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The Columbia University Libraries reserve the right to refuse to accept a copying order if, in its judgement, fulfillment of the order would involve violation of the copyright law. Author: Smith, William W. Title: Practical book-keeping for youth Place: New York Date: 1868 MASTER NEGATIVE # COLUMBIA UNIVERSITY LIBRARIES PRESERVATION DIVISION BIBLIOGRAPHIC MICROFORM TARGET ORIGINAL MATERIAL AS FILMED - EXISTING BIBLIOGRAPHIC RECORD 8li«i»MPS« Sm61 ^^•^-^^^^^^ Smith, William W. Practical book-keeping for youth. Book-keeping by single and double entry, simplified ... By AV. W. Smith and Edward Martin. New York, A. S. Barnes ^ Burr, ISolh 1868 • 4 p. 1., t9i-63, 98, i2) p. incl. forms. 22i x 19™. l^ookkeepiug. i. Martin, Edward, joint author. Library of Congress Viii w i » HF5C35.S60 1859 [3Sbli 7—3823 RESTRICTIONS ON USE: TECHNICAL MICROFORM DATA FILM SIZE:56mm REDUCTION RATIO: Jll IMAGE PLACEMENT: lA (IfA) IB IIB DATE FILMED: ^-SO-^^ TRACKING # : MS/^ n//{?Q INITIALS: ILtb FILMED BY PRESERVATION RESOURCES, BETHLEHEM, PA. ^.^. ^ CJI B B a B X CO C < o CO H^ CJI Kj-< COM o «7 ■/ CJI 3 > Q> O o m CD O OQ (/) < N o o CO X M ^, ^s^;<^^ > o 3 3 V .# rp k:^y %.^^ o o 3 3 V <^ ^„V fe ^o ^O H<9 fp H^ O ri^i^isnsE|5|? I^i .- At m o 00 b bo to 1.0 mm 1.5 mm 2.0 mm ABCDEFGHIJKLMNOPQRSTUVWXYZ abcclefghi)klmnopQrstuvw«y? 1234567890 ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyzl234557890 ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyz 1234567890 ^o 'f* ^fp ^l?r m O O ■o m Tj > C Cd I TJ ^ m 3D O m 2.5 mm ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyz 1234567890 « o = m I? ^^ >< 3J »• O) ^— ) roc ■^-< OOM v£> O ^O fp 1— » hj hO CJI o CJI 3 3 3 n 3 X 3 .— |o f^i CO vo O CO 00" o s» m >.v I— ^«/*. K ^ w / li o ^ ! il I! M * «l ^>jU •mm / f 'businesf collegk' ^ 293 & 296 ^ Columbia ?Hnttier$(ttp intljtCttpof^togorfe LIBRARY ibcliool of iBnjtincK!!! tCtie illantgotnei:? HArarp •f Sttonntancp ^ I «l& »* S^^2^^ A }t iu^^iu '^ U/r^ / / ly y T^ ; «/ ' » ♦. « ^ Ml iiiailiaiMaNibMiiaiii r h ■^; I .^1 1 I [ PRACTICAL BOOK-KEEPING FOR YOUTH. . BOOK-KEEPOG BY SINGLE AND DOUBLE ENTRY, SIMPLIFIED, AND ADAPTED TO THE USE OF COMMON SCHOOLS. BY W. W. SMITH AND EDWARD MARTIN. NEW YORK: A. S. BARNES & Co., Ill & 113 WILLIAM STREET. BOSTON: WOOLWORTH, AINSWORTH & Co. 1868. ■a««^6afiWfcw*iwr^*''«"wa«*5iW»«tMM«*- '., 1 1» >..•>■>•<«•<»» ENTERED ACCOKDINO TO ACT OF. CoXGRESS, IN THE YeAR EIGHTEEN IlnNDRED AND FiFTT-NINE BY A. S. J3AKNKS ifc BURR, In THE Ci-erk's Office of the District Cqckt of the United States for the ISouthkkn District OF New York. RENNIE, SHEA & LINDSAY, Stereotypers & Electrotypers, 81, 83 Si S? Centre-8t., NEW YORK. 6E0B0E W. WOOD, Pbintiii, No. Si Dutch-street, NEW YORK. en CD PREFACE. The following system of Book-keeping by Single Entry is an easy, concise, and methodical plan to record every transaction, and to exhibit, on slight inspection, the actual state of the business. Mostly all the works on this subject now employed have been prepared for the use of wholesale merchants, leaving the retailers, mechanics, farmers, &c., who transact the greater portion of the business of the country, without a guide. This work being self-instructing, is particularly well adapted to fill this vacancy, and enable all to keep their accounts with perspicuity and accuracy, whose business is NOT of such a nature as to require the more complex method of accounts comprised in Double Entry. In compiling this work, constant care has been taken so to simplify and arrange it, that young ladies may easily comprehend its mysteries, and thus render to them- selves, parents, or others, great service. CONTENTS OF SINGLE ENTRY, Questions and Answers 9 Index to First Form — Single Entry 11 Single Entry — First Form .* 12 Balance Sheet of First Form ^ 28 Single Entry — Second Form, First Set 29 Day-Book , 31 Ledger 39 Balance Sheet 46 Single Entry — Second Form, Second Set 47 Day-Book 49 Statement of the Net Profits or Losses ; also of the Dividends 55 Ledger — Second Form, Second Set 57 Index to Ledger 58 ■^HMMOWaM II ? PRACTICAL BOOK-KEEPING FOR YOUTH. Q. What is Book-keeping ? A. Book-keeping is the art of recording mercantile transactions in a regular and systematic manner. NoTE.-Book-keeping is the art of keeping acopunts in such a manner that a person may know the true state of his busmess and property, or of his debts and credits, by an inspection of his books. Q. "What is an Account? A. An Account is a registry of debts and credits, or charges. NoTE.-An Account is an entry in a book, or on paper, of things bought or sold, of payments, services, &c., includ- ing the names of tlie parties to the transaction, date and price, or value of the thing. Q. How do we arrange an Account ? A. We place on the left-hand page of the hook, or side of the paper, the debits • and on the right-hand page, or side, the credits of the person with whom the account is kept. Q. How many kinds or methods of Book-keeping? A. Two ; one by Single Entry, and one by Double Entry Q. What is Single Entry? A. The name Single Entry is applied to that kind of Book-keeping where the trans- actions have but a single entry in the Ledger. Q. What is Double Entry ? ' A. The name Double Entry is applied to that kind of Book-keeping where the amount of each transaction is entered on two different accounts in the Ledqer NoTE.-The Balance Sheet will exliibit a statement of double the amount of the present worth. Q. What books are necessary in Single Entry ? A. The Ledger, the Day-hook, and the Cash-book. ^tho;T r^'i ^fT ''"/• ^^' ^^y-^°«^^ ^^« «^« o»Jy books generally used in Single Entry, but it is very desirable that a Cash-book, and m most cases a Cash Sales-book, be kept. « J' t us very aesiraoie Q. What is the Ledger ? A. The Ledger is the principal hook of accounts among merchants, as it exhibits the condensed accounts of all the debtors and creditors. NoTE.-The Ledger contains a systematic view of the whole business ; all the other books used in business mav be considered as tributaries to it, as it is to this the merchant refers, not only for the generarstatrofhLTffa^^^^^ Creditor side is a list of our liabilities, or what we owe. If the amount of the Dr. be the larger the dlffe^en^ Q. What is the Day-book ? i it A, The Dan-hook is a hooh in ivliich all business transactions should he recorded at the time, and in the order in luhich they occur. Note -I.i the Day-book, no space is reserved for each man's account, as there is in the Ledger, but ever>' transaction is entered as it occurs. Alt transactions siiould appear in the Day-book, otherwise their correctness may be questioned. Q. What is the Cash-book ? . ^ ' • 7 A. The Cash-hook is the hook in ivhich is recorded every sum of money received or paid. Note.— The Cash-book should be balanced every evening. AYhat is Postiii"*? A. Posting is the collecting and transferring the^ several items of each person's account from the Day-hook to their appropriate places in the Ledger. NoTE.-The several entries should be posted in the order of the time of occurrence. Q. What is the BaUmce of an account ? * A Balance is the difference hetween the Dehtor and Creditor amounts of an account. NoTE.-The Balance ofdittoronce between the two sides is placed on that side having the least amount, and shows that so much is wanting to render the two sides equal. Q. What is balancing ? , -r. , , 7 ^ ^ -a A. Balancing is the finding of the difference hetween the Dehtor and Creditor amounts of an account Q. What is a Debtor ? A. Ji Dehtor is the person or thing that oiues. Q. When is a person Debtor ? A. When he gets into my deht, he is dehtor for the amount. Q. What is a Creditor ? A. A person to whom a sum of money, or other thing, is due. Q. When is a person Creditor ? A ^Yhen I net into his debt, he is creditor for the amount. NoTE.-When I get out of his debt, he is Dr. for what 1 pay him ; when he gets out of my debt, he is creditor for what he pays me. Q. What is a Debit ? A. A Dehit is your account against another. Q. What is a Credit? A. A Credit is your account in favor of another. Q AVhich side of the Ledger is used for Debits, and which for Credits ? A. The Debits are always on the left, and the Credits are alioays on the right side of the page of the Ledger. . NoTE.-If two pages be used, the one on the left contains the debits, and that on the right the credits. Q. What accounts are kept by Single Entry ? A The accounts kept hy Single Entry are only those ivith persons, NoTE.-The Dr. side of an account will show what they owe us, and the Cr. side what we owe them. When using this book the learner should consider the business his own, and that he has really an account with each of the persons mentioned. PRACTICAL BOOK-KEEPING FOR YOUTH. 11 Q/nc/ex ^o (^cidl ^ozm. (^. ,^enaofi, //c'cuafti S Sf 4 Q7^ac'i?uan, ^a?fieJ ■/ SC ^ (^lec?fian, <:2//io?ncu) /cf d^J^ S^owalc/, "^/Pa/i^ei, fi ^ fO ^neJ, ^?,iej ^ J^ ^ 'wie?ice, H^/ial^ // S^ ^£ (9. (^loau?, Q/f^a^/L?i 7 J^ ^ Q/lu?nan, H/^oi^ /J* ^ /^ w. Tlie Alphabet or Index is the place where the names of all the persons having accounts in the Ledger are placed, in alpliabet- ical order, with the number of tlic page of the Ledger on which the accounts of such persons are entered. Indexes usually occupy the first part of a Ledger, and are generally so arranged that each letter of the alphabet luis a page allotted to it. When the Ledger is very large, it is more convenient to have it in a separate book. ( s I 12 PRACTICAL BOOK-KEEPING FOR YOUTH. ^. ^a?ned (^aczman. (^e^Utctl "/ (^^^Caic/i 7 / (SK? ^ ^ofu) o/ S^y ,, /c^^. o/^u^l^i „ ^C? ^u^/.e6 o/ W/^eca.... ^^ „ J'dJ „ o/ ^(^i7t „ /^ ., o^ ^^a^^>e^ S „ oJ Q^/i/i^ ^ cou/j o/ Jf^oocL ^-^^ /c? ^ti^UeS o/- Q/ul?ie/u> -^^ ^§ /^. o/&^dt... ^^ „ ^O ,^/&ciui9ice / 44 / 7^ /J* To balance the accounts in this fonn, you add the sums of the debit side together, and then the sums of the credit side. Subtract the smaller amount from the greater, and place the diflerence, which is called " Balance," on the side of the less amount. If the debit side be the greater, the difference or " Balance" is duo to you ; but if the credit side be the greater, you owe that amount to that account. In the above account the sums of the debit side amount to $108.65, and the credit side to $195.78 ; you subtract the $108.65 from $195.78, and place the difference or " Balance," which is $87.13, on the debit side, as that is the less, and which is the amount of what you owe James Fairman. The debit and credit sides will now foot alike. You next draw single lines under the columns, directly opposite each other; and after placing the amount imder them, you draw double lines under the amount to signify that the two sides are balanced and closed. When one side of the account contains more entries than the other, as in this example, an oblique line should be drawn across the vacant space. The closing entry, " To Balance," is often made with red ink, in order to distinguish it from the other entries, which are real debits or credits. Ked ink should be used also for the ruling. If, after balancing, you desire to reopen the account, you have only to bring down the balance on its proper side— that is, the side having the greater amount, as in the account above, after balancing, we find that the balance is in favor of the credit side, or that avc owe James Fairman, $86.13 ; and in reopening the account, we must credit James Fairman with that amount. See the account. I PRACTICAL BOOK-KEEPING FOR YOUTH. 13 2 J^anied (^act actman. 