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COPYRIGHT DEPOSIT:
MANN’S AGRICULTURAL BOOKKEEPING INSTRUCTOR
Designed for Self-Instruction and School Room Use BY
Jv D. MANN
GALENA, OHIO
Graduate of Ohio Wesleyan University School of Business, Delaware, Ohio 1902
CORY RIG EIR 194 Bix J. D. MANN
MATL ORDERS WILL BE FILLED PROMPTLY BY: THE AUTHOR
a PREFACE ee
HE object in presenting this volume to the farmer and student of agricul- ture, is to teach the important points of theory and practice of book- keeping to such an extent, that it may be possible to keep a record of bus- iness transactions in such a way, that by an examination of the books the true condition of the business may be known at once.
Since farming has become a science, the successful farmer has become, both a
scientific and business man.
It is just as important for a farmer to keep a record of his business transactions as it is for any other business man.
After making a careful study of the several systems of bookkeeping, we have failed to find a system that meets the requirements of the man who is engaged in general farming. This fact has prompted the author to present to the modern far- mer a system of keeping farm accounts that will meet his requirements and at the same time eliminate the unnecessary technicalities of bookkeeping which he will never use in keeping farm accounts. For this reason we have employed transac- tions in this set of books that will be familiar to the ordinary farmer and at the same time be such that they will illustrate the fundamental principles of bookkeeping.
We have also endeavored to make the system as simple as possible and yet so complete that it will meet the requirements of any one who is engaged in general or specialized farming.
For the farmer who is engaged in the mercantile business, such as selling fence, fertilizer, farm implements, etc., we have employed transactions that will show how such entries should be made.
It is not necessary to be a college graduate in order to be able to master this sys- tem. Indeed it has been our foremost aim to put the work in such a way that anyone possessing a moderate education will be able to master it without difficulty.
By studying the definitions and rules, by inspecting carefully the entries made in the journal and ledger, and by followingthe instructions for making such entries, no difficulty should be experienced in recording transactions and making entries of the same in a satisfactory manner. Of course it will be necessary to use judg- ment in comparing the transactions made in this book with actual transactions which you will make.
The transactions used in this set of instructions are real transactions taken from our own books, which cover a period of ten years.
We have been engaged in both general and specialized farming and stock rais- ing, also have handled several lines of merchandise during the period from which these transactions have been taken. We have taken great care to select all of the different kinds of transactions that a farmer is likely to make.
We have long felt the need of a system of keeping farm accounts which would be complete, yet simple enough that a man possessing a moderate education and a little good common sense would be able tc keep a record of his business transactions in an intelligent manner. This fact has prompted the author to put this book before the public. Our greatest desire is that it will meet the desired requirements and that it will be a help to the farmers in fees a record of their business.
JAN 29 19{4
Ocia3se2s71
Preliminary Remarks
To the Farmer:
In presenting this book to the farmer we feel that we must make some introductory remarks. First we wish to impress upon you the importance of keeping a record of your business trans- actions. It is both interesting and beneficial to know just what your income and expenses are. Many farmers have paid the same bill twice because they failed to keep a record of their busi- ness. The larger part of many estates have been consumed by lawyer's fees and court expenses because the deceased, while living, failed to keep a record of his business in a businesslike way.
This system is not as complicated as it may at first appear. You are not expected to master the whole system at once. In fact it may never be necessary for you to master it all.
In this system we have endeavored to employ transactions that will cover every phase of farm business, taken from a commercial standpoint. We do not expect that any one farmer will make all of the transactions recorded in this book, but in order to cover the needs of all farmers it has been necessary to use a large variety of transactions.
It is not necessary for you to study this system for several months before commencing to keep your own accounts. In fact you can begin the day you receive this book. However, it will lhe necessary for you to give it some study and you should devote a few hours looking it over be- fcre you attempt to keep your own accounts. It is best to read the definitions, rules, and 1mstruc- tions a few times and look over the book enough to become familiar with it, then you are ready te begin keeping books for yourself. The instructions are so arranged that you have to learn to record but one transaction at a time. You may learn to make one or two to-day and perhaps an- other tomorrw, that depends entirely upon the number of transactions you actually make.
The Journal is the principal book that you will use. You will very seldom use the Ledger unless your business is yery extensive. The majority of your entries will be in the journal, only. In case you do any business on credit it will be necessary to open personal accounts in the ledger
It is not necessary to use the Farm Record Book at all. The transactions can be recorded in the journal at once. The average farmer will not make more than two or three transactions each day, and it will require but a few minutes each evening to make the entries in the journal. The Farm Record Book is used when you make several transactions and wish to write them down until you have a chance to record them in the journal. Any cheap tablet or paper pad will do fer this purpose.
