Oct. 18th— Debit Expense for $20.00; rule 35. 
 
 Credit Cash for $20.00 ; rule 3. 
 r)ct. 20th — This transaction does not appear in the Journal because no e 
 
 tries are required. 
 Oct. 21st— Debit H. O. Franklin for $5.00; rule 17. 
 
 Credit Cash for $5.00; rule 3. 
 Oct. 31st— Debit Expense and Labor, each, for $25.00; rules 35 and 48. 
 
 Credit H. O. Franklin for $25.00; rule 21. 
 Oct. 31st— Debit H. O. Franklin for $5.00; rule 15. 
 
 Credit Cash for $5.00 ; rule 3. 
 Nov. 1st— Debit Cash for $3.00; rule 2. 
 
 Credit Income for $3.00; rule 50. 
 Nov. 5th— Debit Expense for $1.00; rule 35. 
 
 Credit Cash for $1.00; rule 3. 
 Nov. 10th— Debit Cash for $100.00 ; rule 2. 
 
 Credit Income for $100.00; rule 49. 
 Nov. 15th— Debit Expense for $43.00; rule 35. 
 
 Credit Fence Account for $43.00; rule 42. 
 Nov. 20th— Debit Cash for $100.00; rule 2. 
 
 Credit Bills Pavable for $100.00; rule 28. 
 Nov. 25th— Debit Bills Receivable for $100.00; rule 10. 
 
 Credit Cash for $95.00; vu\e 3. 
 
 Credit Discount for $5.00 ; rule 45. 
 Nov. 26th— Debit Expense for $19.00; rule 35. 
 
 Credit J. C. Buell for $19.00; rule 22. 
 Nov. 28th— Debit Expense for $4.00; rule 35. 
 
 Credit Income for $4.00 ; rule 49. 
 Nov. 20th— Debit Loss & Gain Account for $4.50; rule 56. 
 
 Credit Fence .Account for $4.50 ; rule 42. 
 
 Page Eighteen 
 
Nov. 30th— Debit Cash for $495.00; rule 2. 
 
 Debit Discount for $8.33; rule 44. 
 
 Credit Cash for $500.00 ; rule 3. 
 
 Credit Interest Account for $3.33 ; rule 47. 
 Dec. 1st- Debit Expense for $35.00; rule 35. 
 
 Credit Income for $20.00; rule 49. 
 
 Credit Danville Bank for $10.00; rule 32. 
 
 Credit Cash for $3.00 ; rule 3. 
 
 Credit Oliver Arthur for $2.00; rule 21. 
 Dec. 5th— Debit Expense for $3.00; rule 35. 
 
 Credit M. E. Church for $3.00 ; rule 23. 
 Dec. 10th— Debit Loss & Gain Account for $75.00; rule 56. 
 
 Credit Cash for $75.00; rule 3. 
 Dec. 16th— Debit Cash for $26.25 ; rule 2. 
 
 Credit Bills Receivable for $25.00; rule 11. 
 
 Credit Interest Account for $1.25; rule 47. 
 Dec. 20th— Debit Expense for $150.00; rule 35. 
 
 Credit Danville Bank for $150.00; rule 32. 
 Dec. 25th— Debit Cash for $180.00; rule 2. 
 
 Credit Income for $180.00; rule 49. 
 Dec. 25th— Debit Expense for $5.00; rule 35. 
 
 Credit Cash for $5.00 ; rule 3. 
 Dec. 26th— Debit Cash for $30.00; rule 2. 
 
 Credit Income for $30.00; rule 51. 
 Dec. 28th— Debit Expense for $100.00; rule 35. 
 
 Credit Bills Receivable for $100.00; rule 11. 
 Dec. 31st— Debit Bills Payable for $100.00; rule 24. 
 
 Debit Interest for $6.00; rule 46. 
 
 Credit Discount for $5.00; rule 45. 
 
 Credit Cash for $101.00; rule 3. 
 Dec. 31st— Debit Frank Adams for $10.00; rule 15. 
 
 Credit Cash for $10.00; rule 3. 
 Dec. 31st— Debit Cash for $1.00; rule 2. 
 
 Debit Expense for $1.00; rule 35. 
 
 Credit Income for $2.00 ; rule 49. 
 Dec. 31st— Debit Expense for $2.00; rule 35. 
 
 Credit Cash for $1.00; rule 3. 
 
 Credit Income for $1.00; rule 49. 
 
 Page Nineteen 
 

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Explanation of Ledger 
 
 Tiie double \ertical line in the center of the page separates the Debit Side of an account Irom 
 the Credit Side. 
 
 The Left Hand Side is the Debit Side. The Right Hand Side is the Credit Side. 
 
 The Columns on the Debit Side are identical to the Column- on the Credit Side. 
 
 The first double column at the left hand side is the Date Column, In this column is kept 
 the date on which each transaction occurred. 
 
 The next column to the right of the Date Column is the E.xplanatory Column. In this column 
 is kept a short explanation of each transaction. 
 
 The next column to the right of the Explanatory Column is the Folio Column or Journal 
 Page Column. In this column is kept the numl)er of the jiage on which a record of each trans- 
 action is found in the Journal. 
 
 The next column to the right of the Folio Column is the .\mount Column. In this column 
 is kept the amount of each Debit and Credit. 
 
 How to Post to the Ledger 
 
 Amounts are Posted from the Journal to the Ledger any lime after they have l)een recorded 
 in the Journal. 
 
 Post the Amounts to the Ledger that are found in Sundry Personal .\ccounts Column in the 
 Journal. 
 
 To learn how to Post to the Ledger the student should notice closely the form used in this 
 set and follow the instructions and ex])lanations given. 
 
 First turn to the first page of the Journal. Beginning with the first amount that is found 
 in Sundry Personal Accounts Column, proceed in the following manner to make entries in the 
 Ledger : 
 
 For convenience, we have used the following abreviations, L. P. C. for Ledger Page Column 
 and J. P. C. for Journal Page Column. 
 
 Jan. 1st— Debit Real Estate for $12,000.00 Jan. 23th— Debit Fence Account for $12.00 
 
 and place 1 in L. P. C. and 1 in y. P. C. and place 6 in L. P. C. and 3 in |. 1'. C. 
 