4 ^4 ^§ /^ /^ £^ SO /^ // ^/ / B My / Mi^/>-^oal. „ y Aacl o/ ,£^?t^ „ SVx yau/j o/ ^^^d. / (^a^cri, ^W... / Aaci' oj- Jcttifi^- fnantna, ^^oa^ a fid ^c/e^^. M^/o/ ^ood> /<^i. Jo/v^t .@ 4.00 .@, .oo / ^lava^ - - - / ^uttl o/ <27u^/irJtciel^ _ S .^^c^^-S^dznc/deic/ice^ / (^^^aUec/^ ^e^/ - ^ ^ucYj o/ ^6t/,e^/ol Moy^ @, ^0.0(? ..^^/KZcUfia- Cyveic^a^. S yau/a o^ ^a^'?neie - ® ^ -^^ ^^y ^^a^nce ^iottadt (/own. / S-5 / 4 /y=f §>7 (?0 {?{? ^^ P4 P4 7^ ^(? ^(? / § /sf If If [■ n Pi f ': I 14 PRACTICAL BOOK-KEEPING FOR YOUTH. 8 ^. itttani e/irto/i. 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(k/calne^ ,, / de^ o/ ^lec'ffJ „ (3^ce/iacn(2' (^Ceaz>y .,^^00^ _ „ ^ ^iae^U ^/ ^/tc/c/le?i'J (^^oeJ , ® .^Z? ,, ^ /laci, of //o??ie?t'd ^-^^c^id _ _ ,f / ,, 0/ S^cfie ^00/^.. „ ^le/iacic/tKf. (^cal?ie^ -^y .^auz?ice M^oftan^ (/ouAn, 21 ^. / c£f. J 00 / .^/^udi.?ice /^lotta/i^ c/oz4^fi. / / 4 S / / / / yo // 7^ // 40 §o SO ^4 oo tfo 7^ s^ 20 oo JO JO 2J J^ oo ^t 24 PRACTICAL BOOK-KEEPING FOU YOUTH. ^. eorye O/reiman, f ^ .- @ ./^o O/} y ^ -^^ 18 i I PRACTICAL BOOK-KEEPING FOR YOUTH 14 eozae Q/zuman, T tf Qre^Uiai'?t 7 G^ .y > Uflfi // / /^ // 4 0aa^?t o/ci^. / ^^vca .® ./^ T/iK?i(/cn/2' ^na^ ffe . 4 <^^^ - - - ae^^c/i/i' /ya^/i Q/cle - a/ioecn^ So/i(^ /^ohe /ee/J „ S S^^oi,^ Qfi^,^J/^l ^/^ / /^a> ^^c,?. — - .® .^O adal/ie/uf/O' ^So/^>y 4 Mui " ■^y ^a/a?tce ^lotiaAf c^wn. 25 ^. / / / / / / / ^4 7^ ^(? 7^ 7^ ^(? 7^ ^{? ^{? 7o 7-^ /^ I ^o \ /c? ^7 ji 26 niACTICAL BOOK-KEEPING FOR YOUTU. ^. Q/^o?nad (^i. i€C?7ian, jCufiuaty (^ cf r^i«6 o/ 7/Uc/. .® ^.^^ , ^6? /^ua^e6 o/ ^o/atocJ ^^ , /^ „ ^ 7f/^^^. ^.oo , /^ /^. o/ ^uUcl * -^^ , c^* /^..^ ^/^^^y- ^^'^^ , /^ ^ff^j^eS o/ ^^ota^oi:J -^^ , ^ ^a7/j ^Vfoid wUd <^eci7n c?.^^ , ^ AtJ/(e^ o/ '-^otfi -- •=^<^ , ^(? „ o/7/7uu^. /./i' , /c^/^:. o/ <^tafei i'^ , ^ /o,iJ o/<^^ay...\ /^.^^ , ^coic/j o/7/%oc/ : :. ^.oo , / ^ac^ oJ^ QJ}uiua , ^(? Atjde6 o/ ^ota^oej ® .c^^ S'o ,^Oaui^?ice ^lou^^ cCown. 4^ / ^77 //^ 15 4(? ^O §J J PRACTICAL BOOK-KEEPING FOR YOUTH 27 IG o/^omad (^ice77 iceyyian. i. / 3fJy / Q4^ou?f^ ^ood. Uei .® .^J (£Pc^luul V / txttal^ G€i,no/^J 'y/icl(:n^ J^/^^- " :f alo/j cMee/' ^end ; s Sf^cJct'j .^^cJ M.cc6 ® '^^ / (^mid:> fuvent/e ^ej^c?ic^ / ,, ' '^dui7U?fict.l-(^c/too/ djfi^^^^i^ --- / clJ. ^ ^{? / {>o 7^ ^j / oo ^4 ^o JO !J 28 PRACTICAL BOOK-KEEPING FOR YOUTH. IT uince &^nee^. Jl^auinccJ ae* ue 'me. / C^. //^/ ^^ ♦ ^J cf// <^S ^aiJicJ c£raci7nau G4u^/ia?i QytcKzc/i^ /fa/teh (f^votualc/. '^naiu^ <^£ciu^lcnce^ ^y^^oi^ Q/lu7nufi . / J?/^ ^7 ^/ Balance Sheet in tliis book is placed at the end of the Ledger, bnt for convenience of reference, as tlio books should bo balanced at the end of every year, the several Balance Sheets should bo put m a separate book, so that they can be readily referred to and contrasted. SINGLE ENTRY, DAY-BOOK SECOND FORM. — FIRST SET. -^ — ~,— _,^^»-..i^ ^^^^S^n^H^ZyiT i ^-M^ ami^^J-^ , ^^^^?*^2Sl3S^SSl;£r^ZJS22SSS^2£- -^-^^T^-*— ^■'~*-~ . ..'j:.!*,'«....-,;,J|a,fe;s-jn,j. \'Si,A I' SECOND FORM. -♦-•♦- The books rcq^uircd in this form arc the Casii-Book, Day-Book, and Li:dokk. CASH-BOOK. Tlie Cash-book is kept for the purposg of recording the amount of all moneys received and paid. The amount of Cash on hand at the commencement of business, and all money received from any s?/^^//^ ^'^ // ^ // ^*s/ Cyutf?ie. ^S/^^eJe ® .fS (^. ^U7?tanj t. T q7o / /nza d^ Gyto^ncfin . „ 7 d>. ^ ^o//^ ® ./c^ ,, ^ aa/?ofid y^ ^Su/el ^cnr 34 rUACTICAL BOOK-KEKPIN(^r FOll YOUTH. ! e4i^^^ ^oJ, /aj,u t^ /^. o^ ^eit^l @ .^/ „ JS ,, o/ <:LL^/nOJl J^MJCUt'^. -/S ,. -^ » o^ ^(^oj^^ce i^? "^noma^j ©/>, ^r. 7y» „ U //^. o/ o/m/ieUa/ <£/eci ® f .{?{? 4 .„ c/ ^uJteh @ .J»/ ,, "^ f, of ^6p/toc<*nzl^e ._ C§/o SM //^J. o/ ^/i^eJe @ ./i> + : 4(' H H — ^ 44 7^ >^4 ^7 If you keep tlio bilU on file, tliis entry is udniiasiblo ; if not, you must enter the items. .«^7 ^o(? ~^ t^i? /^/ i? ^6? ^^ 6?^ {?0 ^/ {?^ PRACTICAL BOOK-KEEPING FOR YOUTH. QMha ^^orJ, /anaaz?^ ^7 , f^^^. V ^ \ 'Z, P 7- 0duiaZa (^/otne. '^, Wo ^ /d>. o/ ££ulc7. @ ./4 „ ^ „ o/ j:S/Jta^i * -J*/ -J'/.. ^Aaz^i (^/cazmn, „ / ox,, of- Q/nc/f^o. &n. i. ..£9. V r \ '£.c^aia7a 0?n?nanJ, y... e9J. I, (k/o / <^^^ o/ .^uuc/cio/iea.^ QT^u^ul „ / /ao2> o/ (^^/i, 4^ *^ ® ^7y2. s§. q/o / ^a, o/ Q7Co?nc?i7t „ y AaAet o/ ^oUt QJlaicd. '7y, ^ y^ o/fee. // 4 ,, ot // ^ // o^ Cyat/Jicat... ,, / /la/i^l GT^atcna ,, / „ ^ol?t OJealcu. ,, / ^aq, of <^Co?ntfi?^ .^^ a^ '7 72 44 /J* 44 79 Sf ^4 OO o^ •J ^9 Ill I -11 li 36 rUACTICAL BOOK-KEEPING FOR YOUTH. (3^, K 70//^^ !^e enjon. \ -^ ^^^/. -^^- ■^y ^^/. > -^(?- (Syfi//a?i (^u utam. 7 ^aj/^. J 6?. -^y ^Sad^. .^i?. ^/a;i/ej ©^^ i€an. <^o y /^. o/ ^S/foco/u^^ „ 7 //^J. o/ (^u^al ., ^yi /^. o/ ^S/Lejc eziA ^0.01 4 J^^muar^ ^^, /^c^. z. c2/^ J' ^. /i^,.v/.W(2s^^* : ^ ^^ „ / /'CKv o^ '^cn^tizm&n, „ / ^ot^^ o/ ^a^eid J{? Sz, ^Z, ^z. z. z. .® ./^ ^^ ^7 /^^ ^^ ^6? 6^^ ^J ^4 7 oj M S ^4 PRACTICAL BOOK-KEEPING FOR YOUTH. 37 QM21A ^zd, /anuaz^ SO, /^^. \ My ^^/ ^Z, .SO- r Sc/uuz^ta SfUfnaftd, 'Z, q7o / ^a 0/ C^C&^ncny „ 7 ^. o/cSo/^ : ® ■^?ia7 I, ^i^COi^^ ... m. 4 ^oneJ, ^a^neJ ^ se ^ s 7/^. t^l^ti^lefice, "^S/i^iiu^J 4 ^- .,^aivJo?i, .^a?if'e/.. ^ \ \\ PRACTICAL BOOK-KEEPING FOR YOUTH. 41 ^. (2/tocM^ G€ccotcnl, ^. t^ 3/0 (^/(c/ic/lce/ J My^u/.A'tc/om^i / 4^-^^ 4^^^ ^^04 cf/ // * " Sundries :" several things or matters. In this entry we use the term "Sundries," instead of the names Walter Howard and Charles Lawrence, as bj doing so we 8.ci'0 space, the two sums being condensed into one. t In this entry, the term " Sundries" is tised instead of the items " Cash, Merchandise, James Fairman, William Benson, James Jones, and Nathan Swain," for the reasons given above. The above account properly belongs to Double Entry. It is inserted here merely for convenience, in showing the amount of capital invested. The Debtor side shows what I owe when my books are opened, and the Credit side shows my property at that time. In commencing the Ledger, the pupil must notice tlie spaces in the printed form ; and then, as the printed form and the blank books are nearly of the same size, lie must, in writing in the blank books, preserve similar spaces. The several accounts and items are to occupy, as nearly as possible, a corresponding place in the blank books. Care must be taken to write of a uniform size and slant, to make small capitals, and the letters that extend above or below the line short, so as not to interfere with the line above or below. The units column of the dollars should be placed close to the division line between dollars and cents, so as not to admit of any additional figures. 6 I ! i i 51. PRACTICxVL BOOK-KEEPING FOR YOUTH * You here enter the .cvend articles purehascd of you l>y Jun.cs Fuinnun us " Mcreluuulisc," for reasons given before. ^. >:^ iina/7i en-jo/t. 7 d/o (Moc/c S^J. q7o J^auince.. /J^. / 47 ^^ JUn. ^6f ^ i^ ^/ s cd / ^§ 74 74 /an. S/ M?/ Ma^nce S§ 74 (S7o .^^u^ncc ^c^ J^^ Q^Va/lin (^^^Aac?l, ^^. Ja?t. s (S/o (Mocd.. 2^ ^4 Jan. SO My <^^/. tf4 ^4 • ^^4 (S/o ^a^d.... m^^Cl/^ffC-^- 4 44 06f §4 §4 Jan. ^4 / 3^y (M<>cd. „ (2//oeicuanc/cae.. / 4 P7 ^4 P4 §4 ^4 c^4 <^ Madince 44 I '!• 44 PRACTICAL BOOK-KEEPING FOR YOUTH. ^. ^^^.a^/cd <:^a ati/tence* ^. SJ <£/o ^auiu. 4 <^4 0{? / fS^ ^y ^/oc^ ~^^ Ji^auzfic^. ^. ^^orae Q/iu/nan, Q/o Q>/ceicnu?i ,, Gi7o ..^OausC'/K:^ c/f^e J^CoC^ei^^ .J:Xi:£ln^l ,, ,, ,, (k//to?naJ Q7^lee9nafi, ,, „ „ ^/uiluJ ,=^£' „ ^ ,, ^^/^^/^^— ^/ 4 STo 4^^. o/^umi ® •^^'^ „ c^ „ o/^i<^. ^^^ „ S ,, o/^Uu,rt ^^ ^ fne>J (#^ airman. <£/o ^/ ^. o/ J^/e^^ec/ (^*^^^ ^- dTo £y. /^^. o/ ^Acdd/k s S'o U a/, o/ €^/uc/cele/.. ® ^^-^^ ., ?.'i^ o/Q4iamyJ ^-^^ PRACTICAL P>OOK-KEEriNa FOR YOUTH. 51 a • GMi^^ ^oid ^Jzuazr^ ^, /^^^, ^^t/e^i (^wlarmn. J 'z. <£/o Jy. r^a/z^^f^ o/ Oy/^/cJjeJ --- ® -4^ „ ^^i /^^. o/m/ ^S/i^e /^ „ / &^(('^?n, ^(?M /^ ^^ -^- <£/o '^Sa^A: Z, fO ^ Sc/wafc/ (^/mm. &/o 4y% ^^•>- o/ J^ei/li^i^ „ <^y% „ o/ ^^e'^uc^- ,, ^y* ,, o^ &r(ffal //- Z, JO <£/o "Sa^/t^ Z, /J>_ Sauiaia S^nman-J, ^Z. My ^Sa^d. /4- 'Z, d/o ^/3 //^J. o/^o//ee - - -® ^^"- „ ^/3 „ o/^u^,neci/. - ^/'/^ „ ^^h „ o/ S'uUna --- ■^4V „ /^Vs „ o/^/J ^dec^ -- -^^^ I /^J & ^7 4^ 7o j^ oo ifOO oo 4 44 ii |j f ^ f« 52 PRACTU^AL BOOK-KFKTMNG FOR YOUTH. OMm ^or^, (^eAffrr^y /.^, /^#^. / s (S4fa//an (^uat^. q/o ^ /^. o/ &&o?ru'/n^ ,, ■/{? aa^7iJ o/ ^l^'/tet^ai ef/Vi ., ^^ /A c/ :l&ac^m/(ea^. 04 „ /i'Va //^. o/Q%a/, ^/V- /^.. My ^Sa^f^ // <£/c ^aj/i '^^i. f§. ^Z. /^ 4 ^irn&J I, <£/c §//^. o/€^^ ^/^^.r ® ./i>. ,, 4- aaao?iJ o/ (^/cit/A „ X. ^. o/ ^t'ffffa/fio?i „ f Aa/iei o/ i^aUnu ^ .- i'/ .4^ iliMfn en-Jon, Ck/o 4% //^. o^(^^lc.d. „ ■/ Aa/tei' o/ ^eui^ine „ -/{? /{^. o/ .^e/('jfec/ QJuaat. f^ o ^S ^J 77 7^ j^ -?//^ ^2 oo P4 eMv^ ^/oJ, (^Jzaary ^^, /^.^. 4 i Mi. o/ .^ui^y ^4- My ^a^d. ^naz^ ©^^tmn. q7o ^Zi Sj. o/ (^a/mon „ <^ ,, c/ ..^u^tel // ^y% // oj- -^lacJ^fii) -» £^— Z, 'I, .® ^Z. -@ .^4 d7o m/^. o/(Mc/-(MJa> @ „ 4y* <^' o/ ^^uiut — „ '/4 ,. o^ S^/oit^ - /Va. c/ox^/i> o/: (oa*2J ^^•"v ,/9 (£7o ^a^^. 'Z, 7^ oo j» o9 ;^^ ^4 7^ J4 ^J OO 54 PRACTICAL BOOK-KEEPING FOR YOUTH. ©^, Cii^ iz^, (^Jzuazy J^^ f^^j/. I My / c/^^o/ M/ucd SU, //^? ^ .* ® -4^ ____^ —^^. — J <2/o JVi «^. o/ '^Sut^uec/ (^io^l „ ^ ^o^t^ o/ //cue „ ^ o-x.. o/ Q^Viitme^'J —2§- ©4^Man (^/ie^in^ G/o / ^. Of (3y/oac^ ^. o/Q%/-G%c/a> /^ ,, ^% ., o/MaC^cf.J ^^ „ f}i „ o/ Q^6no?id> ^^ „ S „ o/^So//e. /^>^ 44 ^S oo ^7 js OS I I t PRACTICAL BOOK-KEEPING FOR YOUTH. 55 GT??t^. ^^(ZJn- o?t n^a^icC. / c£f. Q^??a. Mc/i^ Mina^^ / cl^. ,, "^c/^ Mec^cnuUe — "^u/. o/ W. S'^. (^^?i/y'j oca... • — q/o^c a7nou9t^ oj^ j2fte^oulc^ ^ „ ,, of- <^z^ui^ctc^ce^ ._ .... .. _. .. • o/o^t 7iet n^c lf,7t .. - ^ ncd cleac'^ — « ^^^ '- ^'^ -y^-^ -V •-— I cn^ -j- V "■ " - -^^■^- 58 PRACTICAL BOOK-KEEPING FOR YOUTH. 6f^^c/ea^ /o (MconJ <^ozm. (^ceouc/ C^cL (^ S'ftunonJ, St/ioalJ . dPaclniaJi, ^^meJ f- (2^/fawalc/, "^/(ci/tel foneJ, ^afn^. ^enJon, ^m/rf-^^ ^ ^ (0fteetfuift, (^/io??taJ .2^u>^o?i. ^ante€. "^ iKAlefice, ^SuaiteJ ^ €>/^n/y. jnMam S^. ^ Qy/^lio/i, '^/lai^J ^ (P. MiJu^i. Mo^tit. <^. (£/iuman, ^Oeoi^^ (^tofie, Sc/ioalt/. ^ C^wac/i, (^u^Uciii ^ / < PRACTICAL BOOK-KEEPING FOR YOUTH. o9 ^. ^Wi//mm (^ G£an/y.. ^. /<%?. Q^, Cll. Qi/o (^Ttific/i-ceJ ._, „ '^S(MX/l. 7/ / J^y (^ncptc/ueJ / 9^^^ 7/ 'S£^^ '3£^t7 7/ \ ^^^^ 99 After tlic gJiin is ascertained, the portion due to each partner is carried to his credit. ^. eoir/e ^' r (Mi g^u??ia/i. t. STc ^at^ ?lCfi ^^4^ / ^^¥ '^adn^. 7ie-t a^c/i i. i^i)a/iiei c^x^a auA^on, ^. / (k/o ..^j^auz7ice &o ^^a^ a?fce. /c%7. / ^9 7^ c^^/ /^ J' ^ 4^ ^4 ©^^. / '/{?/ ^ .=^y ^aa/t 4 ^9 /^/ 7^ 4^ ^4 r 60 PRA CTICAL BOOK-KEEPING FOR YOUTH. ^. Sc/marc/ 0mmond, (£^o .^u^/tc^ / 2 G^c fi— /y Q^/^al. / \(^o J^u^ncc My Mcz^nce.. i. imam J:2:)cn4on. c^ Wo Qy/i^ic^^?i(^^--- »0 4 Q^/^ ^zi^ / -a/o Ma/anc^. / 4 ^4 P4 4\^4 My ^a^ncc i. ^aTTied (^ai'i ^aitnian. 4 (£/o ^/^ci^uancuac... Qy^l. / ^ Ma/a?t<:e. 1 4 00 o§ oS / 00,. PRACTICAL BOOK-KEEPING FOR YOUTH. ^. jFa/let C^oii/a^za, Q^^i ^4 (S/o (~^^'^Cclcuar?tcuaa... (Wo ..^udzjtce. /%?. s 4 44 Qy/^i. / <^ J ^7 // // 9 § ,:£/&J^ .^^UMfhC/f. t. QyYama?i &r2iAac?t, G/dui. ^9 / '^o (^^^icn-a^KZcA^. . - (^ Ma^ /zee. :r§^jp. 4 ^ 77 ©^i. / ^ ^ 7 7 §o 7 '^UZ. aca/ic^. 