When you wish to record a transaction in the journal, turn to Vhe Farm Record Book and find a transaction like the one you wish to record, then look in the journal and se how that trans- action was recorded, and record your transaction in the same way. In the explanations to en- tries in the journal and ledger we have referred to the rule governing each entry. It is best to look up the rules referred to.
If you wish to take an inventory at the time you begin bookkeeping, turn to the first part ot the “Farm Record Book” and see how the Author has taken the inventory, then proceed to
take yours in the same way, and then turn to the first page of the Journal and see how the Author has made the entries for the inventory, and then make your entries in the same way.
To the Teacher:
When the book is used in the school room, the pupils should be required to learn the defini- tions and rules and study the explanations before attempting to make any entries. Each pupil should have blank paper ruled the same as the jcurnal and ledger. Begin with the inventory and have the pupils make the same entries that are made in this journal. After the inventory has been disposed of take up each transaction. Have the pupil give the rule for each entry made. After the journal has been completed take up the ledger in the same way, beginning with the inventory and then each entry found in Sundry Personal Account Column in the Journal. Ajter all of the en- tries have been disposed of close the accounts in the Ledger, referring to Closing the Ledger.
Page Three
How to Study This Book Without a Teacher
Ist—Study the Definitions.
2nd—Study the Rules for Making Debits and Credits.
3rd—Study Explanations to Columns in Journal.
4th—Turn to the Farm Record Book. On the first page, will be found the inventory, taken Jan. Ist, 1911. Look over it carefully. Then turn to the first page of the Journal and see how the entries have been made. Use you own name instead of Proprietor, when you keep books for yourself.
Sth—After the Inventory has been disposed of take up each transaction, noticing how each debit and credit has been made.
6th—Read the Instructions for Making Debits and Credits in Journal, and How to Study This Journal.
7th—In connection with each entry in the Journal, read Explanation to Debits and Credits in Journal. This gives the amount of each debit and credit and the rule governing
the entry. It is well to read the rules referred to until you become familiar with them.
8th—We have given some explanations to some of the transactions. These explanations will be found under Helpful Explanations to Some of the Most Difficult Transactions. Con- sult this subject freely.
9th—After all of the transactions have been disposed of, study Explanation of Ledger, and How to Post to the Ledger.
10th—Every amount found in Sundry Per- sonal Account column in the journal must be posted to the ledger.
11th—After all of the amounts have been posted to the ledger, study Closing the Ledger.
12th—When an amount is posted from the journal to the ledger, always place the jour- nal page in J. P. column in the ledger, and place the ledger page in L. P. column in the journal. This is done for convenience in re- ferring to a transaction from journal to ledger, or from ledger to journal.
A ledger is usually closed at the end of each year. It can be closed at any time the pro- prietor sees fit.
Definitions
1. BOOKKEEPING is the art of recording mercantile transactions in a regular and sys- tematic manner, and keeping accounts of the same in such a way, that a man may know by an inspection of his books, the true con- dition of his business. There are two kinds of bookkeeping — Single Entry and Double Entry.
2. SINGLE ENTRY BOOKKEEPINK is the method by which the amount of a simple transaction is entered in only one account. Personal Accounts and Cash Account are the only accounts kept in this method.
3. DOUBLE ENTRY BOOKKEEPING is the method by which the amount of a simple transaction must be entered under at least two accounts. Once on the Debit side and once on the Credit side.
4. BOOKKEEPER. A _ bookkeeper is a person who has charge of keeping accounts. It is the duty of a bookkeeper to make a com- plete record of business transactions. This record consists of the date on which a transac- tion was made, a statement as to whether you bought or sold, the name of the person or per- sons of whom you bought or to whom sold, the terms on which you bought or sold, the name of the article or articles bought or sold, the number or amount of articles bought or sold, the price paid or received, and the whole amount of the bill.
Page Four
5. KEEPING FARM ACCOUNTS is the act of recording business transactions made by a farmer.
6. A FARM RECORD BOOK is a book in which a farmer keeps a detailed description of his business transactions in the order of which they take place. This book corresponds to what some bookkeepers call a Blotter, Day Book, or Waste Book. A common tablet or blank book will answer the purpose very well.