 Jan. 1st— Debit P.ills Receivable' for $80.00 Jan. 27th— Debit Fence Account for $4.80 
 
 and place 1 in L. P. C. and 1 in I. P. C. and place 6 in L. P. C. and 3 in |. P. C. 
 
 Jan. 1st— Debit Ralph Taylor for $100.00 and Jan. 27— Credit Fence Account for $4.80 and 
 
 place 1 in L. P. C. and 1 in T- P- C. place 6 in L. P. C. and 3 in T- !'• •- • 
 
 Jan. 1st— Debit Andrew 'Mamlin for $10.00 Feb. 1st— Credit Ralph Taylor for $100.00 
 
 and place 2 in L. P. C. and 1 in f. I'. C. and place 1 in L. P. C. and 3 in I. P. C. 
 
 Jan. 1st— Debit Equipment for $3392.00 and Feb. 3rd— Debit Danville P.ank" for $116.00 
 
 place 2 in L. P. C. and 1 in ]. P. C. and place 4 in L. P. C. and 3 in I. I'. C. 
 
 Jan. 1st— Credit Proprietof- for $16,582.00 Feb. 3th— Debit M. E. Church f.'ir $3.00 and 
 
 and place 2 in L. P. C. and 1 in ]. P. C. ])lace 5 in L. P. C. and 3 in T- P- C". 
 
 Tan. 1st— Debit Proprietor for $150.00 and Feb. 5th— Credit Danville "Bank for $3.00 and 
 
 place 2 in L. P. C. and 1 in T- P- C. place 4 in L. P. C. and 3 in J. P. C. 
 
 Jan. 1st— Credit Frank Adams for $50.00 and h>l). 7th— Debit Ohio Fence Co. for $410.00 
 
 ]ilace 3 in L. l\ C. and 1 in j. P. C. and place 6 in L. P. C. and 3 in I. P. C. 
 
 Jan. 1st— Credit Bills payable for $100.00 and Eel). 7th— Credit Danville Pank for $401.80 
 
 place 3 in I.. P. C. and 1 in J. P. C. and place 4 in L. P. C. and 3 in I. P. C. 
 
 Jan. 1st— Debit Danville Hank for $600.00 Feb. 7th— Credit Discount for $8.20 and 
 
 and place 4 in L. P. C. and 1 in T- P. C. place 5 in L. P. C. and 3 in I. P. C. 
 
 Jan. 9th— Debit John Madison for $1.00 and Feb. 12th— Credit Bills Payable for $4-00.00 
 
 place 3 in L. P. C. and 1 in J. P. C. and place 3 in L. P. C. and 4 in 1. P. C. 
 
 Jan. 11th— Credit Shelby Clay Co. for $40.00 Feb. 15th— Debit Jacob Jackson for $80.00 
 
 and place 4 in L. P. C. and 1 in T- P- C- and place 7 in L. P. C. and 4 in T- P- C. 
 
 Jan. 13th— Debit Shelby Clay Co. for $5.00 Feb. 22nd— Credit Danville Bank for $20.00 
 
 and place 4 in L. P. C. and 2 in I. P. C. and place 4 in L. P. C. and 4 in }.. P. C. 
 
 Jan. 13th— Credit Frank Adams for $5.00 and Feb. 25th— Debit Joseph Garfield for $86.00 
 
 place 3 in L. P. C. and 2 in J. P. C. and place 7 in L. ]\ C. and 4 in ]. P. C. 
 
 Jan. 15th— Credit Bills Receivable for $80.00 Feb. 25th— Credit Fence Acciunt for $86.00 
 
 and place 1 in L. P. C. and 2 in T- P- C. and place 6 in L. P. C. and 4 in 1. !'. C. 
 
 Jan. 17th— Debit Luke Harrison for $5.00 :\Iarch 1st— Debit Danville Bank for $50.00 
 
 and place 5 in L. P. C. and 2 in J. P. C. and place 4 in L. P. C. and 4 in J. 1'. C. 
 
 Jan. 17th — Credit Danville Bank for $5.00 March 1st — Credit Joseph Garfield for 
 
 and place 4 in L. P. C. and 2 in }. P. C. S50.00 and place 7 in L. P. C. and 4 in J. P. C. 
 
 Jan. 19th— Debit Fence Account for $410.00 March 12th— Credit Jacob Jackson for $80.00 
 
 and place 6 in L. P. C. and 2 in J. P. C. and place 7 in L. P. C. and 4 in T. P. C. 
 
 Jan. 19th— Credit Ohio Fence Co. for $410.00 April 3rd— Credit Danville Bank for $15.00 
 
 and place 6 in L. P. C. and 2 in J. P. C. and place 4 in L. P. C. and 5 in j. P. C. 
 
 Jan. 21st— Debit Danville Bank for $80.00 April 9th— Credit Fence Account for $38.00 
 
 and place 4 in I.. P. C. and 2 in J. P. C. and place 6 in L. P. C. and 6 in J. P. C. 
 
 Page Thirty-five 
 
April 17th — Credit Fence Account for 
 131.50 and place 6 in L. P. C. and 6 in T- P. C. 
 
 April 21st— Debit Danville Bank for $203,50 
 and place 4 in L. P. C. and 6 in J. P. C. 
 
 May 1st— Credit Danville Bank for $500.00 
 and place 4 in L. P. C. and 6 in J. P. C. 
 
 May 2nd— Del)it Frank Adams for $30.00 
 and place 3 in L. P. C. and 6 in J. P. C. 
 
 May 2nd— Credit Danville Bank for $30.00 
 and place 4 in P. P. C. and 6 in J. P. C_". 
 
 May 9th — Debit Fence Account fnr $21.50 
 and place 6 in L. P. C. and 7 in J. P. C. 
 
 May 9th— Credit Joseph Garfield for $21.50 
 and place 7 in L. P. C. and 7 in J. W C. 
 
 May 12th — Credit .\ndre\v Hamlin for 
 $10.00 and place 2 in L. P. C. and 7 in J. P. C. 
 
 May 15th — Credit Fence Account for $43.00 
 and place 6 in L. P. C. and 7 in J. P. C. 
 
 May 15th— Debit Fence Account for $2.00 
 and place 6 in L. P. C. and 7 in ]. P. C. 
 