63 t. 9 § // // i. 7 7 Sa §o st I t M ,1 111 ) ,1 PREFACE -• •< The want of a system of Book-keeping by Double Entry, which should be adapted to the use of Common Schools^ has been very extensively felt, and with the in- tention of supplying this want the present work was undertaken. The author does not claim to have discovered any principle in the science that is new^ but he does claim to have so simplified the subject, by the manner of presenting it, as to place a knowledge of its principles within the attainment of many who, in the form in which those principles are presented in works now in use, have failed of deriving from them that practical benefit which is needed by those who have not the means of acquiring a higher education. The improvement in this treatise consists in the manner in which the subject is explained, by asking questions, giving the answers, and having the entries of all concerned in it given ; also, by giving the forms of Receivable and Payable Bills, Drafts, Bills of Merchandise bought and sold. Receipts for Cash paid out and received, Orders, etc., and having the same numbered to correspond with the transaction as specified in. the Day, Bills Receivable, and Payable Books, thus giving the beginner the reasons and form of every thing connected with each transaction as it would occur in actual business. The author submits this work to the impartial judgement of an intelligent public, having full confidence that whatever advantages it may possess will be duly appre- ciated by the friends of Education and of the Common School, Burlington, Vt., January 1, 1859. ":SSM I li i'> * CONTENTS OF DOUBLE ENTRY. ^•4 *»'^ Introduction ,, To THE Pupil « Manner of Recitation g Explanation of Figures, &c |q Rules ^^ Books Used in this Method 11 Explanation on Opening the Books jj Transaction and Explanation Book ^5 Dat-Book — Original Entries og Entries fob Closing the Books, &o a*t Entries fob Rk-openinq or a Coxtinuation, &o 49 Index to Ledger k^ Ledgeb -q Cash-Book ^rt 02 Bills Receivable Book gg Bills Payable Book itq Trial Balance — First Form ^o • • <^ " " Second Form >-o Explanation of Trial Balances fro Inventory Book ,j^ Forms of Bills and Notes Receivable fj^g Forms of Bills and Notes Payable fj-g Forms of Drafts gj Forms of Orders gi Forms of Cash Receipts , 09 Forms of Bills of Merchandise g^ Remarks on Closing the Ledger m Report, or Statement go Notes to the Transaction and Explanation Book ; 94 Examples for Practice g^ Mercantile Forms, &o 09 i INTRODUCTION. —~^- •♦^-^ Book-keeping is the art of recording Mercanlile transactions in a regular and systematic manner. The system of Book-keeping by Double Entry is that in which every entry has both a debit and credit, which are equal in amount. The difference between Single Entry and DouUe Entry Book-keeping is as follows viz. : In SimjU Entry^ each transaction has but one account opened in the Ledger, and the amount is entered to the debtor or credit side, as the case may be ; while in Double Entry^ the same amount is entered in the Ledger under two different accounts, one to the debtor and the other to the credit side. Example.— Should I sell Edmund Burke a bill of merchandise, amounting to $1400, which he does not pay for at the time, in Single Entry I simply open an account with him in the Ledger, and charge him to the same amount ; but in Doitble Entry, besides making Edmund Burke debtor, I also open an account with Merchandise, which is credited with the same amount. ILLUSTRATION. z. {Ledger.) Samand £SuiAe. — {Singh Entry.) V^, / Qyo C~>7oelcAa?i(Zcae. /4^^ 0{? {Ledger.) Sc/munc/ ^Ou-^Ae. — {Double Entry.) UfZ. / q7o r, the same as a person. TO THE PUPIL. Fhom the statement given in the Transaction and Explanation Book, you are to make the entry in/««, by carrying it in the mind, or writing it down on slate or paper; then.turn to the Day-book,. and sec if the work has been done correctly; if so, proceed to make the entry in the Day-book. The next operation is to make the entry or statement of the oth^r side of the transaction, and of all concerned in it, in the same manner in which the/;-.< was made; then turn to the Bills Receivable and Payable Books in order to see hrw the NoUs and Drafts are disposed of there, and to the Cash-book to see how the Cash is entered, and to thc/om* of Bills Merchandise, bought or sold, and also to the/om* of aU Notes, Drafts, Cash Receipts, and Orders, to see how they are made out, and follow every thing connected with each trans- action throughout in this manner. MANNER OF RECITATION. Tni.: teacher is to read the statement, as given in the Transaction and Explanation Book, from which the scholar is to make the entry, which, if done correctly, the teacher will ask v,hy debit and why credit, and is to proceed to ask all the questions as they there appear, and j the scholar is required to give the answers in full as they are in this work. j Should there appear a Mte or Draft given or received. Bill of Merchandise bought or sM, ■ Cash paid out or received, th^ scholar is to give X\.. forms in full of all that appear, in order | io fully understand what has been done ; after wliich, the teacher can turn to the examples for practice, and procWd to ask sucli questions as appear proper, and can present new trans- actions, etc., which would prove both interesting and useful. ■ 10 PRACTICAL BOOK-KEEPING FOR YOUTH EXPLANATIONS OF FIGURES IN THE MARGIN OF THE DAY-BOOK AND LEDGKK. The figures in the margin, at the left-hand side in the Day-book, give the pages in the Ledger to whicli the accounts liave been posted. Tliose in the left-hand cohmin give the debtor side, and those in the right the credit, as they appear in the account. The iiffures in the Lcdirer, in the columns at the left of the amounts, debited or credited, refer to the pages in the Day-book. RULES. 1. Stock is credited for the total amount of property invested, and debited for the total amount of debts ; and each account showing that property is debited, and each account showing that indebtedness is credited. 2. Debit wdiatever receives the beneiit, be it 2Ljperso7i or thiiuj ; which is either tlie receiver, or the \\\\w^ received. Credit whatever confers the benefit, be it o. person or thing ^ which is either the deliverer, or the thing delivered. * 3. Profit and Loss is debited for all losses, and credited for all gains ^ and the account sliowing the loss is credited, and that showing the gain is debited. I 1* \ BOOKS USED IN THIS METHOD Are the Day-Book and Journal combined, in which all business transactions are recorded at the time of their occurrence (always having scrupulous regard to date throughout the whole), and always specifying each article with its quantity, price, and amount, and from thence posted to the Ledger. Note.— Many merchants use a Blotter, in which they first enter all their charges and credits, and afterwards copy the same into the Journal. The author does not forbid the use of the Blotter, although it is not regarded as essential in the plan of this work. Tlie Cash-Book, in which is entered all cash received and paid out. Bills Receivable and Bills Payable, each used as memorandum books, showing at a glance the number and amount of IS'otes due from you to others, and from others to you, and when they become due, cfec. Tlie Ledger is the book into which all the entries from the Day-Book are disposed of in such a manner as to exhibit at one view the true state of each account. EXPLANATION ON OPENING THE BOOKS. First — An inventory of all the property you have on hand (which you wish to invest in business), of every description, must be taken ; the things you have on hand, together with the persons who are owing you, must be made Dr. to Stock (which is the representative of the person whose property and Drs. they are, and is the same, in effect, as though it had been, made Dr. to the owner under his proper name), that is. Merchandise, Cash, ISTotes, &c., are to be made Dr. to Stock for their separate amounts, and for which Stock would be credited for the total amount ; and Stock must be debited for all the sums which are due from you to others ; and the several persons to whom you are indebted are to be credited for the separate amount due them. 1 { TRANSACTION AND EXPLANATION BOOK. ■"TT" ---- *-- Myr- r' 4 PKACTICAL BOOK-KEEPWe FOR YOUTH. (DOUBLE ENTRY.) (^^a/uac/eh/i ©to- /• «^^.W (^c^.nue/ M^ f^ ^^^ c^M.iJ; J^^ne, (Mnc^/. ozoeJ ^ o^ ^ood-accoun/^ 400 c/o/i^ia, ajiJ ^ot?ie/ctiJ /Mcl??i(zn, S4(^ c/o/ituia. Q. How is this transaction to be entered in the Day-book? A. See DayAxioh, p. 36. Q. Why debit Cash, Merchandise, Bills Ecceivable, James Smith, and Cornelius Whitman, and credit Stock ? A. Because each of tliose accounts represents its respective amount 0/ property invested, and Stock the total amount of the investment. Q. Why debit Stock, and credit Thomas Chase, Charles Smith & Co., and Bills Payable? A. Because Stock shows the total amount of indebtedness, and each of those accounts shows its respective amount of liabilities.— (Apply Rule No. 1.) Q. On which side of the Cash-book is the 1400 dollars to be entered ? A. Debtor side. Q. Why? A. Because it is the am/)unt of Cash invested in business. Q. What is the form of the 400 dollar note given by Samuel Allen? A. See Bills Beceivable Book, p. 75.— (Note A, p. 94.) Q. What is the form of the 300 dollar note given by Samuel Kicel A. See Bills Beceivable Bwk, p. 75. Q. Why are-these two notes receivable bills on my part?— (Note B, p. 94.) A. Because they are notes due from others to me. Q. What is the form of the 630 dollar note given to Ilcnry Manning ? A. See Bills Payable Book, p. 78.— (Note A, p. 94.) Q. Why is this note a payable bill on my part? A. Because it is due from m« to another. Q. What is the net amount of capital invested in trade ? A. 4000 dollars. Q. Why? • A. Because it is the deference between Stock credit and Stock debit. Q. What is meant by liabilities ? A. Belts, accounts that we owe, wliether notes or balances against tis in account with others. Q. What is meant by resources ? A. Property, cash, balances due from others in account, or by note, and unsold goods, dtc. Q. What is meant by an account ? A. A statement of the debits and credits of a transaction. : — -r H. t I 16 PIIACTICAL BOOK-KEElMTcrToR YOUTH, e person, have rececred rash, or thai t.ro or nu.re things have he^nrecervedrchuk are Dr., and that cask has been deliLdZ pmd out, which must be credited. ^tterea or Q. What is understood by posted, or postin-r t (^fanjac/i^n 2 ^nesafy /. so ^lair/^ ^^ ^^ ^ J / / y^io, cr.c/(/ ,- / A(^ce 6 lorn ft Q^/iee^c?iri Q. How is this transaction to be entered A. See Day-hftolc, p. Sfi. ^. Why debit Calvin Ilagar, and credit Mercliandise » thtn ^;^'''' ^^^'['^ l^'0<^>- ^ ^^'^ receiver, a.ul Merchandise is the thing dehrcred.-{lt being agreeable with Kule 2.) Q. TV hat would be Calvin Ilagar's entry ? A. Merchaxdise Dn. to Edward Martix, Fob AMoixT goods BoroiiT of him, as per BILL Q. ^hy debit MerchandiVeVand'cr'edi't Edward Martin? "'^ A. Because Merchandise is the thing received, and Edward Mar- Un ts the deliverer.— (ApiAy Eule 2.) II^rT'"" '" ""^ *■""" °^ "" "' "-■•'•'""■'lix' given Calvin A. See Bill A\ 1, p. 84. Q. What is meant by debit ? A. To enter vpon the debtor si^, U bein^ on the left-haml side of an account in the Ledger. ^Ji-ftaml side Q. What is meant by credit ? A. To enter vpon the credit sU^, it bein^ on the right-hand side of an account in the Ledger. Q. What is meant by bill of merchandise » ^tghto:1: ^^'^'"^"'' ''''"' ''- "'-^^^ «-^ «— ^ of^oods <^tandac/(€in J (^ aneeaiu S . Q- How is this transaction to be entered ? A. See Day-book, p. 87. Q. Why debit Cash and credit Merchandise ? ^. Because Cash is the thing received, and Merchandise U the tUng deUvered.~{K^^\y Eule 2.) Q. What would be William Allen's entry? A. Merchandise Dr. to Cash Fob amouxt paid Edward Martix for goods bought of him, as per bill of 3rd |;,4.co Q. Why debit Merchandise and credit Cash* A. Bemuse Mercluindise is the thing received, and Gash is t/ie tUng delivered by him in payment for the .a«^.l(Rule 2 ) better" dT'^ ""' '' '"' ^'"'■'"^' ""' "^' '^ ^^^^ «^^-«^ to -<4. Debtor side. Q. AVhy? PRACTICAL BOOK-KEEPING FOR YOUTH. 