7. A JOURNAL is a book in which Debits and Credits are arranged in convenient form to be posted to the Ledger.
8. A LEDGER is a book into which ac- counts are carried from a Journal.
9. A BUSINESS TRANSACTION is an action between at least two persons in ex- changing values.
10. AN ACCOUNT is a collection of a par- ticular kind or class of values in the form of Debits and Credits, the names of the persons to the transaction, date, and price of the ar- ticle. An account has two sides—a Debit Side and a Credit Side. The Debit side is the Left Hand side. The Credit side is the right hand side.
11. TO DEBIT AN ACCOUNT is to place an amount on the Left Hand Side or Debit Side of the account.
12. TO CREDIT AN ACCOUNT is to place an amount on the Credit Side or Right Hand Side of the account.
13. CASH. By the term Cash, we mean currency, bank checks, bank drafts, money or- ders, certificates of deposit. &c.
14. INTEREST is a premium paid for the use of money.
15. A BANK CHECK is a written instru- ment authorizing a certain bank to pay a speci- fied sum of money to a certain person. It is necessary for a person to make a deposit in a bank before issuing checks on that bank.
16. FREIGHT is a charge made for the transportation of goods, usually by railroads or ship.
17. DRAYAGE is a charge made for the transportation of goods, usually by team and wagon, or by motor truck. The difference be- tween freight and drayage is that the forme term is used by railroads and ship line com- panies, while the latter term is used by dray companies or by any one engaged in carrying goods short distances, such as from a depot to some place in the same town.
18. DISCOUNT is an allowance given for the payment of a bill on or before a specified time. For instance, some merchants sell goods on 20 or 30 days’ time, but if paid before 10 days they will allow a discount of 1 per cent. When a note is paid before it is due, the holder will sometimes give a discount from the face of the note.
19. A NOTE is a person’s written promise to a pay a certain sum of money at a specified time. Notes are Negotiable or Non-Negoti- able.
20. A NEGOTIABLE NOTE is one that can be bought or sold. A Negotiable Note has the words (or order) or (or bearer) in- serted after the name of the person to whom the money is to be paid. If (or order) is in- serted, the holder of the note must sign his name on the back of the note before he parts with it. If (or bearer) is inserted, any one can present the note for payment.
21. A NON-NEGOTIABLE NOTE is one
that can not be bought or sold.
22. A CONTRACT is an agreement be- tween, at least two persons, in which each per- son binds himself to do some act, and each ac- quires a right to what the other promises.
23. A BANK DEPOSIT is money de- posited in a bank for safekeeping until the de- positor calls for it. Money deposited in a bank can be drawn out at any time. If the deposit is made subject to check, the depositor can issue checks on that bank until the amount of
the checks issued equals the amount deposited.
24. A CERTIFICATE OF DEPOSIT is a written instrument, issued by a bank, certify- ing that a certain person has deposited a speci- fied sum of money in that bank.
25. A TIME CERTIFICATE OF DE- POSIT is written for a specified length of time and usually bears interest.
26. INSURANCE is a contract by which one party engages for a certain amount, to pay a loss which another may sustain.
27. FIRE INSURANCE is a contract by which one party agrees, for a certain amount, to pay a specified sum to another person for damages done by fire or lightning.
28. LIFE INSURANCE is a contract by which one party agrees, for a certain amount, to pay a specified sum to another person at the death of a third person.
29. A CORPORATION is a society hav- ing the capacity of transacting business as one person.
30. STOCK is the money or goods em- ployed in carrying on some enterprise, such as manufacturing, insurance companies, bank- ing, oil and gas companies, &c. Stock is di- vided into shares.
31. AN INVENTORY is a written account of the particulars of articles with the value or price annexed.
32. A DIVIDEND is a part or share of the income earned by a company, divided among the stockholders of the company. Each stock- holder receives a dividend in proportion to the number of shares of stock he owns.
33. A REBATE is a deduction from an amount given for a specified reason.
34. A DRAFT is an order from one person to another, demanding the payment of money to a third person. There are three persons mentioned in a draft. The Drawer, Drawee, and Payee.
35. THE DRAWER is the person who is- sues the draft.
36. THE DRAWEE is the person who is ordered to pay the draft.
37. THE PAYEE is the person to whom the draft is made payable.
38. DRAFTS are either Sight Drafts or Time Drafts.
39. A SIGHT DRAFT is one that must be paid when presented for payment to the Drawee.
Page Five
40. A TIME DRAFT is one that is to be
paid at some future specified time.