 May 17th— Credit Jacob Jackson for $30.00 
 and place 7 in L. P. C. and 7 in J. P. C. 
 
 May 25th— Debit Danville Bank for $553.00 
 and place 4 in L. P. C. and 7 in }. P. C. 
 
 June 1st— Credit Gilbert Polk for $8.00 and 
 place 7 in L. P. C. and 7 in T- P. C. 
 
 June 3rd— Credit Danville Bank for $50.00 
 and place 4 in L. P. C. and 8 in T- P. C. 
 
 Tune 7th— Debit T. D. Anderson for $100.00 
 and place 8 in L. P. C. and 8 in J. P. C. 
 
 lune 12th— Debit New York Milling Co. for 
 $100.00 and place 8 in L. P. C. and 8 in J. P. C. 
 
 Tune 12th— Credit New York Milling Co. 
 for $25.00 and place 8 in I.. P. C. and 8 in T. 
 P. C. 
 
 June 16th— Debit Bills Receivable for $25.00 
 and place 1 in L. P. (.". and 8 in f- P- C. 
 
 June 25th— Debit Andrew Hamlin for $10.00 
 and place 2 in L. P. C. and 8 in T- P- C. 
 
 June 25th— Credit Danville Bank for $10.00 
 and place 4 in L. P. C. and 8 in T- P- t". 
 
 July 6th— Debit Jacob Jackson for $30.00 
 and place 7 in T_^. P. C. and 9 in J. P. C. 
 
 Tulv 10th— Credit D. E. Baker for $2.00 and 
 place'8 in L. P. C. and 9 in J. P. C. 
 
 July 20th— Credit Andrew Hamlin for $10.00 
 and place 2 in P. P. C. and 9 in T. P- C. 
 
 July 26th— Credit Luke Harrison for $4.00 
 and place 5 in L. P. C. and 9 in T- P. C. 
 
 Aug. 6th— Credit Danville Bank for $31.00 
 and place 4 in L. P. C. and 10 in T. P. C. 
 
 Aug. 8th— Credit Galena Oil & Gas Co. for 
 $100.00 and place 9 in L. P. C. and 10 in T- P. C. 
 
 Aug. 8th— Debit Galena Oil & Gas Co. for 
 $10.00 and place 9 in L. P. C. and 10 in J. P. C. 
 
 Aug. 15th — Debit Fence Account for $2.00 
 and place 6 in L. P. C. and 10 in f- P. C. 
 
 Aug. 15th— Credit Joseph Garfield for $14.50 
 and place 7 in L. P. C. and 10 in T- P- C. 
 
 Aug. 18th— Debit Galena Oil &"Gas Co. for 
 $50.00 and place 9 in L. P. C. and 10 in T- P. C. 
 
 Aug. 20th— Debit T- C. Buell for $19^00 and 
 place 9 in L. P. C. and 10 in T- P. C. 
 
 Aug. 20th— Credit Fence Account for $19.00 
 and place 6 in L. P. C. and 10 in f- P. C. 
 
 Sept. 5th— Credit Danville Bank for $60.00 
 and place 4 in L. P. C. and 11 in J. P. C. 
 
 Sept. 27th— Debit Danville Bank for $240.00 
 and place 4 in L. P. C. and 11 in 1. P. C. 
 
 Sept. 28th— Debit Frank Adams for $10.00 
 and place 3 in L. P. C. and 11 in T. P- C". 
 
 Sept. 30th— Debit Danville Bank for $300.00 
 and place 4 in L. P. C. and 11 in J. P. C. 
 
 Oct. 1st— Credit Danville Bank for $500.00 
 and place 4 in P. P. C. and 11 in T- P- C. 
 
 Oct. 4th— Del)it H. O. Franklin for $5.00 and 
 place 9 in L. P. C. and 12 in T- P. C. 
 
 Oct. 10th— Debit H. O. Franklin for $10.00 
 and place 9 in L. P. C. and 12 in T- P- C. 
 
 Oct. 12th— Debit P.ills Payable "for $400.00 
 and place 3 in P. P. C. and 12 in T- P- C". 
 
 Oct. 12th— Credit Danville Bank for $300.00 
 and place 4 in L. P. C. and 12 in T- P- C 
 
 Oct. 12th— Del)it Interest .\ccount for $16.00 
 and place 10 in P. P. C. and 12 in T. P. C. 
 
 Oct. 12th— Credit David Lincoln for $16.00 
 and place 10 in L. P. C. and 12 in f. P. C. 
 
 Oct. 21st— Debit H. O. Franklin for $5.00 
 and ])lace 9 in L. P. C. and 12 in f. P. C. 
 
 Oct. 31st— Credit H. O. Franklin for $25.00 
 and place 9 in L. P. C. and 12 in f- P- C. 
 
 Oct. 31st— Debit H. O. Franklin ff)r $5.00 
 and place 9 in L. P. C. and 13 in J. P. C. 
 
 Nov. 15th— Credit Fence Account for $43.00 
 and place 6 in L.i P. C. and 13 in T. P. C. 
 
 Nov. 20th— Credit Bills Payable" for $100.00 
 and place 3 in L. P. C. and 13 in J. P. C. 
 
 Nov. 25th — Debit Bills Receivable for 
 $100.00 and place 1 in L. P. C. and 13 in T- P. C. 
 
 Nov. 25th— Credit Discount for $5.00 and 
 jilace 5 in L. P. C. and 13 in j. P. C. 
 
 Nov. 26th— Credit P C. Buell for $10.00 and 
 place 9 in L. P. C. and 14 in J. P. C. 
 
 Nov. 29th — Debit Loss & Gain Account for 
 $4.50 and place 10 in L. P. C. and 14 in 1. P. L'. 
 
 Nov. 29th— Credit Fence Account for $4.. 50 
 and place 6 in L. P. C. and 14 in T- P- C. 
 
 Nov. 30th— Debit Discount foi" $8.33 and 
 place 5 in L. P. C. and 14 in ]. P. C. 
 
 Nov. 30th — Credit Interest for $3.33 and 
 place 10 in L. P. C. and 14 in T. P. C. 
 
 Dec. 1st— Credit Danville Bank for $10.00 
 and place 4 in L. P. C. and 14 in T- P- C. 
 
 Dec. 1st— Credit Oliver Arthur for $2.00 and 
 l.lace 10 in L. P. C. and 14 in T- P- C. 
 