17 A. Because it is a sum received. Q. Is there a cash receipt to be given William Allen for the %H.W received? A. There is not. Q. Why? A. Because he has the bill of merchandise receipted, which an- swers for the sam^. Q. What is meant by cash receipt ? A. A writing, acknowledging having received something. Q. IIow is this transaction to be entered ? A. See Day-book, p. 87. Q. Why debit Merchandise and credit Edwin Lincoln ? A. Because Merchandise is the thing received, and Eiwin Lin- coln is the deliverer.— {XvV^y Rule 2.) Q. What would be Edwin Lincoln's entry? A. Edward Martin Dr. to Merchandise, For goods sold him ox accocnt, $447.59. — (Note Z/, see p. 94.) Q. Why debit Edward Martin and credit Merchandise ? A. Because Edward Martin is the receiver and Merchandise it tJie thin-g delivered.— (A-p-ply Eule 2.) Q. What is the form of bill merchandise in this transaction ? A. See Bill 3, p. 85. Q. How is this transaction to be entered ? A. See Day-book, p. 87. Q. Why debit Merchandise and credit Cash? A. Because Merchandise is the thing received, and Cash is the iking delivered. — (Apply Rule 2.) Q. What would be Daniel Ellis's entry? A. Cash Dr. to Merchandise, For amount received of Edward Martin, for goods sold ^' * Q. Why debit Cash, and credit Merchandise ? A. Bemuse Canh is tite thing received, and Merchandise is the thing ddivered.—{X\}\Ay Eule 2.) Q. What is the form of bill merchandise in this transaction ? | A. See Bill 4, p. 85. ' Q. Is Daniel Ellis to give a cash receipt for the $74 ? A. He is not. Q. Why? A. Because he has receipted the bill of merchandise bought. — ' (Note E, see p. 94.) Q. On which side of the Cash-book by me is the $74 to be entered ? A. Credit side. Q. Why? A. Because it is a sum pai])\y Rule 2.) Q. What would be James Clark's entry on receiving the cash? A. Cash Dr. to Bills Receivable $200.00 For amount received of Daniel Kino • & co., on their payment of e. Martin's draft $200.00 Q. Why debit Cash and credit Bills Receivable i A. Because Cash is the thing received, and Bills Receivable {viz., the above draft) is the thing delivered. — (Apply Rule 2.) Q. What is the form of bill merchandise in this transaction ? A. See Bill 8, p. 87. Q. What is the form of note given in this transaction ? A. See Note 4, p. 79. Q. Why is this a payable note on my part ? A. Because it is due from me to anot/ier {viz., James Clarl). Q. What is the form of draft given ? A. See Draft 1, p. 81. Q. W^hat is a draft ? A. A draft is an order from, one person to another directing the payment of money. Q. Who is the drawer of this draft ? A. Edward Martri. Q. Why? A. Because he is the maker, and has given his order or draft to another. Q. Who are the drawees ? A. Daniel King dt Co. Q. Why? A. Because they are the persons on "whom the bill is drawn. Q. Who is the payee ? A. James Clark. Q. Why? A. Because he is the person in whose favor the draft is given. Q. To whom must this draft be presented for i>ayment ? A. To the draivees {viz., Daniel King db Co.) Q. What is understood by an acceptance ? ■ 20 PRACTICAL BOOK-KEEPING FOR YOUTH. ■ A. A protnlse to pay a draft on, order when it becomes due, which is (jenerally done by writing the word accepted, and also the signature of the acceptor across the face of the same {generally written with red ink). Q. What imist James Clark do in order to get the money on this draft ? A. Write his name across the hack of it. Q. lie is said then to liave douc what? A. Indorsed it. Q. And is called what? A. The indorser. (2/ou/ //cU('a7/t c/tc'na^^o/i, oji, /W nol^ at >^0 e/a»J, /iofn c/ute, 4^ vuli^^ C^mtti,, at O Q. IIow is this transaction to bo entered ? A. See Day-book, p. 39. Q. Why debit Bills Receivable and credit Merchandise? • A. Itecause Bills Eectivable {viz., William. Kingston s note) is the thing received in payment for goods sold him, and Merchandise is the thing delivered. — (Apply liulc 2.) Q. What would be William Kingston's entry i . A. Merchandise Dr. to Bills Payable, For mv note to Edward Martin, at 20 days from date, in payment for goods bocoht of him, as per dill of IItii $290.00 Q. Why debit Merchandise and credit Bills Payable? A. Because Merchandise is the thing received, and Bills Pay- able {viz., William Kingston's note) is the thing delivered. — (Ap- ply Kule 2.) Q. What is the form of bill merchandise given in this trans- action ? A. See Bill 9, p. 87. Q. Is the note in this transaction a receivable or payable hill to me ? A. Receivable. Q. Why? A. Because it is due to m^e from another {viz., William Kings- ton). Q. What is the form of this note ? A. See Hole 4, p. 76. J^ouadt o/ Saiuui <££c?icotn, Qi^Ceicnafiae^ aJ fiei> 6(it o/ t/icJ fiei. y^l^.-.^.^O^ ; totat, ^St^y.^O ; j^l tuM^n. (3/ tuZ'Ve l^cecvea t'/t fuiy??ie?tt ti'Ca G4^te, at tux? '^to?itn^ ^^m, aate, ^l ^{?(? aotuiia, a?ta ^a<^n^, ^f<^'/.'/<^, ^ot tue ^auz^ice. Q. How is this transaction to be entered ? A. See Day-hook, p. 89. Q. Why debit Bills Receivable and Cash, and credit Mer- chandise ? A. Because Bills Receivable {viz., Thomas Whitney'' s note) and Cash are the things which I have received, and Merchandise is the thing whi^h I delivered. — (Apply Rule 2.) Q. What would be Thomas Whitney's entry ? A. Merchandise Dr. to Sundries $337.75 Bills Payable, for my note to Ed- ward Martin, at 2 months from DATE $200.00 Cash, both in payment for goods BOUGHT of him, AS PER BILL OF 13tH. 137.75 Q. Why debit Merchandise, and credit Bills Payable and Cash? A. Because Merchandise is the thing received, and Bills Pay- able (viz., Thomas Whitney'' s note) and Cash are the things deliv- ered. — (Apply Rule 2.) Q. What is the form of bill merchandise in this transactiop ? A. See Bill 11, p. 88. Q. Is the note in tliis transaction receivable or payable on my part ? A. Receivable. Q. Why? A. Because it is due to m^efrom another {viz., Thomas Whitney). Q. What is the form of this note ? A. See Note 5, p. 76. Q. On which side of the Cash-book by me is this $137.75 to be entered ? A. Debtor side. Q. Why? A. Because it is a sum, received. Q. Is there a cash receipt to be given Thomas Wh' tney for this amount ? A. There is not. Q. Why ? A. Because he has the hiU of merchandise receipted. (Stmn^action Y S ^^nua^ YS . m^udzu/ o/uomaa ^^uatt^, ^^aa^n^ on. wfon-accoujit, a9nou7zt ^ft?t?. Q. How is this transaction to be entered ? A. See Day-book, p. 40. Q. Why debit Thomas Chase and credit Cash! A. Because ITiomas Chase is the receiver, and Cash is the thing delivered. — (Apply Rule 2.) Q.r What would be Thomas Chase's entry ? OQ PRACTICAL BOOK-KEEPING FOR YOUTH. A. Cash Dr. to Edward Martix $100.00 For amount received ox account. . . . $100.00 Q. Why debit Cash and credit Edward Martin ? A. Because Cash is the thing received, and Edward Martin w the deliverer. — (Apply Rule 2.) Q, Which side of the Cash-book is this |100 to be entered ? A. Oredit side, because it is a sum paid out. Q. Is tlicre a cash receipt to bo given in this transaction by Thomas Chaae ? A. There is, because it is a sum paid out on account simply. Q. Wliat is the fonn of this cash receipt I A. See Eeceipt 2, p. 82. uric^ ca^^, ^/^ cu>tuiU, fol ^uc ^uznce. Q. How is this transaction to be entered ? A. See Day-book, p. 40. Q. Why debit Bills Receivable and Cash, and credit Mer- chandise ? A. Because Bills Eeceivable (vi-z., Edicard Banks' draft on John Cook for $200, and his own note for $200) and Cash, are the things which I have received in payment for goods sold him, and Merchandise is the thing which I delivered. — (Apply Rule 2.) Q. What would be Edward Banks' entry ? A. Merchandise Dr. to Sundries $616.00 John Cook, eor his acceptance of my draft AT 10 DAYS, IN favor OF EdWARD MaRTIN, FOR $200.00 Bills Payable, for my own note at 3 months from date 200.00 Cash, for amount in full for goods bought, AS PER bill op 15th 216.00 Q. Why debit Merchandise, and credit John Cook, Bills Pay- able, and Cash ? A. Because Merchandise is the thing received, and John Cook (viz., his acceptance of my draft). Bills Payable {viz., my own note), and Cash are the things Edward Banks delivered in pay- ment fk's accepianceof Edward Banks' draft)isthe thing delivered.— {Apply Rule 2.) q. What would be John Cook's entry? A. Bills Payable Dr. to Cash $200.00 For paid my acceptance of Edward Banks' draft, favok of Edward Martin ^200.00 q. Why debit Bills Payable and credit Cash? A. Because Bills Payable {viz., my acceptance of Edward Banks' draft, is the thing received, and Cash is the thing delivered in payment for the same.— {Apply Rule 2.) q. On which side of the Cash-book by me is this 200 dollars to be entered ? A. Debtor side, because it is a sum received, q. Is there a Cash receipt to be given John Cook for the 200 dollars ? A. There is not, because he has rsceived his own acceptance of Edward Banks' draft, which answers for the same. y^...^40 c/o/^,- f ca^/a^^y, ^---^^ fS/u-e^, S40 yalc/., a^ ^O cen^ /^^ yuu/...f70 24 PRACTICi^L BOOK-KEEriNG FOU YOUTH. c/i^/aiJ. <£/o/a/, ^/{? c/o/^i^. ef^^i^v^ i^c^c've<^ o/ /e'?n, ^a^/[ ^^^ (/oZ/^i^, ^eJ 04i,^e on e/e- Q. How is this transaction to be entered ? A. S^e Day-hook, p. 41. Also gee p. 96. Q. Why debit Calvin Ilagar and credit Merchandise? A. Became he is the receiver^ and MercJiandise the thing de- livered. — (Apply Rule 2.) Q. What would be Calvin ITagar's entrj- ? A. Merchaxdise Dr. to Edward Martix $810.00 For amount goods bought of him, as PER BILL OF 18th $810.00 Q. Why debit Merchandise and credit Edward Martin ? A. Because Merchandise is the thing received^ and Edward Martin is the deliverer. — (Apply Rule 2.) Transaction 17. — Second Part. Q. Wliy debit Cash and Bills Receivable, and credit Calvin Ilagar? A. Because Cash and BilU Receivable {viz., Chlvin Hagar'^s note) are the things received, and Calvin Ilagar is the deliverer. — (Apply Rule 2.) ^. What would be Calvin Ilagar's entry ? A. Edward Martin Dr. to Sundries $700.00 Cash, for amount paid on account $500.00 Bills Payable, for mt Note on demand, for. 200.00 Both in part payment for goods bought of him, per bill of 18th. Q. Why debit Edward Martin, and credit Casli and Bills Tayable ? A. Because he is the receiver, and Cash and Bills Payable {viz., C. Ilagar'' 8 note) are the things delivered.— {k\>\t\y Rule 2.) Q. What is the form of bill merchandise in this transaction ? A. See Bill 13, p. 88. Q. On which side of the Cash-book by me is this $500 to be entered ? A. Debtor side, because it is a sum received. Q. Is there a Cash receipt to be given in this transaction ? A. There is, because the bill of merchandise is not receipted. Q. Is this a receivable or payable note on my part ? A. Receivable. Q. Why is it a receivable note ? A. Because it is due to me/rom another {viz., Calvin Ilagar). Q. What is the fonn of this note? A. See Note 8, p. 77. Q. What is the form of this Cash receipt ? A. See Receipt 3, p. 82. (^^njac/€an /§ J^nuaiu 22, Q. How is this transaction to be entered ? A. See Day- Boole, p. 41. Q. Why debit Bills Receivable and credit James Smith ? A. Because it is the thing received, and James Smith is the de- liverer. — (Apply Rule 2.) Q. What would be James Smith's entry? A. Edward Martin Dr. to Bills Payable, For my Note, at 2 months from date, to bal- ance his account $400.00 Q. Why debit Edward Martin and credit Bills Payable? A. Because he is the receiver, and Bills Payable {viz., Janus Smith's note) is the thing delivered. — (Apply Rule 2.) Q. Is this on my part a receivable or payable note ? A. Receivable, because it is due to me/rom another {viz., James Smith). Q. What is the form of this note ? A. See Note 9, p. 77. ^ PRACTICAL BOOK-KEEPING FOR YOUTH. 