41. AN ORDER is a request from one per- son to another, requiring the payment of money to a third person. The difference be- tween a Draft and an Order is that the former is a demand while the latter is a request.
42. A POST OFFICE MONEY ORDER
is a money order issued by a Post Office.
43. AN EXPRESS MONEY ORDER is a
money order issued by an Express Company.
44. TO BUY ON ACCOUNT is to buy on
time or in other words to buy on credit.
45. TOSELL ON ACCOUNT is to sell on
time or in other words to sell on credit.
46. SUNDRY PERSONAL ACCOUNTS: In this Account are kept the amounts of all Personal Accounts. In this Set of Books this account 1s kept in the Journal. All amounts found in this account are posted to the Ledger.
47. EXPENSE ACCOUNT is an account in which are kept all amounts paid out to carry on the business after the business is in pro- eress. The amount invested in the business at the beginning is not put in Expense Ac- count. In this set of books, Expense Account is kept in the Journal. The account is always Debited and never Credited.
48. LABOR ACCOUNT is an account under which are kept all amounts paid out for labor on the farm. In this set of books this account is kept in the Journal. This account is always Debited and never Credited. The amounts you receive for labor can be kept in Income Account or open a Labor Account in the ledger.
49. INCOME ACCOUNT is an account in which are kept all amounts received for ar- ticles sold trom the farm and for services ren- dered to other persons. This account is kept in the Journal. <All entries made in this account are Credit entries.
50. CASH ACCOUNT is an account in which are kept all amounts of Cash received or parted with. All amounts received are kept on the Debit or Left Hand side. All amounts paid out are kept on the Credit or Right Hand side. This account is kept in the Journal. Some bookkeepers keep their Cash Account in a Cash Book, while others keep it in a Ledger.
51. A PROPRIETOR ACCOUNT is an account in which is kept the value of all prop- erty, both Real and Personal, that the owner of a business furnishes to carry on that busi- ness; also all amounts the proprietor owes the business, such as notes outstanding, Personal Accounts payable, &c.
52. A PERSONAL ACCOUNT is an ac- count in which are kept amounts another per- Page Six
son owes you on account and the amounts you owe another person on account.
53. A REAL ESTATE ACCOUNT is an account in which is kept an account of all Real [estate owned by a proprietor.
54. A BANK ACCOUNT is an account in which are kept all the amounts deposited in a certain bank subject to check. Also the amounts of all checks drawn on that bank. All amounts deposited are kept on the Debit or Left Hand side, and the amounts of checks drawn are kept on the Credit or Right Hand side.
55. INTEREST ACCOUNT is an account in which are kept all amounts paid or received for the use of money.
56. DISCOUNT ACCOUNT is an account in which are kept all amounts paid or received for discounting bills or notes of any kind.
57. LOSS AND GAIN ACCOUNT is an account in which are kept all amounts of Losses or Gains sustained by a business. This account is Debited for all Losses and Credited for all Gains sustained. This account is kept in a Ledger and is not opened until the books are closed unless there is an unexpected Loss or Gain, in such a case the account is opened at the time the unexpected loss or gain is sus- tained.
58. BILLS RECEIVABLE ACCOUNT is an account in which are kept the amounts of other person’s notes payable to you. This account is Debited when a note is received and Credited when it is parted with. It is also Credited, when partial payments are made, for the amount of the payment.
59. BILLS PAYABLE ACCOUNT is an account in which are kept the amounts of your notes, payable to other parties. This account is Credited when you issue a note. It is Debited when you redeem or pay your note. It is also Debited when you make a partial payment, for the amount of the payment.
60. A SPECULATIVE ACCOUNT is an account in which is kept a record of property, such as merchandise or any property that is bought and sold for speculation. In this set, Fence Account, Real Estate Account, and ['quipment Account, are Speculative Accounts.
61. EQUIPMENT ACCOUNT is an ac- count in which are kept the value of all equip- ment for carrying on the farm business. For instance, the value of machinery, live stock, farm products, household goods, &e., which you own when you open your books. Do not Debit or Credit this account for any of the above articles that are bought between the time of opening and closing the books. See Riler so:
62. MERCHANDISE is any article that is bought and sold in trade, usually for the pur- pose of making a profit.
Rules for Making
Cash Account 1. Debit Cash Account for the amount of cash on hand when books are opened.