 Dec. 5th— Credit M. E. Church for $3.00 and 
 l.lace 5 in L. P. C. and 14 in J. P. C. 
 
 Dec. 10th— Debit Loss & Gain for $75.00 and 
 place 10 in L. P. C. and 14 in I. P. C. 
 
 Dec. 16th— Credit Bills Receivable for $25.00 
 and place 1 in L. P. C. and 15 in J. P. C. 
 
 Dec. 16th — Credit Interest Account for $1.25 
 and place 10 in L. P. C. and 15 in T- P. C. 
 
 Dec. 20th— Credit Danville Bank for $150.00 
 and place 4 in L. P. C. and 15 in T- P- C. 
 
 Dec. 28th — Credit Bills Receivable for 
 $100.00 and place 1 in L. P. C. and 15 in T- P. C. 
 
 Dec. 31st— Debit Bills Payable for $100.00 
 and place 3 in L. P. C. and 15 in J. P. C. 
 
 Dec. 31st — Debit Interest for $6.00 and place 
 10 in L. P. C. and 15 in J. P. C. 
 
 Dec. 31st — Credit Discount for $5.00 and 
 place 5 in L. P. C. and 15 in T- P. C. 
 
 Dec. 31st— Debit Frank Adams for $10.00 
 and place 3 in L. P. C. and 15 in J. P. C. 
 
 Page Thirty-six 
 
INDEX TO LEDGER 
 
 Page 
 
 Adams, Frank 3 
 
 Anderson, T. D 8 
 
 Arthur, Oliver 10 
 
 Bills Receivable 1 
 
 Bills Payable 3 
 
 Baker, D. E 8 
 
 Buell, J. C : 9 
 
 Danville Bank 4 
 
 Discount 5 
 
 Equipment 2 
 
 Fence Account 6 
 
 Franklin. H. 9 
 
 (jarfield, Joseph 7 
 
 Galena Oil & Gas Co 9 
 
 Hamlin. Andrew 2 
 
 Harrison, Luke 5 
 
 Interest 10 
 
 Jackson, Jacob 7 
 
 Lincoln, David 10 
 
 Loss & Gain 11 
 
 Madison, John 3 
 
 M. F. Church 5 
 
 N. Y. Milling Co 8 
 
 Ohio Fence Co 6 
 
 Proprietor 2 
 
 Polk, Gilbert 7 
 
 Real Estate 1 
 
 Shelby Clay Co 4 
 
 Taylor, Ra'lph 1 
 
 Page Thirty-seven 
 
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Inventory, January 1st, 1912 
 
 Cash (111 hand (this includes C. uf D. o 
 150 acres of land vv.irth $80.00 per acre 
 Amount in Danville l;5ank. subject to < 
 
 John Madison owes me, on account 
 
 Luke Harrison owes me. on account 
 
 T. D. Anderson owes me. (in account 
 
 Xew York ^lilHni; Co. owes me. on acc(.iunt 
 Fence on hand, 100 rod, 11-48 (Ft 40c per rod.. 
 
 .^0 rod, 18-58 ra .^Oc per rod.. 
 
 30 rod, 16-48 (a 45c i)er rod.. 
 
 ( )ne set fence stretchers 
 
 I'reip'ht on fence, on hand.... 
 
 Danville Bank, L. Ak 
 leck 
 
 :heck, currency ) $ 
 
 125C bushels corn (iv 40c per bushel 
 
 500 shocks fodder (a: 12c per shock 
 
 40 tons hay (a; $15.00 per ton.. 
 
 300 bushels wheat @ 80c per l)ushel 
 
 200 bushels oats @ 50c per bushel 
 
 100 bushels potatoes @ 80c per bushel. 
 
 6 horses @ $150.00 each 
 
 One share in Percheron Horse Co 
 
 Two shares of Galena Oil @ Gas Co. 
 
 15 cattle (a $30.00 each 
 
 40 hoo-s fa $15.00 each 
 
 50 sheep (cv $3.00 per head 
 
 200 chickens (a' 25c each 
 
 l'\arm implements 
 
 ;tock (a $50.00 
 
 per 
 
 ^har 
 
 ital etpiipment 
 
 Proprietor's property on hand Jan. 1st, 1912., 
 
 I owe Frank .\dams, on account 
 
 1 owe Shelby Clay Co., on account 
 
 1 owe Gilbert Polk, on account 
 
 I owe D. E. Baker, on account 
 
 I owe Galena Oil i.^ Gas Co., on account 
 
 I owe David Lincoln, on account 
 
 I owe 01i\-er .\rthur, nn accdunt 
 
 M\- note, outstandiuL; (unpaid) fa\(ir Jdhn Durlin. 
 
 40 00 
 25 00 
 13 .50 
 10 00 
 2 50 
 
 1427 7r 
 
 2000 00 
 
 56 70 
 
 1 00 
 
 1 00 
 
 100 00 
 
 7?' 00 
 
 01 00 
 
 500 00 
 
 60 00 
 
 600 00 
 
 240 00 
 
 100 00 
 
 80 00 
 
 900 00 
 
 200 00 
 
 100 00 
 
 450 00 
 
 600 00 
 
 1.^0 00 
 
 50 00 
 
 200 00 
 
 $ 4230 00 
 $17982 45 
 
 ,.$ 
 
 5 00 
 35 00 
 
 8 00 
 
 2 00 
 40 00 
 16 00 
 
 2 00 
 100 00 
 
 1 'r(.)prictor's debts J; 
 
 Lt, 1012.. $ 208 00 
 
 Closing the Ledger 
 
 In Double Entry bookkeepiui;- the Ixniks will 
 balance if the work is correct. In other \\iir(F 
 the sum of all Debits will ecpial the sum uf all 
 Credits. 
 
 .\l\v; 
 
 take a Trial Balance i)ef( 
 
 the Ledger. 
 
 Xe\er Close the Ledger until il Balances. 
 