25 Q. How is this transaction to be entered? A See Day-book, p. 41. ^ , i t Q. Why debit Bills Receivable, and credit Cash and In- '""'T Because Bills Receivable {viz., WiUiam ClarFs note) is the thing received, and Ca.h and Interest are the things deUvered. Or because Interest confers the be.nefit.-{^VV^y Kule 2.) Q. What wouW be William Clark's entry ? A. Sundries Dr. to Bills Payable *^"-^"' Cash, for amount received of Edward Martin, for which I have given my Note at 30 days from date $50.00 Interest, for 30 days' Interest added to 25 the same Q Why debit Cash and Interest, and credit Bills Payable? A Because Gash and Interest are the things received, and BMs Payable {viz., WiUiam ClarkU note) i* the ihin^ delivered. Or l^cause Interest recAves the beneJU.—(Ai>])\y "RyxlQ ^■) Q. On which side of the Cash-book by me is the $oO to be entered ? A CredU side, because it is a sum paid out. Q Is there a Cash receipt to be given in this transaction? A. TJiere is not, because a note has been given for the sanuf. Q. What is the form of this note ? A. See Note 10, p. 77. (^mft4ac/wn 20 ^naaiy 22. ^/^^^ ^^d da, ylnc.. ^c Q^^na^u c^^^^ acce/.tan^ / d^ \ a^ ^O c/aya, ^n. Q How is this transaction to be entered? t w;y^'et;:\mf Receivable and credit Bills Receiv- ''^A^ecause Ihave received Bills Receivable {viz.,Amisaffdl^s acceptance of William Clark^s draft), and I have dehvered B.Us Receivable {viz., WUliam Clark^s 7^o^).-(Apply Rule 2.) Q Wliat would be William Clark's entry ? A Bills Payable Dr. TO Bills Receivable, For having received my Note of Edward Martin, AND GIVEN AmASA HaLl's ACCEPTANCE OF MY DRAFT AT 30 DAYS FROM DATE. Why debit Bills Payable and credit Bills Receivable ? A. Because BllU Payable {viz., WiUiam Clark^snote) ^the thing received, and BilU ReceivabU {viz., Amma RalVs acceptance of draft) is the thing delivered.— {A-VV^Y Rule 2.) Q What would be Amasa Hall's entry? A William Clark DR. to Bills Payable. . . . $o0.2o ' , For my acceptance of his draft, 30 days from ^^ DATE • • ' ■ "Ji" Vi \ Q. Why debit William Clark and credit B^ll^^/^^f «^ A Because he is the receiver, or receives the beneft, and Bil^ Payable {viz., Amasa HalVs acceptance of WiUiam GUrkU draft. thereby making it his own hUl payabU) is the thing delivered.^ ^^^Whrt would be William Clark's entry with Amasa Hall on receiving his acceptance, and before passing it over to any ^ A Bills Receivable Dr. to Amasa Hall $50.25 Fob his acceptance of my draft at 30 days ^^ ^^ FROM DATE ' ' ' ^ 11 ? Why debit Bills Receivable and credit Amasa Hal . A. Because BiVU ReceivabU {viz., Amasa ^^-^f;* ^^i^g^^f my draft) is the the tUn^ received, and Amasa HaU u ths deUv- %rl^I!lL!nlvLc.e,..n.. of WilUam Clark's draft a re- ceivable or payable bill on my part? A. Receivable. Q. Why? A Because it is given in my favor. Q. What is the form of this draft and acceptance? A. See Draft 11, p. 77. . Q. What is necessary on my part in order to receive the monev from this acceptance ? 7, ^ • / ^ A. 'write my name on the bach of U, which u caOed indort- ing it. &iann S/......Tanaiilf 22. Q. How is this transaction to bo entered? A. See Day-book, p. 42. p. Why debit Cash and Interest, and credit Bills Receiv- able? A. Because Gash and Interest are the things received, or became JnUrest receiver the benefit, and Bills Receivable {viz., James Smithes note) is t/ie thing delivered. — (Apply Rule 2.) Q. What would be the Bank of Black River's entry ? A. Bills Receivable Dk. to Sundries $400.00 Cash, for amount paid Edward Martin on James Smith's Note $396.00 Interest, for 2 months' discount on same 4.00 Q. Why debit Bills Receivable, and credit Cash and Inter- est? A. Because Bills Receivable (viz., James Smith's note) is the thing received, and Cash and InUrest are the things delivered, or because Interest confers the if n^/^.— (Apply Rule 2.) Q. On which side of the Cash-book by me fs this $396 to bo entered ? A. Debtor side, because it is a sum received. Q. Is there a Cash receipt to be given in this transac- tion ? A. There is not, because the Bank has the note /or the same. (^^ndac/ion 22......Tanaaiu 22. Q. How is this transaction to be entered ? A. See Day-book, p. 42. Q. Why debit Merchandise, and credit Merchandise and Cash? A. Because I have received Merc/iandise, and delivered Mer- chandise and Ci2«A.— (Apply Rule 2.) Q. What would be Sanuiel King's entry ? A. Sundries Dr. to Merchandise $80.00 Merchandise, for amount received of Edward Martin, as per bill of 22d. . $25.00 Cash, for amount received, both in FULL. ...,. •••••••••..,,,,.. 'J'l 00 For goods sold him, per bill. Q. Why debit Merchandise and Cash, and credit Merchan- dise? A. Because Merchandise and Cash are the things received, and Merchandise is the thing delivered.— (Apply Rule 2.) ^ Q. What is the form of bill merchandise given by Samuel King ? A. See Bill 14, p. 89. Q. Is there a Cash receipt to bo given in this transac- tion? A. There is not, because th« bill merchandise is receipted. Q. On which side of the Cash-book by mo is the $55 to bo entered ? A. On the credit side, because it is a sum paid out. Q. What is the form of bill mercliandiso given to Samuel King? A. See Bill 15, p. 89. <■ ; PRACTICAL BOOK-KEEPING FOR YOUTH. 27 (^mTtdac/mn 2S .Tanaam 22, Q. IIow is this transaction to be entered ? A. See Day-booh, p. 42. Q. Why debit Cash and credit Cornelius Whitman? A. Because the thing received is Cash, and Cornelius Whitman is the deliverer. — (Apply Rule 2.) Q. What would be Cornelius Whitman's entry ? A. Edward Martin Dr. to Cash $140.00 For amount paid him on account $140.00 Q. Why debit Edward Martin and credit Cash ? A. Because he is the receiver, and Cash the thing delivered. — (Apply Rule 2.) Q. On which side of the Cash-book by me is this $140 to be entered ? A. Debtor side, because it is a sum received. Q. Is there a Cash receipt to be given in this transac- tion ? A. Tfiere is. - Q. Why? A. Bfcause it is Cash re/xived on aecouni, Q. What is the form of this receipt ? A. See Receipt 4, p. 82. Q. IIow is this transaction to be entered? A. See Day-book, p. 43. Q. Why debit James Magoon and credit Bills Payable ? A. Because James Magoon is the receiver, or receives the benefit, and BiUn Payable (viz., my acceptance of his draft, thus making it a hill which I must pay), is the thing delivered. — (Apply Rule 2.) Q. What would be James Magoon's entry? A. Bills Receivable Dr. to Edward Martin $400.00 For his acceptance of my draft. 10 FAVOR OF Charles Allen, at days' sight $400.00 Q. Why debit Bills Receivable and credit Edward Martin ? A. Because it is the thing received (viz., my draft accepted by Edward Martin), and Edward Martin is the deliverer. — (Apply Rule 2.) Q. What would be Charles Allen's entry on receiving the draft? A. Bills Receivable Dr. to James Magoon, For his draft, accepted by Edward Martin, at 10 days' sight $400.00 Q. Why debit Bills Receivable, and credit James Magoon ? A. Because Bills Receivable (viz., James Magoon's draft ac- cepted by Edward Martin) is the thing received, and James Ma- goon is the deliverer, or confers the benefit. — (Apply Rule 2.) Q. What is the form of this draft ? A. See Draft 6, p. 80. Q. Wliat must Charles Allen do in order to receive the money on this draft ? A. Write his name on the back, which is called indorsing it. (Qy^ndac/^n 2S ./^ane/azy 2-4. c/ian^ft u^ SO c/a?/.J /lofn c/a/^ / amount, ^(? c/otuziJ. Q. IIow is this transaction to be entered ? A. See Day-book, p. 43. Q. Why debit Bills Receivable and credit Bills Payable ? J A. Because I have received Henry Daniels' note, which is a BiU ReceivabU, and delivered my note, which is a BiU Payable. — (Apply Rule 2.) , i JI!,}l: ll l| i |». i i M1w ill II 28 PRACTICAL BOOK-KEEPING FOR YOUTH. , i rp A. What would be Henry Daniels' entry ? Bills Receivablb Dr. to Bills Payablk |r,0.00 Fon nAvixo ExniANOEt) Notes with Ed- ward Martin, each prawn at 30 days FROM pate, and FOR THE SAME AMOUNT. $50.00 Q. Why debit Bills Receivable and credit Bills Payable? A. Because Bills Receivable {viz., Edward Martin's note) is the thing received, and JiUls Payable (viz., If. Daniels' note) is the thing delivered. — (Apply Rule 2.) Q. What is the form of this receivoblc bill or note ? A. See Note 12, p. 78. Q. What is the form of this payable bill or note ? A, See Note 7, p. 80. Q. How is this transaction to be entered ? A. See Day-book, p. 43. Q. Why debit Private Account and credit Merchandise? A. Because Private Account {viz., the representative of the per- son doing business, (he design of which is to show the anwuntqfhU private expenses) is the receiver, and. Merchandise is the thing de- livered,— {A^^ly Rule 2 ; Note J, see p. 95.) Q. How is this transaction to bo entered ? A. See Day-book, p. 43. Q. Why debit Cash and credit Bills Receivable ? A. Because Cash is the thing received, and BiUs ReceitabU confers the benefit {and is credit for the amount received, which also is to be indorsed on the note, and noted in tU Bill-book) — (Apply Rule 2.) Q. What would be Samuel Rice's entry ? A. Bills Payable Dr. to Cash $100.00 For amount paid Edward Martin on Note $100.00 Q. Why debit Bills Payable and credit Cash ? A Because BiUs Payable receives the benefit (i. e., the amount paid has been indorsed on the ru>te, thus making the sum less), and Cash ts the thing delivered.— {A^^^^y Rule 2.) Q. On which side of the Cash-book by me is this $100 to be entered ? A. Debtor side, because it is a sum received. Q. Is there a Ca.sh receipt to be given for this $100? A. There is, because Samuel Rice wants something as a voucher. Q. What is the form of this receipt ? A. See Receipt 5, p. 83. c^^u,,- ^.. «^^^ ^^<«£/./.^/^ /^.^/W^ ^■u.^.^y^, ^.A^JAOi. S7 (, PRACTICAL BOOK-KEEPING FOR YOUTH. 29 Q. How is this transaction to be entered? A. See Day-hjok, p. 44. Q. Why debit Expense and credit Cash ? A. Because Expense Account is tlie receiver (i, e. so much has been charged to Expense Account), or bemuse it is considered a loss in doing business, and Cash is the thing delivered.— {A^\>\y Rules 2 and 3.) ef^^^A^ //^ ^^ Uc^^eJ ^a^4 o/ Q^nia^ (S^di//^ ^ acce/i^nc^ ^wn i4^ y amount \ Q. How is this tran-saction to be entered ? A. See Day-book, p. 44. Q. Why debit Cash and Interest, and credit Bills Receivable ? A. Because I have received Cash and Interest, or Interest re- ceives the benefit, and delivered BiUs Receivable {viz., Amasa Halts Acceptance).— {^.y^\>\3 Rule 2.) Q. What would be Amasa Hall's entry? A. Bills Payable Dr. to Sundries $50.25 Cash, for amount paid Edward Martin for my acceptance given up $50.20 Interest, for 6 days' discount on the same, . . .05 Q. Why debit Bills Payable, and credit Cash and Interest? A. Because Bills Payable is the thing received (viz., acceptance of William Clark's draft), and Cash and Interest tke things de- livered, or Interest confers the benefit. — (Apply Rule 2.) Q. On which side of the Cash-book by me is this $50.20 to be entered ? A. Debtor side, because it is a sum received. Q. Is there a Cash receipt to be given in this transac- tion? A. There is not, because the acceptance is given up. (^mn^ac/uxn SO ^aniiazy 2d. nave dc^ri on //^ ^Sc/ cn^^ant, an J Q^ /aue ^ven e^^ to dt^Tn /^ Q4^ote «^/^/ of i^cet:iA^J /lo^?^ dcni at t^ ^Ui?ne^ tcma, anc^ /:^i, t^ tUinie amot^nt, ^cn^ ^O c^/Au. Q. How is this transaction to be entered? A. See Day-book, p. 44. Q. Why debit Bills Payable and credit Bills Receivable ? A. Because I have received BiUs Payable (viz., my own note), and Bills Receivable {viz., Henry Daniels' note) is the thing deliv- ered.