2. Debit Cash Account when cash is re-
3. Credit Cash Account when cash is paid out or parted with.
4. Credit Cash Account for the amount of cash on hand when books are closed. (Only when this account is to be balanced.)
Real Estate Account
5. Debit Real Estate Account for the mar- ket value of all real estate owned when books are opened.
6. Debit Real Estate Account for the mar- ket value of all real estate of which you become the owner.
7. Credit Real Estate Account for the
amount received for any real estate disposed of.
? ry y ey * = ch by ee +
8. Credit Real Estate Account for market
value of all real estate owned when books are closed.
Bills Receivable Account
9. Debit Bills Receivable Account for the amount of other persons’ notes you own when books are opened.
10. Debit Bills Receivable Account when you receive another person’s note. boa V3 % 2 mw || ey “Tr iar 11. Credit Bills Receivable Account when you part with another person’s note.
12. Credit Bills Receivable Account when another person makes a partial payment on his note, for the amount of the payment. Never Credit this account for interest and never for more than the face of the note.
13. Credit Bills Receivable Account for the amount of all other persons’ notes you own when books are closed, if you wish to balance the account.
Persons or Corporations
14. Debit Persons or Corporations for the amount they owe you when books are opened.
15. Debit Persons or Corporations when you furnish them yalues on account.
16. Debit Persons or Corporations when other persons furnish them values for you on account.
Debits and Credits
17. Debit Persons or Corporations when you furnish values to another person for them on account.
18. Debit Persons or Corporations when you receive another person’s order on them.
Rules for Making Debits and Credits
19. Debit Persons or Corporations when their checks, drafts, or orders on other persons or corporations are dishonored and returned to you.
20. Credit Persons or Corporations for the amount you owe them on account when books are opened.
21. Credit Persons or Corporations when they furnish you values on account, and when they furnish other parties values for you on account.
22. Credit Persons or Corporations when you issue an order or check on them and when you part with orders on them.
23. Credit Persons or Corporations when you cancel what they owe you on account.
Bills Payable Account
24. Debit Bills Payable Account when you pay your notes outstanding.
25. Debit Bills Payable Account when you make a partial payment on your note outstand- ing, always for the amount of the payment.
26. Debit Bills Payable Account for the face of the notes you have outstanding at the time the books are closed, if the account is to be balanced.
Fite 134
27. Credit Bills Payable for the face of all notes you have outstanding when books are opened.
28. Credit Bills Payable Account when you issue a note.
Bank
29. Debit a bank for the amount you have in that bank, subject to check when books are opened.
30. Debit a bank when you make a deposit subject to check.
31. Debit a bank when another person makes a deposit in that bank in your favor, subject to check.
32. Credit a bank when you issue a check on that bank.
Page Seven
33. Credit a bank when that bank returns a worthless check to you, which you deposited subject to check.
34. Credit a bank for the amount you have in that bank subject to check when books are closed. (Only when this account is to be bal- anced.)
Expense Account
35. Debit Expense Account for all amounts paid for articles used to promote the farming business, such as labor, repairs, produce, live stock, machinery, groceries, tile, spraying ma- terials, freight, grass seed, fruit trees, binder twine, butter, paint, coal, fence, postage stamps, stationery, telephone rent, fire and life insurance, newspapers, taxes, gifts, preacher’s salary, baling hay, hauling milk, shearing sheep, making cider, keeping of live stock owned by Companies, amounts invested in Stock Companies, &c.
Speculative Account
36. Debit a Speculative Account for the amount of merchandise on hand when invoice is taken at the opening of the books.
37. Debit a Speculative Account when freight 1s paid on merchandise.
38. Debit a Speculative Account when merchandise is received.
39. Debit a Speculative Account when drayage is paid on merchandise.
40. Debit a Speculative Account when la- bor is required in caring for merchandise or in case of contract work when labor is required.
41. Debit a Speculative Account when you give a rebate to a customer who has bought merchandise.
42. Credit a Speculative Account when merchandise is parted with.
43. Credit a Speculative Account for the value of merchandise on hand when books are closed.
Discount Account 44. Debit Discount Account when you give
a discount to another person.
45. Credit Discount Account when you re- ceive a discount from another person.
Interest Account
46. Debit Interest Account when you pay interest to another person.
47. Credit Interest Account when you re- ceive interest from another person.
Page Eight
Labor Account
48. Debit Labor Account for all values given to laborers for doing general farm work, such as raising and taking care of crops, car- ing for live stock, doing repair work on the farm, and housework. Such items as filing saws, baling hay, shoeing horses, hauling milk to the creamery, threshing grain and grass seed, making cider, &c., should not be put in Labor Account, but in Expense Account only.