 How to take a Trial Ijalance : Draw a ver- 
 tical line across a sheet of pai)er. Place all 
 of the Debits \-iiu ha^■e made in tiie Ledger (u. 
 the Left Hand side uf the line. I 'lace all uf 
 the Credits vou ha\e made in the LediL^er on 
 the Right Hand side of the line. Then place 
 the total amount of Expense fdund in Expense 
 Column in the Journal mi the Left Hand side. 
 I'lace the Amount uf Cash oil hand fdund nii 
 the Debit side df Cash Account en the Left 
 Hand side df the line. Then |ilace the Idtal 
 amiiunt df Income fdUnd in Income Column nn 
 Page Forty-eight 
 
 the Right Hand side of the line. Add the 
 amounts on each side of the line. If the total 
 amount is the same on both sides the work is 
 correct. If they are not the same there is a 
 mistake in the entries. 
 
 In taking a trial balance do not use any of 
 the am(.)unts taken from an inventory except 
 from the one taken at the time the books were 
 opened. The inventor}- taken at the time the 
 bcioks are closed must not lie used in taking 
 a trial balance. In other words use the 
 amounts that ha\'e been Posted frdin the Jour- 
 nal to the Ledger, total expense, total inconie 
 and the amount of cash on hand when the trial 
 balance is taken. 
 
 .Vlways take an Inventory of all Speculati\e 
 .\ccounts before closing the Ledger. 
 
 If a Speculative Account has an inventory. 
 place the amount of that inventory on the 
 Credit side of the account, before closinc: that 
 
account. For this inventory, consult in\-en- 
 turv taken Jan. 1st. 1912. 
 
 The student should make a thorough study 
 of the Ruling of each account and follow the 
 explanation carefully. 
 
 REAL ESTATE 
 
 The first acc(.iunt in this Ledger is Real Es- 
 tate. It is a Speculati\-e Account and has an 
 inventory of $12,000.00. Place that amount 
 on the Credit side of the account. It can be 
 seen at a glance that this account balances, 
 therefore rule it by drawing a double line which 
 indicates that the account is closed. Then 
 bring the amount of the inventory down under 
 the double line on the debit side. The account 
 is then open for the following year, 
 
 BILLS RECEIVABLE 
 
 Draw a single line under the amounts of this 
 account. Add the amounts on both sides of 
 the account. The account balances, therefore 
 draw a double line to show that the account 
 is closed. 
 
 RALPH TAYLOR 
 
 It can be seen at a glance that this account 
 balances, therefore draw a double line to show 
 that the account is closed. 
 
 ANDREW HAMLIN 
 
 Draw a single line under the amounts. .\dd 
 the amounts. This account balances, there- 
 fore draw a double line to show that the ac- 
 count is closed. 
 
 EQUIPMENT 
 
 This is a Speculative Account and has an 
 inventory of $4230.00. Place this amount on 
 the Credit side, draw a single line, bring both 
 amounts down below the line, place the smaller 
 sum under the larger, draw a line, subtract. 
 The result is a Credit balance and exhibits a 
 gain of $838,00. Draw a double line and bring 
 the amount of the last inventory down on the 
 Debit side below the double line. 
 
 PROPRIETOR 
 
 Do not close this account until all of the 
 others have been closed. 
 
 FRANK ADAMS 
 
 Draw a line under the amounts, add both 
 sides of the account, place the smaller num- 
 ber under the larger, draw a line, subtract, the 
 result is a credit balance of $5.00. P>ring the 
 amount down below the line. This is the 
 amount the Proprietor owes I'rank '.\dams. 
 Tan. 1st. 1012. 
 
 BILLS PAYABLE 
 
 13raw a line under the amounts, add both 
 sides of the account, place the smaller sum 
 under the larger, draw a line and subtract. 
 
 the result shows a Credit balance of $100.00. 
 This is the amount of notes the Proprietor has 
 outstanding (unpaid) Jan. 1st, 1912. 
 
 JOHN MADISON 
 
 This account has only one entry. It is a 
 Debit. Xo ruling is necessary in a case like 
 this. 
 
 DANVILLE BANK 
 
 Draw a line under the amounts, add both 
 sides of the account, place the smaller sum 
 under the larger, draw a line and subtract. 
 The result shows a Debit balance of $56.70. 
 This is the amount the Proprietor has in the 
 Danville Bank subject to check Jan. 1st, 1912. 
 
 SHELBY CLAY CO. 
 
 Draw a line under the amounts, bring the 
 amounts down below the line, place the 
 smaller under the larger, draw a line and sub- 
 tract. The result shows a Credit balance of 
 $35.00. The Proprietor owes that amount to 
 the Shelby Clay Co. Jan. 1st, 1912. 
 
 LUKE HARRISON 
 
 rJraw a line under the amounts, bring both 
 amounts down below the line, place the 
 smaller amount under the larger, draw a line 
 and subtract. The result shows a Debit bal- 
 ance of $1.00. Luke Harrison owes the Pro- 
 prietor that amount Jan. 1st. 1912. 
 
 M. E. CHURCH 
 
 It can 1)6 seen at a glance that this account 
 balances, therefore draw a double line to show 
 that the account is closed. 
 
 DISCOUNT 
 
 Draw a line under the amounts, add lioth 
 sides of the account, place the smaller sum 
 under the larger, draw a line and subtract. 
 The result shows a Credit balance of $9.87. 
 This is a gain to the Proprietor. Draw a 
 double line to show that the account is 
 closed. All accounts exhibiting a Loss or 
 gain are closed in this manner. 
 
 FENCE ACCOUNT 
 
 This is a Speculative account and has an 
 inventory of $91.00, according to the inven- 
 tory taken Jan. 1st, 1912. Credit this account 
 with that amount, draw a line under the 
 amounts, add both sides of the account, place 
 the smaller sum under the larger, draw a line 
 and subtract. The result shows a Credit bal- 
 ance of $8.50. This is a gain to the Proprietor. 
 Draw a double line to show that the account 
 is closed and then bring down the amount of 
 the inventory on the Debit side of the account. 
 
 OHIO FENCE CO. 
 
 It can be seen at a glance that this account 
 balances, therefore, draw a double line to show 
 that the account is closed. 
 
 Page Forty-nine 
 
JACOB JACKSON 
 
 Draw a line under the amounts, add b(jth 
 sides of the account. This account l^ialances. 
 therefore draw a doulile line to show that the 
 account is closed. 
 
 JOSEPH GARFIELD 
 
 Draw a line under the amounts, add both 
 sides of the account. The account balances, 
 therefore draw a double line tn sIkiw tliat the 
 account is closed. 
 