— {K^^Xy Rule 2.) Q. What would bo Henry Daniels' entry ? A. Bills Payable Dr. to Bills Receivable $50.00 For having given up to Edward Mar- tin THE Note I held against him, and G received of him a Note which he held against me for same amount $50.00 Q. Why debit Bills Payable and credit Bills Receivable ? A. Because Bills Payable {viz., his own nUe) is the thin^ re- ceived, and Bills Receivable {viz., Edward Martin's note) is the thing delivered. — (Apply Rule 2.) Q. Why is this a bill payable ? A. Because it is due from me to another. Q. Why is this a bill receivable ? A. Because it is due from another to me. 80 PRACTICAL BOOK-KEEPING FOR YOUTH. Q. How is this transaction to be entered ? A. See Day-book, p. 44. Q. Wliy debit Profit and Loss, and credit Bills Receivable ? A. Because I have met tcith a loss, and Bills Receivable (viz., Henry DoolUtWa note) is the thing delivered.— {A^^ly Kules 3 and 2.) Q. What would be Henry Doolittlo's entry! A. Bills Payable Dr. to Profit and Loss $18.04 Fob having received mv Note of Ed- ward Martin, being unable to pay it, $18.04 Q. Why debit Bills Payable, and credit Profit and Loss ? A. Because Bills Payable {viz., H. DoolUtle's note) u the thing received, and the note given up shows the amount o/ gain.— {Apply Kules 3 and 2.) (^m^tdac/ian S2 ^nuazy 2 p. at'u^ft Oft //^ 4ld ^'/id^?a/ amouti/^, ^OO c/o/^l^ / anc/ 4a,v^ yt'i^ert ^/ie?n u 7ieuA G4oU ^ol S{?{? Q. How is this transaction to be entered, the draft not having been entered ? A. See Day-hooTc, p. 45. Q. Why debit Bills Payable, and credit Bills Payable and Charles Smith & Co. ? A. Because I have received Bills Payable {viz., my old note taken up), and Bills Payable {viz., my new note) and Charles Sm,ith d; Oo.^s acceptance of my draft are the tilings delivered, or because C. Smith d; Co. confers the benefit.— {A\>p\y Rule 2.) Q. What would be James Warren & Co.'s entry ? A. Bills Receivable Dr. to Bills Receivable $600.00 For Edward Martin's Note on de- mand, for $300.00 For his draft on Charles Smith & Co., AT 2 months from date, in pay- ment for old Note given up $30O.OO Q. Why debit Bills Receivable and credit Bills Receivable? A. Because Bills Receivable {viz., Edward Martin''a note (ind his draft on Charles Smith, db Co.) are the things received, and Bills Receivable {viz., Edward Martinis note) is the thing deliv- ered.— {Apply Rule 2.) Q. What would be Charles Smith & Co.'s entry when the draft was presented ? A. Edward Martin Dr. to Bills Payable $300.00 For our acceptance of his draft, at 2 months from date, in favor of James Warren & Co $300.00 Q. Why debit Edward Martin and credit Bills Payable ? A. Because he receives the benefit of our acceptance of his draft given to James Warren & Co., and Bills Payable {viz., our ac- ceptance of his drcft) is the thing delivered.— {Apply Rule 2.) Transaction 32. — Second Part. Q. Why debit Interest and credit Cash 1 A. Because Interest is the thing received, or receives the benefit, and Cash is the tJiing delivered.— {Apply Rule 2.) Q. What would be James Warren & Co.'s entry ? A, Cash Dr. to Interest $3.00 For amount received of Edward Martin, fob 2 months' Interest on Charles Smith & Co.'s draft. $3.00 t \ II : PRACTICAL BOOK-KEEPING FOR YOUTH. 31 Q. Why debit Cash and credit Interest ? A. Because Cash is the thing received, and Interest the thing delivered, or confers the benefit.— {Apply Rule 2.) Q. What is the form of new note given? A. See Note 8, p. 80. Q. Why is this a payable note ? A. Because it is due from me to another. Q. What is the fonn of draft given ? A. See Draft 2, p. 81. .,,.-, /v • Q. What must James Warren «fe Co. do with this draft m order to get the money ? . , . „ j • j A. Write their names on the lack, which is called xndors- '%!<)n which side of the Cash-book by me is this $3 to be entered ? A. Credit side, because it is a sum paid out. (^zandac^n SS ^nuaty 2^^ Q. Ilow is this transaction to be entered \ A. See Day-book, p. 45. Q. Why debit Thomas Chase and Daniel King & Co., and credit Cash ? A. Because they are the receivers, and Cash is the thing delivered. —(Apply Rule 2.) Q. What would be Thomas Chase's entry? A. Cash Dr. to Edward Martin $370.00 For amount received in full $370.00 Q. Why debit Cash and credit Edward Martin ? A. Because Cash is the thing received, and Edward Martin is the deliverer.— {Apply Rule 2.) Q. What would be Daniel King & Co.'s entry? A. Cash Dr. TO Edward Martin $200.00 ■ For amount received in full $200.00 Q. Why debit Cash and credit Edward Martin ? ^ ! A. Because Cash is tU thing received, and Edward MaHin it the deliverer. —{Apply Rule 2.) Q. On which side of the Cash-book by me is this $370 and $200 to be entered? A. Credit side, because they are sums paid out. Q. Is there a Cash receipt to be given or received in this A. There is, because E. Martin wants something for a voucher. Q. What is the form of Cash receipts in this transaction ? A. See Receipts 6 and 7, p. 83. (^mndoc^ion 3-4^ ^nuaty S/ . Q. How IS this transaction to be entered? A. See Day-Book, p. 45. t, • vi » Q Why debit Bills Receivable and credit Bills Receivable ?^ A Because I have received Bills Receivable {viz., Samuel Rice's new note), and delivered Bills Receivable {viz., Samuel Rice's old iwfe).— (Apply Rule 2.) Q. What would be Samuel Rice's entr}'? A. Bills Payable Dr. to Bills Payable $200.00 For new Note given to Edward Mar- tin, AT 2 months from date, to take UP BALANCE ON OLD NOTE $200.00 Q. Why debit Bills Payable and credit Bills Payable? A. Because Bills Payable {viz., my old note) is the thing re- ceived, and Bills Payable {viz., my new note) is the thing dtUv- ereJ.— (Apply Rule 2.) Transaction 34.— Second Part. Q. Wliy debit Cash and credit Interest ? A. Because Cash is the thing received, and Interest is the ihin^ delivered, or confers the benefit.— {Apply Rule 2.) Q. What would be Samuel Rice's entry ? 32 PRACTICAL BOOK-KEEPING FOR YOUTH. A. Interest Dr. to Cash $2.00 For amount paid Edward Martin, for 2 months' interest on new Note given. . . $2.00 Q. Why debit Interest and credit Cash ? J. Because Interest is the thing received^ or receives the benefit, and Gash is the thing delivered. — (Apply Rule 2.) Q. What is the form of new note received from Samuel Rice ? A. See Note 18, p. 78. Q. Why is this a receivable note ? A. Because it is due from another to me. Q. On which side of the Cash-book by mo is this $2 to be entered ? A. Debtor side, because it is a sum received. ^/i c/a^, ^l 4^4^0 cmtuild, ^ui7da/^(e at ^n€^/itlc J^anA, i/i Aait yiat/fne^it /ol uffiount c/uc tnc/n; a/u/ cci^n. Q. How is this transaction to be entered ? A. See Day-booh, p. 46. Q. Why debit Charles Smith & Co., and credit Bills Pay- able and Cash ? A. Because Charles Smith d: Co. are the receivers, and Bills Payable (viz., my note) and Cash are the things delivered. — (Ap- ply Rule 2.) Q. What would be Charles Smith & Co.'s entry ? A. Sundries Dr. to Edward Martin $740.00 Bills Receivable, for his Note at 4 months from date, in part payment FOB amount due $440.00 Cash, for amount received to bal- ance account 300.00 Q. Why debit Bills Receivable and Cash, and credit Edward Martin i A. Because Bills Receivable {viz., Edward Martin's note) and Cash are the things received, and Edward Martin ie the deliverer. —(Apply Rule 2.) Q. What is the form of note given ? A. See Note 9, p. 80. Q. Why is it a payable note on my part? A. Because it is due from me to another. Q. Is there a Cash receipt to be given in this transaction ? A. There is, because it is a sum paid infuU, and I want some- thing for a voucher. Q. What is the form of this receipt ? A. See Receipt 8, p. 88. Q. IIow is this transaction to bo entered ? A. See Day-book, p. 46. Q. Why debit Merchandise and credit Bills Receivable ? A. Because I have received Merchandise, and delivered Bills JSeceivaltle (viz., William Kingston'' s note). — (Apply Rule 2.) Q. What would be William Kingston's entry ? A. Bills Payable Dr. to Merchandise $290.00 For amount goods delivered Edward Martin, in full fob my Note given UP of 11th $290.00 Q. Why debit Bills Payable and credit Merchandise ? A. Because Bills Payable {viz., his own note) is the thing received, and Mtrchandise is Vie thing delivered.— {Ai>Tp\y Rule 2.) Q. What is the form of this bill merchandise ? A. See BiU 16, p. 89. f PRACTICAL BOOK-KEEPING FOR YOUTH. 33 /ol uM^t^cd Of/iuuc i^cecuec^ ui^ /tayrnertt €f?ioun^ c'uUcec/ ovel 4^(^ J4(? if^40 0(? Of? t?o 40 //i'^ S^/ §•/ ^540 OO 47^ 44^ ^^ {?o 40 c?/ 7f^c? S/ 4 PRACTICAL BOOK-KEEPING FOR YOUTH. 87 ^tu/i//a/o?i, fanuatu S, /(^eJ^^ '^oux^ .^^t. ^ (^/leU/lcinc/eJe ---; -s- ^ (^liandoc/ian -4. ^uyd^ o^ nt7fi, aJ Ael ^u(( of 4^^- -4- (O/miuac/ian d . G^^iMnc/^ Ml: lo ^'c^Z M.ya^^ (Izyj /lo?n ^lo?n, c^/^, c?t /lail yiay?nc?i^^ /ol y<^c/^ • ^ouy4^ o^ 4cfn, aj ^lel ^c7^o//^^/i. -, ^U9i^/ 'd^ftny^ Jf ^o., ^ol ^/ie(:i ^iay??ic?a o/ ^ny at'^/^t ao/J dcfn. 4(? ///. S'^/oul, ® ^^^ ...£4^.t?0 SO yulc^ ^^a/^mele, @ if.OO ^O-OO , /J* ^ /^OSo ^ ^ / ^ Q/^cic/^a?ic/('^ .^. ^ Sc/wU S£inco/n d/lci}iAactco?t if ^ ...(Second J^it. Sc/wU ^inco/n Mi^. ^o (^fuidu'e^ - - - — ^SaJ^, /oi' a?/wu?it Ytaic/ iti??t o?t accou?i/. ^^e/S Mtya/^^,/ol <>ny Q/^/^, at SO c/ayJ /io^n c/ate. in /lait /fa7i??ie?i.t /oi yoocU... - .!l^a^fice to Uin S 77to?itM. /J*- (^iandactian / 2. (^ufidtie^ Ml. tiy (^i^clch4znc/i^e M'iS Meceiua^ie, /oi ci//,o9naJ ''//Vutney'J G4Ue, at ^ 9?iofit/fj /lo?n c/at^, in ^lalt ^i.ay7ne?tt ^ol .--. 4/tie<:4^ <^Sci/ji77ieic, /07 yd^., ® f.^S.-.fSS.yS fO „ S^^nne/, ^OO ,, © .S4... ^t?4.00 337-75 '^aa/t, /<^i' a7?iau?it Uccii^eJ to ^ianc^ 04 t^OoS ^t^O OO fSO fOO OO OO ^OO OO /J'/ Q^fnount cailiec/ oi^el ^^S£ 7^ t?4 £t^O OO fSO so so OO OO OO SS7 7^ t^r^S^ 7^ \ i! 40 rilACTICAL BOOK-KEEPING FOR YOUTH. ^ui////y/o/i, Januatu /^ , /cP*^. ^ / ^ 4 C>i?jioun/ Oi^f^afy^ cf^el B O^^'^ (S/ian-Jac/w ?t /J. ^/i^maj ^i^^/ui^ ^i, /^ ^i^u^/(. (^oi, afuot//tt ^i4^u/ /(e'/Ji oji, ucci^uftY. — /^ -^ ^^fic/u'eJ ^i. ^ Q>/^^U'/{a,n/(je e/uy^ ay/l, o/ S'c/waic/ ^ajf/j' t/i^^e. £{?0.{?0 ^SojI/oI umof.n^^^^evec/ o/ /e'^n en /^///ol r^ooc/j.... 6^6.00 /cf- s ^ / (^u,ic/lt^J Ml. ^ ^«;i/. ficnO' /^ Ac i^u?fi^ ^^/ Ml. ^ ^c/6 Mecec\.aM f S'^oi, amount i^^cV^ec/ o/ Jo/,, qgoo/ /^ uc'^/.Hauc^ o/ Q^moe^fif cailt^c/ oiacI. PRACTICAL BOOK-KEEPING FOB YOUTH 41 6 .^/^//W/^^/. Jf^'^^^f^^f, ^^' ^<^^^' Q^/Houn^ Oiot/a/it oi'el.. fi 4 ^ ^Su/^c'n r^di^i Ml. ^ C^/elc/^nc/ue Sr^oi SO/u>. //uc/c Moe.^/un, ^4^ yc/j., @ ^.00..J4^.0^ /i' „ /'S>- ^ / ^ (^za?tf ^^ c/uyJ - <2f?i^i€J^, /ol uniounf o/ cnlelcU a/iowec/ on dame G^ffiotinl^ calUeJ ouel. 6 §^o ^O 0(? 4^^ OO ^{? ^o '/■y440 ^/O ^7 yoo oo {?(? 400 OC? ^O I ^ 1 ^•J44(^ ! ^^ 4?. PRACTICAL BOOK-KEEPING FOU YOUTH. Ml^/^^^/on, /a7?Maj ^J^, /^<^. & ^ Q^/?toun^ ^loua/i^ ovel. <^mndac/ion 20, ^S440 ^c'/i"^ Mecec,Aci^/^^ Mi. ^o ^cY6 Mecec,>a^/^e S'fol /ic^uc'ny. lecrc,^ec/ G^^naJc^ 'M'u/fj ac^^/aunc.^ o/ ^i /itj g4^oU 9^- ^lan-Jac/wn 2/ , ^ 4 (^unc/l^ Ml. ^ ^^'^^^ Mece,\^a^/e ---- . J^cou,a^^/ al ^u,d o/ ^^rl Mi^ei .99- 4 / (^ian-Jac/ian 22. / ^ 0//^^u/ia?n/cJe Mi. /o GS^unc/lceJ '^Sa^/i, /(^i a?)iou ?i t Aat'J <^a,?nf(e^ )jtc/i^ ^c//'o/^^c/. 09- &ian.Jac/een 2S . ^«j/ Ml. ^o ^Solne/i'ttJ yMU//iafi. G€/nount ca-i-ic^c/ ouel. ^ ^O ^O ^S440 4 §(? 0(? i40 /4//^ OO ^ ^O ^^ 400 OO 2^ ^40 OO (?0 §y\ ^4^^0 oo 'lI 6'7 •> t. PRACTICAL BOOK-KEEPING FOR YOUTH 43 8 ^ui/mj^^on, fanuazT^ ^^, iT^S^. Q^7?i&un^ ^louan^ cvei. (01ianJac/ion 2-4. S ^u?tf.eJ (^/^ao^Jt Ml. ^^ l7l ^-^^ ., / a/.c£P/^ul ^^^ 2 -24— (^mfi-Jac/ian 2y . ^a^d Ml. to ^c/'S M^c'ua^^ - S^oi a7noant Uc^n^eJ o/ (M^7nue/ M^e, tn- /.alt /^^y tnent 0% C>4ote -- O^ffioujit calliec/ ovei. §7 /4//^ 400 00 ^o \oo 2§ ^O ifOO 00 it4^St; £>** •S7 /oo ^7 00 ^o ot? 2§\^0 ^00 00 i4ctsv J7 44 S J <^ PRACTICAL BOOK-KEEPING FOR YOUTH. 9 ^ui//y/on, /anaary^ M /^-^. ^ G^^nou?it olo(/ant ovei. ^4^^^ &^an-jac^(on 2o , Sa-Ziemte jS^. /o ^a^/i. (^ol /tae'c/ ^?neJ ec/ /lo//i Q^/naJci. Q7Cafc'J ac- (^/i^fic^ oJ^ ^^nct- of/iteie^t, /ol u c/ci?/>J' c/ucou?it o/i aame -^^- &l(a?2Jac^ehn SO, ^c/Tj MiycJ/!^ Ml. fo JSBc/Tj .^ececoa/^/e <£Pol iicn^cng' att^c/i uA -to (S/cenly M'afu'e^ //^ C^i o/e to/uc/i de ue^ ciaac'^i^it 7}ic /ol ^u^ aatne u?n&itnt. — 9^ — ^ &lianJac/thn S/ • ^u/c^Sf c^ Mi>. ^o .mm Mecec^^^ .&Oood'll^. de iuit^cna dccofnfi ^nAluA^. G^fuoufi^ cezlie^/ oit^l. 77 J7 Cf(? ^(? 6C? oo ^

:r7t7^j /7(jfii/ 1 * \ I 12 / / / 4 .£Saiu//a/on, la/?uazu S/ , fS'S^- G^9?f.of///t /^■>'0€./a/>t Of^ei-. ^/t/^J &r;Mn.u/c/wn S p. Sa^n> .^Z't. to ^ci7ne,i (^^Tcfo^to/f (^^ol a?/iof/fit i^fne'ltec/, c/i. y/c/u//ie/ft /oi, nu> al<:fjht, /^.-* - ^^cf/f*ffi '^rot/fie,), ,, „ ,, ,, ,, - -S:/- (^}ocd ^l. to ^Ul^u^e Q^oftnl. --- C^^ai- oauifice ti^^m/eilec/ /o &ttoc£. ^74 t^^ \ //t/t/^' /7t> 4^?(? ; c^t? t?{? :/S'JS7 ^§^ t?t? 74 ^^> t7t7\\ /j^^7 /^/^ ^(? s C^Pol a7nottf/t tv /tcf/afice accou?it /acic/?y . M Ml. to (^e4?ic/ueJ — -- o/fitele^t, /<^i. a??iou7it ti4zna/ei^lec7 to Oa^7fce ac^off7it. &x/ie7ide. (^/tocd, ,, jiet aac'71 tuca 7710/it/i^- GZ77/ouiit caHcect ovel. ^t7t? S4^ §0 ^/ ^^ //44 J /^ ^t? Jt7t7 S'o 77 00 4/^/7-3 4 J :f/44 /t7 ! 48 PRACTICAL BOOK-KKKl'ING FOR YOUTH. 13 .£Suiu//a/o/if J^aiiuaty S/ , fS'S^, / / 4 / / G^fnoti?i/^ viofta/tt cvei. j2oaM.nc^ .^l^l. /o Qyf/Hf/it'eJ ^aJn, /ol u?/iou n / o/e- fttznu, aJ /lei, ^-^a^n-ooon.. Oooft J^7/-'/^/. //44 ^^pS ^^7ti^nal(€J .^j^i. / j2^-fi^Hi/fJ, /ol <^/^ Aifunc^ c/uc /n'fn Oft at- coe//f^. -- .(2%v/C /oi- fi^^ c€r/ii/aci 74 44^^ ifS74^ /^ ^^ //44 ^047 ^^i or/ ^^74/ //^ ^7 74 ^^ 2{? PRACTICAL BOOK-KEEPING FOR YOUTH. 49 14 ^a/Jiuyhn, ^e^ztia^u /, fS'JJ^. / 4 7 7 ^n/Z€€J /at ^uco/iem'na, et a ^onSnua/mn of /ne ikime (^^ccaei/i4ii 4n /ne a/a ,^C€aaet, (^tnc/lced .^'i. ^ J^adcnce '^i^aj/i, /ol a?nou?i€^ o/t /oria, ,, ,, ,, ,, >> (^^h>c/, /ot ne^ ca/U^/. ^047 ^7 74 ^^y§ ^S <^# o^ irs,^p7 04 /-^^ (?0 4^7 ^y 74 oo 44'^^ ps i^oi/7 04 Note.— Some may think the Balance account of no use, and would recommend the practice of balancing the accounts in the Ledger itself, without the trouble of making entries upon the Day-book ; but as I wish to have nothing appear in the Ledger, without its being first entered in the Day-book, and wishing to have some system, fshall adopt this as a rule. It also shows a Trial-balance of the accounts on closing and reopening the Books. If the accounts which are closed by Balance are to be con- tinued in the old Ledger, the balances are to be brought down and entered U)oxhy Balance. If to be transferred to a new Ledger, they arc to be closed to or ly Balance, Ledger B ; and the accounts thus transferred to the new Ledger, tooxhy Balance, Lodger A. • Jio^cWj J2^eceiva^/e ^ ^tY6 Mz^/a/^/;^ ." J J^Jioo/t^, V/ooc/ffue/i. ^ J^afance y ^Sa^d / ^/icil / (2///u'tA, ^a/zieJ ^ &rfnct/i, ^^al/ed, ^ ^o ef » Wn^Y/ftan, '^oi?ie^'tca ^ ^ /• niACTICAL BOOK-KEEPING FOR YOUTH 53 i. (^loc^. a '^. / :k/o Q/unalceJ ,, J^uuince /c^'. / /=>^^ 6f{? ^Ul?l. / /i* ^s^ 06^ f^ ^/ /^ 44-S^ 4^ ^^^ S^ed. / My(^^^nc/i.^ ^. /an. S^el / J /J ^4 :%^tocI. "a?fi€J (^^oa^i^^fi.. 4 7 /J' S^oJ^aA 7lC^. /4 ^^ ^a^^nce. / /J* ^^40 4^^ ^4 ^00^ 4-y 4^ 44J^ ^■^ SadP^. /^4 :fJ7 ^//^ 400 ^74 c^/^ 7^ (?{? ^{? ^^ 00 ^o 00 00 00 /a ft. 00 /.%; ^7 /> 't — ,, (^ei.?ic/i,u^ ,, Sx/t^ffJe --- „ ofn/eU^^. ,, (^t,?fc/i,cei) ,, I^utunce ^. -p 74 s /oo 4 oO ^ ^00 9 p ^J/ fi ^0 / ^J ^ 77 fO s f ^70 // JOO /J* y§/?^ 00 00 00 00 ^^ 00 00 00 00 00 00 ^7 ^/^? ^j I.! 54 PRACTICAL BOOK-KEEPING FOR YOUTH 2 'O. ^. ^St//j .^.eceivafi/e. v-t. /i'ijv?. J" cifl. // /J /J /^ ^^(Mocl. J/ ,, Qyitfiuu'eJ / c7 4 if 1/ cce^i^aCUc S^e^. / q7o „::X^autf>ce. 7 9 /4 4(^cf 40(^ ^4 Uff,. /9 ^4 ^o^9 ^^oo ^4 {?o ^^u^Scutn- ,, C?y/ifi(/if'rJ „ ^i(ocui/(. ,, (^fuficilteJ ,, (^TCctc/uifiutJ^ .. ..^:^ci.uift<^ 9 // /J 4^c^ /9 {?^? ^J 04 ^oo9 ^4 Q^n/eze^/. ^i. P4> &/o ^aJU. ,. '^au)/i. /c^4^. ^ / ^9 J^tifi^. ^^ 7 4 0(? tr ^/ ^ 6fo // / ^(? ^ 9 My^c/6Mecci.'/^/e Q j9 I7j PRACTICAL BOOK-KEEPING FOR YOUTH o ) 3 (?a^-j a/iatne. ■•f 93i. Jun J/ &7o ^^ci^/i ,, (^TunalceJ ,, ^^^ucunc^ J l7j{? 6f(? ^ s^ ^^ /^ ^^ ^^ // SO(? {?0 ^s '/^Jp<9 ^^ ^970 06^ / 4 9 /J* ^4 S'^ed. ^29^^/. 4 9 ''S.C^^ncdSs^x !^0. // •=^U .^OauzTzce. /4 40{? 44^ ^s^y^ 04^ I Jo 00 if^po 00 ^i. Ww/il d' <:^o/^j. '^i. C^//, ,, Qi/fC?l.c/'U€J /J' /9 ^49 04 9/ 9.J 1 ■ =>^^ \ 1 ^^y C>f7^tc/icz??(/(^. . . /J' 1^^ 9 J st7t7\ 9^ ^. ^x//e?z4e. a 'i. f9o^. ^^ ^o '^aJU. ^ 77 00 /9ryr^ u??. ?/ CJ ^y Mo/^-f^ ^j. /i' 77 (70 i i 56 PRACTICAL BOOK-KEEriNG FOR YOUTH 4 ^. (^Cctcdanaf'je, ^. Jun. 4 // ^G^/. (Oc/uf^c'/t <^^?lCOt?l. - . (^ie?ic/lieJ ---! <^ dPcd. , , (oc/toe /I <^/^ ficot/i . . ,, (^ufu/li^J / d^o .^Oa^ftc^. „ '^Sci^/^. i- ,, C^ific/u'^ ,. .^^u^nc^ / 4- // 4(^ ^047 04 ^(? 74 Jl^O§ 44 ^. !^eiii^ale Q^c*counL ^. 9/, ^v Cy/celcUanc/eJe. P ^§ o6? J:f ^y(Moc/c. /S J^§ 0(? ^. /' cimed Qrmem* Q '^. Q / ?%(2^^/- 400 (?0 an. 9i> g7]y0^e/6Mc<'^cW/e ^ 400 00 PRACTICAL BOOK-KEEPING FOR YOUTH. ^. / d/o^^ocd. ^. <£7o '^a^4. // // i. C^/ (£/o <^u?tc^Ued. ^. ^S 'ozneiia-d /l€i cCmci?t» / cd.. ^Az/e, earned / ^. // 740 740 CK? 0(? 57 ^. /4^ cf4^ t. 47^ 47^ ^?^ ^^ ,'^.. ^yCMoc/c. / 44(^ 740 \ 0{? famed G^uzaoo?i. ^. d/o^a6M^y^d4,. 9 400 00 cf/ ^y^a^d. ^2 4^0 00 8 '; 58 PRACTICAL BOOK-KEEPING FOR YOUTH. 6 Z. itiM) attMri &/Catjat Y ^. / / Q/ 700 §00 §o(?_ §/ S^ed. if^O ^. ^Jante/ (^tina & j^o. ^. ^ <£7o ^au^/ /^ ^00 {?o // -^^ (5^lc^a?ie/i^. cf ^i'^^ ^^ (^ ^. 0aiKt/i c^zincoiTi* ^. 4 4^7 4^ 4^ (^^^ / ^S^y 'Q^^ic/uinc/f^ ^/n .^Soadinc^. 9 4 /4 447 4^7 4^7 4^ 4^ 4^ i. Jrooam^/i .^:^zooMd, ^. s/ dTo Mu^ fice. /c5* 74 {?{? ^/ C^^r/ / My^Su/.S^c^rn^. My Ma^nce. // /4 7^ 7><^ ^^^ 0(? PRACTICAL BOOK-KEEPING FOR YOUTH 59 ^. i^a/i/i?i (^o^ed. ^. J*/ J^ 0^4.^ MiooL // 7^ ^^ ^^ Mv ^a^/i. /J' 74 {?(? / ^. (£/o (^ific/^^. // // ,^jatanee. ITS /4 /J'4^/ ^4 / .1^ (^U9u/uea. ft f i. /4 -f^'^ ir^or^7 ^4 h • • — 1 ♦ • » p— ' i . 1 ' 1 ■ ► 1 ftc> rRACTICAL BOOK-KEEPING FOR YOUTH. 1 PRACTICAL BOOK-KEEPING FOR YOUTH. 63 : ... II 1 II ^i. ft c^' ^r/* /^ t. / .. y ' ^.A,,/^'« y'l^^^ ^4 fS7 J^OO ^oo -f^o ^o 7^ oo oo oo oo oo 77 oo ^o oo oo oo oo /400 /^§4 oo ^fa?i. ft It ft ft ft tf t f 4 /^ ft /■5 ft ^^ ft ft ft ^/ 07^^t (^^^,/^/ /^/£U Aii C>////"i^/ia?ic/ide c'/t /u^. 74 /oo ^o /oo ^so / ^o 20^S oo oo oo oo oo ^^ oo oo 77 oo oo oo oo oo P7 1 ,J:^c/'7^ ^£/a7tCCt' (S/tt'Mf JT^" U /oi / / J- ^C?utt^c?t (2/Caaal. oft account ^'Ji'S ^ecec'na^^ on /a^neJ (Mna/v'J Q4oU ^oine/c'tuf "^/MUmaJif on accoutt^. • SO§4. caa/it tenc (O^r^M^xy./ 9//^'>jn />j /u^ /oh G^^icdaficTcae /an. ff tt // tt — 1 /oo ^o 400 ^oo 74 ^^ (^:yC7nOlcnv On/ fiaflU'... _.-.-- .--- (2f?tUiede,/tacj£z,7fie^ "^/fai-left Sf ^o. cn^leJ^ 07t ^/9 A ^yyC^v „ C/^J^^A.A>A Or/iii/y^/t nC ^/nn -//yoca tn /utt ^oUieueU // uufnaJi, „ ,, t* " Q^a/iAtft (^LOtfneJ, ft tf »' " //j^ /f , , ' / J. ^ J- ^ y-A CY //'J/^ ^ ^1. -^>r> ^^^»» .^/l/" '^tt/irt^/b . ._.-.---- ,^^ata?ic^ calUed -to 7texf -moyt^/t S§4P ^7 t^§4^ f^j^jp ^7 S^ed Q/o .l^afcrfic^ O^loua/it ^to7ft taat^ Tnoni'n^ NoTE.-In this Book, all sums received, together with the amount put into business, should be entered on the debtor side ; and all sums faid mt should be entered on the credit side, and sh9uld be balanced every day. The amount of cash on hand should always agree with the balance wanting in the Cash-book. ■ . • I , |:'.- m m iiiiii it . WladM ;.] ^i m 66 PRACTICAL BOOK-KEEPING FOR YOUTH. G4^/e,f anJ ^i^ iMt. / c?0 No. From whom Received. To lohom Payable. Where PayaUe. waUt / QyK »0 Cy/^eUn7i. Sf. 700 ,^^e?na?ic/. ^§ M/.^7yMe, ,, S/. ^ ■fftOfl^/tJ .. // Q^^i. soo 00 ■/O aayJ... rt J'u7t. ^3 soo 00 M^^ ^a^^, „ /9, <^ 7no?i^/i^ . . // Q^/u. y^ soo 00 ^^e7na?icC . fp soo 00 £ 171071^^^.. // G//^i. ^2 400 00 M^'c/^y ^cun(, ,, SS. SO .^^/.b^^/-«^^'' t9 oo?i,aiapt cKt^n PRACTICAL liOOK-KEElMNG FOR YOUTH. 71 auaOte, 7' Tim/e. Year. jS fnon^nJ.. Jg4 c/ay^... (^{? c/a7/J... /c^4^. When Due. ^^/i. /u/y Amount. / G^ 7 ^9 // / ^SO oo Partial Payments. ^^<9 ^^ 20^ OO ^oo OO ^o oo 400 oo ^O oo soo {?(? 440 c?o Remarhs. M/. ly ^a<^d,J^^t. /c^. M/. ^y Q4^o^^^c/i^/t,J^n. ^. NOTK-Tho total amount of unpaid Notes due on the Bills Payable Boole nhould always agree with the balance due in tl Ledger with the same account. • T $1290.00 Balance on the Ledger Balance OK THE Buxa Fayable Book * ic I 72 PRACTICAL BOOK-KEEPING FOR YOUTH. Q/iiai ..::i^a/a?ice, /oi I^anuazu S/ , /o JJO, Paje, 4 4 ^ (^cocn,. '^Sa^/t J^ctu .J:ztececiia&^ ..^^ittj .=^^ziiua,^/e '^2-^oeicuuficiCi^ Syn^eieJ^.... M^/c^Jf £^/j Sx Ac fide .^ic'uaU Q^^Vccou?it. ^ct7n€J Qy/?i('t/t. ^^olfteuaJ /AUctf/KZJt Q/uoJncU ^naJe J^u?n,eJ (~2^/oaaoo?t. /hciif^Cft (^Caa^l SauM/h <^/^t.'ncoi/t //oou??ia?i .^^loouJ ^a/iAcn> &^oC/neJ o/o^at a/?iou?i f o^ £^cin-^oo/c aac/i/eofiJ Zd, ^04^ 77 <^40 47^ 74^ 4^^ 74 /cft?^/ 9 /J'^^/ ^4 ^O ^^ ^4 OO SO OO OO OO OO OO ^/ OO OO OO ^t^ ^^ ^Zd, SS40 20/0 fJS§ 400 S40 47^ 740 400 ^(?0 0^7 74 74 /S^jJ7 00 ^4 00 70 00 00 00 00 00 ^^ PRACTICAL BOOK-KEEPING FOR YOUTH 73 Q/ua/ Mz/ancc,/o. /anuazj^ Sf. /^^—(^^ cond Fonn.) Page. / 4 ''^locd. --- ^a^/i EXPLANATION OF THE TRIAL BALANCES. ■•♦*» T„. Trial Balance sUouU b. taken eve^ month; the objeet ''^ ■^^'''^■-^''^-''^--^''-'•'- ^^ ^"TL^:^!!^. ™,e a .beet of pape, a, In e.a,„p,e ^.-en, ana p.oeeea to taUe do^n tbe name, '^-^ir^^l^^!;^^^:^^:^ with tl,e amount of uU the debit, and eredit, for tbe month, or for tbo t.me '■'"■--■'"■" ^";' ^■^""^;;^ , J,, „.„„„„^ amonnt, of t..e original entrie, ,.ve been eorroet,. posted the debtor and credit - - -^J » ^^^ ^l _ „ are eorreet, take the total footings of tlie Day-book for the given time, and if the ^>ork eorrce the total amount of the Trial Balance. Xhi, form Of Trial Balance i. .imp,, to take o.^ the Zl in - -- Itl^r rXl ^^^ '^^■ credit .ide of each account, a. .ill be seen in the example gi™,; and if the » ^^^ ^^l^^'^.^^^ ^„ ,,, JJ^^^ „ic Book. This form i, much shorter, and is undoubtedly the one mostly used, and is the f°™ «"^'" ™" . ^^^ ^, It also presents at one view the total amount of debt, due you from other,, which are found m the left-hand ll ainount of debts due from you to others, which are found in the right-luuid columns. ,S.e e^^pU.) 10 I ■ 4 i H i F 74 PRACTICAL BOOK-KEEPING FOR YOUTH. Ofni^en^otu^ ^ooi. / / / 7 /J* I (D^nvcUce o/ <^/^^c/uinc/i^/^^, Qj^nJ^^l &iie^^cn^' c^cFif^ ^^^ ^.^, /J'/.^, -^-'^^^ .f^^;...*^ @ -^^ .^/^. ^^..^ ^ ^'^^ ^-^^^ f^ c^^- ^-' ^^^ '^ ® *^'; ^.... £^.. ^y-^. ^^^^ - ® -^^ <^a^dmcie &/A^w6 ^^^ ^^ciM'/Zi^ ,, ■ laJ.- @ SO CSoift'^ ->!i%i-««.« .>.^<5^ 340.00^ oUta/ amount inved^- fOO 00 0(? 00 00 70 0(? 00 00 00 00 so 400.00 300.00 jS7^^ ^400 yoo 740 00 00 00 00 I 1 SO 47 SS40 00 74 KoxK._Eac. article of MercW.e .hould be specified with its <,ua..t.ty, pnce, present value. and amount, as above, at cost, or at the FORMS OF BILLS AND NOTES RECEIVABLE. ^mn.Mc^Win / ©fi^e / . ^eil/c7iy^o?i, (^^., Q4^oue??t^ei> /. ^^O^. ^400.00 {See Note S, page 95.) (^mndac/i^an / (S4^o/e 2. 0OO.OO ^ul/c^^y^on, (^t., OVa^nJei JO, ^^oS. ci7u.o .non^/^ a/e^ c/u^., Qf/.U>n^ ^ /-/ Sc/^.ai<^ (^^U^n, ot o^K //^ /^unJuJ ^m^hiac/wn / ©Vo^e S. ^/§.o. '4 ^uliinyloft, ^V., ^?tuai,y O, :f§0/^ on ■■I 76 PRACTICAL BOOK-KEEPING FOR YOUTH. (^mn^jaa^n /O ©^/^ -/. ^3r;6>.^^ ^ul/'c^^^/on, (^^., Ji^vu^iy Iff, ^9^/P. <^ian. ^'ui/cny^?i, ^t., ^nualy /c?, /J^^. G€t ^?t c/ayJ a/tel afy/it, /(.ay ^ ^/le ou/ei, o/ Scd c,acle^t, on, y. //. .--- ^o .ny accoaut ^^^/^ at ^^u/fM ^and, Mo.^n. erf //ctua??t ^lahn.. Q/o Q^^.na^a ^4, /cf^i^. Ci//ic'Ui/ e/a?/J A^?7i c/a^e, Qf ytiomtJe /o /tan Sc/uiau/ Gi^caUc/i, ol oic/ei., /?t. S'c/iua.lc/ (^^^(ai^7> (^71. (^mndac/ton p ©To^ -4-. ^^OO.OO G4ew. ^?