 GILBERT POLK 
 
 This account shows a Credit balance of 
 $S.OO. The Proprietor owes Gilbert Polk that 
 amount [an. 1st, 1912. No rulint^ necessary. 
 
 T. D. ANDERSON 
 
 This account shows a Debit balance oi 
 $100.00. T. D. Anderson owes the Proprietor 
 that anmunt. X(i ruling- necessary. 
 
 D. E. BAKER 
 
 This account shows a Credit balance c f 
 $2.00. The Pn.prietor owes D. !•-. I'.aker that 
 ami lunt. 
 
 NEW YORK MILLING CO. 
 
 Draw a line under the anidunts, bi-ing both 
 anidunts down below the line, place the smaller 
 amiiunt under the larger, di-aw a line and sub- 
 tract. The result shows a Debit balance of 
 $7.S.00. The N. Y. Milling d. ,,wes the Pm- 
 (irietor that amount Jan. 1st. I'n2. 
 
 GALENA OIL & GAS CO. 
 
 Draw a line under the amounts, add bcith 
 sides of the account, place the smaller sum 
 under the larger, draw a line and subtract, 
 the result sho\vs a Credit balance of $40.00 
 'l"he I'niprietor owes the (lalena ( )il (K: (ias 
 Cm. that amount Jan. 1st. I'n2. 
 
 J. C. BUELL 
 
 It can be seen at a glance that this accmint 
 ])alances, therefore draw a (l()ul)le lini.- tn shii\\ 
 that the account is closed. 
 
 H. O. FRANKLIN 
 
 Draw a line, add both sides of the account. 
 The account lialances, therefore draw a double 
 line to show that the accuunt is closed. 
 
 INTEREST 
 
 i )raw a line under the amounts, add both 
 sides of the account, place the smaller sum 
 under the larger, draw a line and subtract. 
 The result shows a Debit balance of $17.42. 
 This is a loss to the Proprietor. Draw a 
 double line to show that the account is closed. 
 DAVID LINCOLN 
 
 (unt 
 
 hows a Credit balance of 
 
 $16.00. The Proprietor owes David Lincoln 
 that amount Jan. 1st, 1912. Xo ruling neces- 
 sary. 
 
 OLIVER ARTHUR 
 
 This account shows a Credit balance of 
 $2.00. The Proprietor owes Oliver Arthur 
 that amount. Xo ruling necessary. 
 
 LOSS & GAIN 
 
 This account is one into which all other ac- 
 counts that exhibit a Loss or Gain are closed. 
 This account is also Debited for all unexpected 
 Losses and Credited for all Unexpected Gains. 
 When any Speculative accotmt exhibits a 
 Loss, this account is Debited for the balance. 
 ^^'hen a speculative account exhibits a Gain, 
 this account is Credited for the balance. On 
 Nov. 29th, this account was debited for $4.30 
 and on Dec. 10th it was debited for $73.00 
 In both of these cases the debits were made 
 on account of Unexpected Losses. Iu|uii)- 
 ment account exhibits a Gain of $838.00, there- 
 fore this account is Credited for that amount. 
 Discount account exhibits a Gain of $9.87, 
 therefore this accotint is Credited for that 
 amount. Fence account exhibits a Gain of 
 S^.30, therefore this account is Credited for 
 tl'iat amount. Interest Account exhibits a 
 Loss of $17.42, therefore this account is 
 Debited for that amount. This account is now- 
 ready to Close, draw a line under the amiiunts. 
 add both sides of the account, draw a double 
 line to show that the account is closed. 
 
 This account does not balance. In a pure- 
 ly mercantile business Loss and Gain account 
 will balance and will show the net loss or net 
 gain. In keeping Farm Accounts this is dif- 
 ferent. It does not show the Farmer's net 
 loss or net gain because the farmer raises 
 products and sells them during the year and 
 they are never in\iiiced. The farmer's Net 
 Gain or Net Loss is the difference between 
 the amount of the Invoice taken when the 
 books were opened, and the one taken when 
 they are closed. In keeping Farm Accounts, 
 Loss and Gain Account is simply an account 
 under which a list of losses and gains are kept. 
 
 PROPRIETOR'S ACCOUNT 
 
 This account was debited for the amount 
 of the Pro]irietor's debts, and credited for the 
 amount of his investment Jan. 1st. 1911, when 
 the books were opened. It was debited for 
 the value of the Proprietor's property, and 
 credited for the amount of his debts when the 
 books w-ere closed Jan. 1st, 1912. Draw a 
 line under the amounts. .Add both sides of 
 the account. Place the smaller number under 
 the larger, and subtract. The difference is 
 .'slv342.00. This amount is the Proprietor's Net 
 Gain. 
 
 Draw a double line to show that the ac- 
 count is closed. Then place the amount of 
 the proprietor's debts on the del)it side, and 
 the amount of his investment on the credit 
 side. This account is now ojien for the fol- 
 lowing year. 
 
 Page Fifty 
 
Explanation of Monthly Sales Sheet 
 
 We ha\e pros ided a Monthly Sales Sheet 
 for the farmer who wishes to know the exact 
 amount he receives from each of the \-arious 
 kinds of products sold from the farm. 
 
 By keeping a iMonthly Sales Sheet, the 
 farmer has a record of the total amount re- 
 ceived for each kind of products sold during 
 each month, and the total amount received fm 
 each kind of products during the year. It 
 also shows the total amount of sales during 
 each month for all products sold, and tlie 
 total amiiunt of sales during the entire year. 
 
 HOW TO KEEP A MONTHLY 
 SALES SHEET 
 
 At the expiration of each niimth consult 
 The Farm Record Book or J(]urnal to ascer- 
 tain the amount received for each kind of pro- 
 ducts during that month. For instance, by 
 referring to the Journal we find that $16.00 
 ^vas received for clover seed during January 
 Place that amount in January Column oppo- 
 site the word "clover seed", which is written 
 on the first line. If you had sold clover seed 
 several times during January all of the 
 amounts received would have been added and 
 the total amount put in January Column oj)- 
 posite the name of the article sold "clover 
 
 seed." Proceed in like manner with eacl; kind 
 of products sold during the month. I'mcco! 
 in the same wav at the end of each month 
 during the year. 
 
 Place the tmal amount received fir each 
 kind of articles in the "total coknnn" at tlie 
 right hand side of the page. This will show 
 the total amount received for each kind of 
 products for the entire \ear. .Add tlie anicunts 
 in each of the Monthly Column and place 
 the amounts at the l)ottom of the page in their 
 respective columns, that will show t'le t tal 
 amount of sales for each month. 
 
 The sum of the amounts at the biaiim if 
 the jiage should equal the sum of the amnunt-- 
 ■ ill Total Column at the right hand side c f the 
 page. That amount is the grand total amount 
 of all sales made during the year. This ami unl 
 will not necessarily be identical to ihe amount 
 in Income Column in the Journal, for in that 
 column is kept the entire income, exceiit in- 
 terest, discount and profits on speculati\-e ac- 
 counts, while only the amount of sales of farm 
 products are kept in the Monthly Sales Sheet. 
 
 To ascertain the Farmer's Net Gain consult 
 Proprietor's Account. 
 
 This same form can be used for keeping an 
 itemized account of expenses. 
 
 Page Fifty-one 
 
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Partnership. 
 
 It is difficult to lay down rules which will ap- 
 ply to all forms of partnership, however tht 
 fundamental principles of bookkeeping are to 
 debit persons when they receive values on ac- 
 count and credit them when they furnish val- 
 ues on account. Debit each partner for the 
 amount of values he receives from the busi- 
 ness and Credit each partner for the amount of 
 values he puts into the btisiness. 
 
 In case you rent a farm for cash, debit the 
 landlord whenever you pay him cash for rent 
 or when you furnish him values of any kind to 
 apply on rent. If you pay him by bank check, 
 credit the bank on which you issued the check. 
 If you pay him by note, credit 1 Sills Payable 
 account. If you pay him with farm products 
 or labor, credit Income account. Credit the 
 landlord for the amount of the rent when it is 
 due. If it is all due at the end of the year, 
 credit him at that time for the whole amount. 
 If it is to be paid in installments, credit him 
 when each installment is due, for the amount of 
 the installment. 
 
 In case the landlord and tenant own the live 
 stock, implements, and farm products together, 
 credit each partner with the amount of prop- 
 erty he puts into the partnership and debit 
 Equipment Account for the whole amount. 
 Debit each partner with the amount of the 
 partnership property he receives. 
 
 There are two ways of renting for grain rent. 
 The landlord and tenant either divide the pro- 
 ducts or sell them and divide the money. If 
 they divide the products before selling them, 
 each party should keep a memorandum of the 
 quantity that each person receives. If the pro- 
 ducts are sold and the money divided, debit 
 Cash and credit Income when the products are 
 sold. Debit each party for the amount of the 
 money he receives and credit Cash fur the 
 whole amount. 
 
 Miscellaneous Suggestions. 
 
 In closing ledger accdunts, it will add tn the 
 appearance of the work, to rule with red ink. 
 
 If you wish to keep an individual stock 
 record, that is, if you want an account which 
 will show the expense and income of a certain 
 COW', for instance ; open an account under the 
 name or number of the cow just like you would 
 any personal accotint. Debit the account for 
 all of the expense she makes and credit the ac- 
 count for all the income she produces. 
 
 If you wish to know the rate of income on 
 your investment, invoice your property and 
 debts when the books are opened and when 
 closed. See Proprietor's Account in ledger for 
 further information. 
 
 In case you do not care to know what your 
 investment is or the rate of loss or gain on the 
 net investment, it is not necessary to take ai^ 
 inventory. Some farmers just want a record 
 of their sales, income, and personal accounts. 
 
 To find the rate of gain ; divide the net gain 
 
 by 1% of the net investment. The rate of gain 
 in the set of transactions which has been 
 worked out, is 8%-|-. See illustration below : 
 $16,582.00— investment. 
 150.00— deljts. 
 16,432.00 — net investment. 
 1,342.00 — net gain, per Proprietor's Account 
 in ledger. 
 1% of $16,432.00=$164.32. 
 
 $l,342.00-:-164.32=8%-l-, gain on net invest- 
 ment. 
 
 Transactions for Practice. 
 
 When this text is used in the class room, 
 the pupils should work out the following set 
 of transactions after they thoroughly under- 
 stand how to make the entries to the set which 
 the author has used to teach the principles of 
 bookkeeping. 
 
 The dates to these transactions ha\e lieen 
 omitted. They should be filled in by the stu- 
 dent. 
 
 On oldening mv books this day. my in\entor_\ 
 is as folldws : 
 
 Cash on hand $500.00 
 
 Amount in First National Bank sub- 
 ject to check 500.00 
 
 John lones owes me on account 100.00 
 
 I ha\e Bill Fra\'ers note, payable on 
 
 demand, without interest 200.00 
 
 My equipment is worth 800.00 
 
 I owe F. D. Searles on account 400.00 
 
 I have a note outstanding, payable to 
 C. E. Blink, due one day from date 
 without interest - 200.00 
 
 Sold Charles Wilsim 10 bushels of corn fa 
 $1.00 per Inishel, for cash. 
 
 Paid S. J. Mike, for groceries, cash $2.00. 
 
 Sold lohn Edison on account. 2 bushels of 
 clover seed (a $5.00 per bushel. 
 
 Bought of Hrown Clay Co., on account. 100 
 rods of 4 inch tile (7i 25c per rod. 
 
 John lones paid I'.rown Clav Co. for me nn 
 account; $20.00. 
 
 Sold 40 bushels of wheat to Sam Smoke, (ci 
 $1.00 per bushel, for his check on Hood's Bank. 
 
 Deposited Sam Smoke's check for $40.00 in 
 First National Hank. sul)ject to check. 
 
 Bill Fravel paid his note with cash, $200.00. 
 
 Deposited cash in Mrst National Bank, sub- 
 ject to check, $100.00. 
 
 Paid $1.00 cash to Daily News for suliscrip- 
 tion. 
 
 Bought of Jacob Bale, 100 rods of fence (a 
 40c per rod to be used on my farm ; gave him 
 my check on First National Bank. 
 
 Paid Lida Mills cash fnr doing housework. 
 5 days (a $1.00 per day. 
 