/^id, J'a7iual7y //, /<%? (^cx -7710711/^/10771 c/u/c, of /i.io7nt:^e ^o /lay Jc,77teJ ^S/zid, oi olc/et, ^uw /iu7tc/u ieccc'uec/. ^Szya/^ at ^Oaji/^ of ^/uUc7iy/07t. Sc/walc/ Q^/al^/i>. (^iandoc/iixn // Q/yoie J. /^^.^<9 d/ZcUfi c/ayJ /l077i> c/a/e, of yii077zcae /o /ay S'c/wc7i ^cnco/7t, ol olc/el, /e/ty c/o/ixziJ, «/^^ iececuec/. .^Szya/^ a^ ^a7id o/ ^(tl/c7?y/o7t. We/iMzlc/ G^/al/c/t, \ 80 PRACTICAL BOOK-KEEPING FOR YOUTH. (^ianiUic/ion 2-4 (y^j 4^6^ ^o/^i^. (^zan^ac/i'on 2S ©4i/e /. ^^{?.^^ ^ul/cn^^on, ^t., Jinuaiy £4. /^c^- Gc/uHZ-li^ Q^Lai^c'fi. (^tan-Jac^ion S2 ©Vo/e §. ^^{?^.0{? ^oJ^o^f, ^unf^al7y 2p, /c%7. S'cl vu/ue iec^t^vec/, of /cl07?ieJe /o /cay ^ci?7ieJ ^/fulie^i, ^ ^Sc, ol ou/eK //^ At7ic/l^ e/o/dcU, we'd tnUle^t o^l Je^Juz^tJ. 3Szya^i^ u^ S. Qy/lc^Uui'J of^. PRACTICAL BOOK-KEEPING FOR YOUTH. 81 FORMS OF DRAFTS. ^^^ ^^0(?.C?0 cnahxe //^ aa^ne 4? fn,y accou9i^. o Q^I^/^iJ. Mcinf:c/ '^^?ty Jf ^o., ^o^^o,t, ©i^^. S(/wai^ <^^Oal^n. (^m^n^ioc/mn S2 ^za^^t 2, dAvv 7?io9a/L> ci/^l c/u^, /uiy ^ //^ oic/eh o/ Ji77te^ ^aUen. S^ ^o. ^/ilee /unJi^ a7na /o TTty uccou7z/. Sc/uMzU:^ Qy^baUcn. 11 FORMS OF CASH RECEIPTS. ►•♦■ ^c?o.o^ Mececuec/ o/ Sc/u>aic^ (^i^Ucn o?ie /iu7ic/iec/ c/o/^i^, on, uccou,a. (^domatf ^Ua^. 'Mececued o/ ^u/ucr. <^(^yai /cue dundlec/ c/o/i^U. en /^U /u^ymcn^ /^ O/^aunc/ae M^^cecvec/ o/ ^ol7teduJ ^Wutmu?t one ^unc^l^J u?ic/ /ol^y c/o/(^iJ, on accoum. ^/4^.00 PRACTICAL BOOK-KEEPING FOR YOUTH. 83 Mececvec/ o/ (^aniue/ Mi^ce o?7e /umc/iec^ c/oSti^, «^/^/ ^ ^ ^ c?zc/oi^Xc ^^cec've^ &/ Sc/i4Mti^c^ "^^l^c'n idlee 4u7icAec^ Jo^ia, en /u^ o/ a// c^nva7i(l} ^ i/a^. ^mndac4ton Sp l^ccei/i/ p, ^400.00 ^ul/c7t^^on, ^^., ^7iuc^y J/, if^^p. ,^^ececiie(/ 0/ ^ameJ Q^^a^^oo7t /ul dunc/lec/ c/o^i^, c'71 ^y77zenl /i, ^ c/la/, /zvol 0/ 84 TRACTICAL BOOK-KEEriNG FOR YOUTH. i^/?^.^^ ^74.^0 FORMS OF BILLS OF MERCHANDISE, BOUGHT AND SOLD. -♦-•-♦- if ^^^ ^a/<:c ® •^- / „ /^. (Me^'tcny —SO „ @ ./'-^ 4 yalcl) ^^ue ^Bloac/cU^m. 5 ,, Q^u^/ic'?ta Jg ,, ^^c^ ^a^c'?naU ^J^ S.PC? @ 7.ocf '^^.oi? @ .^x ^ ^^ ,y^ f.^6?...^40.§f PRACTICAL BOOK-KEEPING FOR YOUTH. 85 (^mndac/ion S 12^4^ 2, f cf/L^e ^ S^^yio^t &/ea>, §§ /^., ® 7C? /^/.^ Jg ^6. ^lom^t ^u^i, ^^O „ @ ^ <9, ® f .OO ^4^.00 / Ai^ Uie S^An?ie6, f^ ., §00 „ ® .J'^ J^OO.OO y,5(^ ya^ ai^n ^a/c^^y ® .O/ 7.<^^...^447<^^ ^J^ndac^n S .^Siu-^, 20 Jox^Tt /ti^nleJ ^/a^, ® f.OO ^O.OO Jg ,, „ M^ded, @, ^.0(? fCf.OO 20 ,, ,, ^owS, @ .^O fO.(9(? f4^ „ co^lec^ „ @ .7^ 7-'^^ fO „ „ Q^l^yJ, @ .7^ - --- 7-^0 fO „ //u^ oTum^^i^, @ ■/.<^(? - f^.OC? f^^/a^urt^^S^Mj, ® .S^ - 4.0(?,..f74.(^o 8(5 PRACTICAL BOOK-KEEPING FOR YOUTH. (^Iuin4ac/€an ^ L^m/ -^ , /•. ..Wc^.^/i> . ^oo . ® .^o ^^o.oc?..J'^oo.oo &ianJac/Mn y .^m/ O . ^ yaic/j S'to^Ci/. ® -^P 4 ,, ^n^n, ®, .^^^ ^'^ ////^^. ^70/^;^.0^ /^£^-//<^.^4 ,^!^^cca^i^ /uiyntent, (^mthiac/mn o ^^M y . f coJ, ^a^/.mc^ (Muu^A /^f, ^^.OO ^^^^^ / ,, /^/^.^ „ ^O. ® ^-7^ ^^^'^^ ^ ^^ Uu^n (^fice^n^, ^OO yalc/j, ® JO £O^..JJOO.O(? ^4ed, J^40 yalo/j, @ ^^O ^40.0(? / „ ^ioac/Ml Zf ,, §0 „ ® ^.0(? /^^.^^.../40^.0^ ^^ececuec/ yt-ayme?i^. ^a,7neJ ^^id. (^mn^aamn YO ^ii^p. 40 U6. S^/ouK ® ^-00 S40.0(? ^^ yc/j. ^a/>uneu, @,ir.OO - £0^...^£pO.(?0 ^mn^ac/mn // 2^t^ / O . Q4iuj- ^il, ^7t€iaiy ifS, /^c5^, m cf /i/u^. Qy/^/a/^, 400 y<^/i^7u>, ® .^^ ^00.00 ^^JuzH^ ^o//^, ^OO i^., ® JO '.... ^(?.(?0. ..^/^(?.00 I! 88 PRACTICAL BOOK-KEEPING FOR YOUTH. ^iafhJac/mn /2 ^4^ / / , Q^. S^/iofficzJ yf/^Uney, ^uid'fia/<>n, ^e^., £i,?uiuly ^^, f§^fi. 4 /le'eceJ ^a^c'mci€, ^6^^ yaic/j, @ f.^J fJJ.?^ /^ „ S^^n7ie/, ^^ ,, ® .J4 J^04.0{?...^^J'/.';^ J^u^c^cvec/ /iciy^nen/^. Sc/iuuu/ G^Cui>^'n. <^m^, @ y.{?{? ^4(P.C?^ PRACTICAL BOOK-KEEPING FOR YOUTH. (0^mmac4ian 22 ^^/f4. ■ 4 /it'cccJ &^^cne^^, -//^ yatc/a. © .^^ ^^.06^ / /it^ece ^a/ye:,nei^, £^ „ @ /.^^ £ >.06?...^S0.6?0 • ■ • (^mn.jaclean 22 ^i^/^. ,^^ouyu^ o^ Satoalc/ (^i^oai^fcft, 4 /«^ ^u^^i, ifOO /^^., @ .^^ ^^'5.0^ (^zandoOten S^ ^4^ / ^ . ^ ca^^ ^o^^Tt S^aU, ^O c/or.^n, ® £.0^ ^§0.06f / ca^ c2S^^j/ii6uc^ ^^ue^, 3J „ @ £.00 '/:/O.OO...^^pO.OO _ 89 90 PRACTICAL BOOK-KEEPING FOR YOUTH. (^mndac/wn Sy ^^ / 7 > Qy/^^U>. ^ame^ "^//ullen Sf ^o., ifS /ix^^cea ^a^c?nei€^, ^4^ yalc/j, ® :f.OO 240.00 /^^ (Me^a^^,. ^OO „ ® ./^ tf(?.OO. .J^t?0.0^ .^Lececuei/ yiaujficn^. Sc/walc^ (2^0ul€cn. i I REMARKS ON CLOSING THE LEDGER. The first thing is to take an inventory of all the property on hand, of every description, at cost, or at the present value. Having ascertained the amount, each account is to be credited with its respective amount on hand, and Balance account is to be made debtor with the total amount credited to each account ; and each account thus credited is to be closed to or hy Profit and Loss upon that account, as the case may be. For instance, having added to the credit side of Merchandise account the amount of merchandise on hand (viz., $3047.74, see Inventory- book), it shows a surplus over the debtor side of $566.85, which is profit, and Merchandise is to be debited with the amount of gain, and Profit and Loss is to be credited with the same amount. (Apply Rule 3 ; see the Entries for Closing the Books, p. 47.) Profit and Loss is to be credited for all the gains on the different accounts, and debited for all the losses ; and all fictitious accounts, such as Interest, Commission, and Expense, are to be balanced to or Ijy Profit and Loss, for the gain or loss, as the case may be. It is then closed to or hy Stock account, for the gain or loss in business. (See the Entries for Closing, p. 47.) Stock is made debtor for Private Account for the balance ; and Balance account is made debtor to Sundries for all the balances of accounts due from others to you, together with Bills or Notes Beceivable, Merchandise, and Cash ; and Sundries debtor to Balance account, for the balances of all accounts due from you to othei*s, together with the amount of Bills or Is^otes Payable. Balance account is then closed to Stock account for its balance, which amount is net capital ; Avliich having been done, the Books are balanced and closed. (See Closing Trans- actions, p. 48.) It III 92 PRACTICAL BOOK-KEEPING FOR YOUTH. ,:^^efio^^ oz (3n^a^emc?d. — {First Form) (^€/nc^Z4€d /mi/ Oi&e ^me, ^amia^y^ S/ , /oSp, ^a/i^(?i (S^^aai', /oi, ^ciuz?ic^ c/t/e^ o?t accoun/. .^c'^ ^WececiAu^^', j^t /^a^nc^ c/tfe on ^4o^ ^aan, /oi^ amoun/^ o?i ^tn, .^Z^'??c^/i, ^i' OaM7tce c/u^ o?t accoe^n/. <£/&^nou7i^ o/ ^^ca^c/UcgJ a^ ^Aat ^c?nfi, J^?ituziu / <^^ea/ZAC7io. /m 7i^t ^aVu^/, Jfa/iuai^u / (^n^atui'n«T^ an, c?iciea<>e^ cJ^ J^o/i^lff^ /ol ^Ae ^no/ttu. .^^ctf m^ aatn en ^uJcneS /ol ^nc 7non€n. 4P7 74 iS4^ ^7 74 4^ ^^p§ ^^ ^§tff 44^^ 400(? 4^^ ^J7 ps oo 4^o pj 4-y PRACTICAL BOOK-KEEPING FOR YOUTH 93 ^he/iozl oi (2/fa^emen^, — [Second Form.) d^Xtitn KJi^.-.Q/oZa/ afnou7i€^ c'ni^edZec/, ^a?iaaiy / St0tll "^X.-.o/o/a/cz^iottfi/: M^ /ot /ne mofi/n. Q7^lo?/i tonccu i^u^^Uic/ ^/i^ a7/iou?it o^ Ji^Ut^a/is^ G^ccou7i^. ifSi40 Qynotvc'7ia. C171 c7icieaJe o/ J::!^lo/iel^u i^i, -^ne '77zo7i-^^.. (^/nototfiO' ^/le 9iet ^a/uYat /o ve, ^ci7iualu c^/ ^^^ §o :fZ?/ 4^o 4^ 4^ 406^0 OO 4^^ 44^^ NOTES TO TUE TRANSACTION AND EXPLANATION BOOK. TRANSACTION 1. NoTK A -All Notes, Drafts, Cash Receipts, Ordoi-s, and Bills of Merchandise, bonglit or sold, referred to, are to he given in/«?/ by the scholar, so that the/.m of each will hecomo perfectly familiar. Note B.-Mi/ or 7m, in these transactions, means the author, Edward Martin, or the person transacting business. XoTF C-Tlic teacher may ask the following questions, an similar ones, in ever^/ transaction, if thought best, viz.: AVhich side in the Ledger is the $5510 to be posted? and also the Cash, Merchandise, Bills Receivable, Jan.es Smith, Cornelius Whitman, the $1540, Tliomas Cha^, Charles Smith & Co., and Bills Payable ? TRANSACTION 4. KoTE i>.-IIave omitted making the entries here in full, but the quantity, price, and amount of every article sold should always be specified, and entered in the Day-book in full. TRANSACTION 5. KoTE ^.—Whenever a bill of merchandise is receipted, if part or all of it has been paid by cash, there is no Cash receipt to be given or received. TRANSACTION 6. KoTE F.-A Bill Payable is my own Note given to another, and is due from me to another, instead of to me from another, and is a bill I have got to pay. PRACTICAL BOOK-KEEPING FOR YOUTH.' 95 Note G. — A " Bill Receivable" is another person's Note, and is due to me from another, instead iA from me to another, and is a bill which he should pay. TRANSACTION 9. » Note K. — Tliis transaction might, or could liave been entered thus: Merchandise Dr. to Sundries 400.00 Bills Payable, for my Note, &c •. 200.00 Bills Receivable, for D. K. r part, and Cash in full, what entry ? A. Merchandise Dr. to Sundries, Edmnnd Burke Jor Us payment of my draft, etc., Bills DayabU, *' my Note, Q(^^j^ " for amount paid ill full. What entry would B. make 1 Sundries Dr. to Merchandise, Bills Receivalle {viz., E. MarthCs draft and note) and Cash. What would be Edmund Burke's entry ? Edivard Martin Dr. to Bills Payable. If Edmund Burke should foil, and B. shoiild ngrco to discharge him in full for amount of his claim, in consideration that he should pay one-half in Cash, what would be B.'s entry ? A. Sundries Dr. to Bills Receivable, Cash, for amou?it received, and Profit and Loss, for amount of loss. Q. Wliat would be Edmund Burke's entry? A. Bills Payable Dr. to Sundries, Cash, for amoufitpaid, and Profit and Loss, for the balance (gain). Q. If I obtain a discount on my own Kote at the Bank, what is my entry ? „ t ^ r ^ * A. Sundries Dr. to Bills Payable, rw., Cash and Interest. A. A. ■■--.-miiiirMa' ■=i;>.f»B!WfiTff) Q. If I should get James Lawins' Note (which I hold agamst him) discounted at the Bank, what would be my entry ? A. Sundries Dr. to Bills Receivable— viz.. Cash and Interest. Q Why do I make a difference on my own Note discounted, froni that made upon obtaining a discomit on a Note due to mo by another ? . .■, j A. Because when I receive a Note, it is due from another to me and is made debtor to Bills Receivable; and nhen it is disposed of Bills Receivable must be credited. But u-hen I give my own £te, it is due from me to another, and is called Bills Payable; and tvhen I receive any thing for which I give my ou>n hote,the thing received is made debtor to Bills Payable for the amount Q Sold goods to Edwin Kimball, for which I have received in payment my Note (given up), his own Note, order on William A. Bacon, at 30 days (accepted), and Cash m full,— what is my entry ? A. Sundries Dr. to Merchandise, Bills Payable, Bills Receivable, William A. Bacon, and . Cash. Q. What would be Edwin KimbalVs entry? A. Merchandise Dr. to Sundries, Bills Receivable, Bills Payable, William A. Bacon, atid Cash. Q. What would be William A. Bacon's entry? A Elmn Kimball Dr. to Edward Martin. Q. At the end of SO days, I received Cash of Willuuu A, Bacon for amount of order, what is my entry? A. Cash Dr. to WiUiatn A. Bacon. Q. What would be William A. Bacon's entry? A. Edward Martin Dr. to Cash. \ \ MERCANTILE FORMS OF SUNDRIES NOT USED IN THE PRECEDING TRANSACTIONS. /4^<9.^^ mae ^.^. j^f^O.OO .£Suiu?ia/o?i, ^c/^., ^unuai,u ^J, fS^i^/^. Moa/&?t, Q4^ot^7n/^ei> 7, f§J§. ^^■i Mi i p iW lil i jiWgB fi W I i'W WBTWW^ B i#i w!i|ii» l wili l iHwpiii i Mececi^eJ o/ <^. ^. (^^nid ^u,en^^^ c/o/^iJ, ^ ^^ cru/oUec/ on /eJ Q^Vole o/ /oUy ^/tal^ (2^^1U<). ^^r^o.o^ jf/{?6?.00 Mui4ny^?t, ^t., G^iye4^^7' ^<^<^'^- (Mc^y c/uy. a/l.^ ^4., Gf/.iom^ ^ /-/ ©^^^ ^^/.>^.J^ o. oU^i, on. /.u.u/uJ ManU/(^. (^eii4^/iaw. ^:f00.00 » ^^^^/uiy ^o Q^ma^ "^Ma^iey o^v, Aun. /■ MSM OII20 I D420 Sia61 . f^' \v^ l^Vv. lA^. M.A\ M ^'N" -_D420 Sntlth Sm61 Practical bgcddcp*y^.ng fgr yofffth* J ij 'jy^f0^'^"' *# END OF TITLE