 Page Fifty-three 
 
Paid cash for 10 -allons of Lime-Sulfur so- 
 lution (a, 20c per gallon. 
 
 Gave the Bell Telephone Co. my check on 
 First National Bank for $3.00 to pay telephone 
 rent for three months. 
 
 H. M. Kile shod my horses, on accduni. 
 
 J. C. Smith shore 100 sheep for me (a 10c. 
 per head; I gave him a calf for his pay.' 
 
 1 put $2.00 in the church collection to aiiplv 
 on janitor's salary. 
 
 Bought 100 slieep of John Love fR $3.00 per 
 head; gave him my note due in oneVear l^ear- 
 interest at the rate of 6% per annum.' 
 
 Bought 20 hogs of Sam Flea (Fv $4.00 each ■ 
 ga\-e hnn my order on John Jones^for $80.00. 
 I lost $20.00 cash, out of my pocket. 
 I found $50.00 cash, on the street. 
 
 RESULT OF ABOVE TRANSACTIONS 
 
 On closing my books I hnd mv business in 
 the following condition : 
 
 Cash on hand <t 6^8 00 
 
 .Amount in First National Bank sub- ' 
 
 ject to check 597.00- 
 
 I own Equipment worth (per inven- 
 
 , !"'"y> ■. 1,500.00 
 
 jolin ttdison owes me 10 00 
 
 I owe F. D. Searles 400 qo 
 
 1 owe H. M. Kile [''_" 2 00 
 
 I owe Brown Clay Co 5.00 
 
 T have notes outstanding amounting 
 
 tr 
 
 500.00 
 
 John Jones' account balances. 
 
 Bills Receivable account balances. 
 
 Equipment Account shows a credit balance 
 of $700.00. 
 
 Loss &' Gain account was delated for $20.00 
 unexpected loss. It was credited for $^0 00 
 unexpected gain, it was also credited bv Equip- 
 ment account for $700.00. 
 
 Proprietor's Net Loss $328.00 
 
 My expense was ' 47200 
 
 i\T.v income was 7000 
 
 Paid for labor 1500 
 
 The teacher may give the pupils more trans- 
 actions if he thinks it is necessary. 
 
 Page Fifty-four 
 
Questions for Review. 
 
 1. ^^'hat is bookkeeping? 
 
 2. What is single entry bookkeeping? 
 o. What is double entry bookkeeping? 
 
 4. A\'hat is a bookkeeper? 
 
 5. Of what does the record of a transac- 
 tion consist? 
 
 6. \\'liat is keeping farm accounts? 
 
 7. What is a farm record book? 
 
 8. ^^"hat is a journal? 
 
 9. \\'hat is a ledger? 
 
 10. AMiat is a business transaction? 
 
 11. What is an account? 
 
 12. How many sides has an account? 
 Name them. 
 
 13. How do you debit an account? 
 
 14. How do you credit an account? 
 13. \Miat is cash? 
 
 16. W4ien should Cash account be debited? 
 \\'hen credited? 
 
 17. ^^'hat is interest? 
 
 15. When should interest account be deliit- 
 ed? When credited? 
 
 19. ^^'hat is a bank account? 
 
 20. What is freight? 
 
 21. A\'hat is drayage? 
 
 22. \\'hat is discount? 
 
 23. What is a note? 
 
 24. What is a negotiable note? Non-nego- 
 tial^le ncite? 
 
 2?. ^\'hat is a contract? 
 
 26. \\'hat is a bank deposit? 
 
 27. ^^'hat is a certificate of dep()sit? 
 2><. \\hat is a time certificate of deposit? 
 2'). What is insurance? 
 
 30. What is fire insurance? Life insur- 
 ance ? 
 
 31. What is a contract? 
 
 ?i2. What do we mean liy shares of stock? 
 
 33. \\ hat is a dividend 
 
 34. What is an inventory? 
 33. What is a rebate? 
 
 36. ^^'hat is a draft? 
 
 i7 . How many persons are considered in a 
 draft? Name them? 
 
 38. Who is the drawer ? Drawee? Payee? 
 
 3'). Name the different kind of drafts. 
 
 40. What is a sight draft? Time draft? 
 
 41. \Miat is an order? 
 
 42. What is the difference between a draft 
 and an order? 
 
 43. ^\'hat is a post office money order? 
 
 44. ^^4^at is an express money order? 
 
 43. What dn you understand by buying on 
 account? Selling on account? 
 
 46. ^\'hat do \\-e mean bv Sundry I'ei-sonal 
 accounts ? 
 
 47. \Vhat accounts are kept in Sundry Per- 
 sonal Accounts column? 
 
 48. What is Expense account? 
 
 49. W'hat is Pal)or account? 
 
 30. What is Income account? 
 
 31. W^iat is Cash account? 
 
 32. \\'hat is a Proprietor's account? 
 
 33. When is I'roprietor's account debited? 
 When credited? 
 
 34. \\'hat is a Personal account ? 
 
 33. \\'hen is a Personal account debited? 
 A\'hen credited? 
 
 36. \\''liat is Real Estate account? 
 
 37. ^^'hen is a Realestate account debited? 
 When credited? 
 
 38. A\'hat is a Pank account? 
 
 39. AVhen is a l]ank account debited? 
 When credited? 
 
 60. What is an Interest account? 
 
 61. When is Interest account del)ited? 
 When credited? 
 
 62. \\'hat is Discount account? 
 
 63. When is Discount account debited? 
 \\'hen credited? 
 
 64. What is Loss & Gain account ? 
 
 63. When is Loss &: Cain account debited? 
 When credited? 
 
 66. ^^'hat is Bills Receivable account? 
 
 67. A\'hen is Rills Receivable account deb- 
 ited? \\'hen credited? 
 
 68. What is Bills Payable account? 
 
 69. When is Bills Paya1>le account debited? 
 A\4ien credited? 
 
 70. \Miat is Equipment account? 
 
 71. When is Equipment account deliited? 
 When credited? 
 
 72. A\'hat is merchandise? 
 
 73. A\'hat do we mean by closing a ledger? 
 
 74. What is a trial balance? 
 
 73. How do we take a trial balance? 
 
 76. Name tlie columns in this journal. 
 
 77. Name the columns in this ledger. 
 
 78. What is a monthly sales sheet? 
 
 Page Fifty-five 
 

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