Income Account
49. Credit Income Account when articles are sold from the farm.
50. Credit Income Account when you re- ceive values for rendering services to other per- sons.
51. Credit Income Account when you re- ceive a dividend from some Stock Company in which you own stock.
Equipment Account 52. Debit Equipment Account for the value of the machinery, live stock, hay, grain, seed, household goods, &c., you have on hand when books are opened.
53. Credit Equipment Account for the value of articles mentioned in rule 52, which you have on hand when books are closed.
Proprietor Account
54. Debit Proprietor Account for the amount the Proprietor owes when the books are opened, and value of property owned when books are closed.
55. Credit Proprietor Account for the value of all the property the Proprietor puts into the business when the books are opened, and for the amount of his debts when books are closed.
Loss and Gain Account
56. Debit Loss and Gain Account when an unexpected loss is sustained.
57. Debit Loss and Gain Account for losses sustained by a Speculative Account.
58. Credit Loss and Gain Account when a Speculative Account shows a Credit Balance when the books are closed.
59. Credit Loss and Gain Account when an unexpected gain is received.
Farm Record Book
Inventory, Jan. Ist, 1911. On opening my books Jan. Ist, 1911, my Inventory is as follows:
(Gave alr railcar cl eee ce ec $ 1,000 00 I own 150 acres of land worth $80.00 per acre —......_.. wine 12,000 00 lpitaveauNoteoneAlbent Miontoe totems se ta a--——- =. 2.5 eee 80 00 Reiloln AWeslorr OASS TMS) hal EKA CONO MN cn eo a ee 100 00 Nyovaboexyy WBlenamlhtin, Oyi@S wae, Ohm UCC OLD a ane ear ee aoe eeoe 10 00 I have on hand 800 bushels of Corn @ 50c per bushel.....$ 400 00 ICO) simroxells; (Corti (@) ZINC Ste SNC ec eee 75 00 GO0Kshocksptaddem@ lOc per Slacks meee eect ence enn 60. 00 AO) itonats Wibonvordany, Veale ie (@) SSWZANCO) jolete WON eee eee 240 00 5 Hons Wiliwexel Ieleny (@) SNMOO) ei WO NO ccc ee 55 00 5 worms (Clloweie lelaiy (@) SSOMOIG) joxese Teh eee oo 50 00 200 bushels Wheat @ $1.00 per bushel_.._....------------2--------------- 200 00 ZOOM uUShelst@atsi@) A0c per Ibis] ewes rence tensa eenee ne - 80 00 5 bushels Clover Seed @ $8.00 per bushel -..---.....-....----.-2-------.. 40 00 4 bushels Timothy Seed @ $3.00 per bushel —_....-.-.--------- 12 00 AQ) bushelssRotatoes, S100) per bushels eee eee 40 00 © IBl@mses: @, SSMO) CO aps ocean ecseen Seo oc aac ee 900 00 Issharesineeerclieron Illorse | Come eee eee eee 200 00 SB Caruille @ SYBSMO se ecee ere oe cee ace cso eee eee ence 280 00 5) Iles @) S25 OO) CANON ace cs ce acc arn ccc 125 00 BO) Teas @ SSMOLOO: SC ceca 200 00 AQ) SSimeseyoy (@) SENOS ce cco eee 160 00 NCO ChiniSieeras, @! HOS CEC ccc cepa eee eee 30 00 Tle Geer: TID RRL oa ee 50. 00 UY SHER i aalere seers srete se ne eee 30 00 I Tela? TyeenGlere OI WN aocs cece ce eee co 50 00 GPS ice =B) e line ta yamlRecU ke pe yyi tate nee ee nseeee ee weeeeneeees 35 00 TM STSUeeiniz Teel Gal he soe 8 ee eee eee ee cee ad 15 00 TL Tepe INIT SCONES CO eer cee ee ee 20 00 2 Weyceeiberraayse WPAhoragis: (Ga) SOMO crest sates ee 20 00 TU TSS. es batnen (ogg? Ob 01 eee ee ee cee, oe 15 00 IL Syopmtitings Wrovoyilon Tbeinctan yy: ONE ee see ees 10 00
Proprietor’s investment
———$_ 3,392 00 16,582 00
I oye Iiearalke YAGleiam; (olin) BV ONO ee eae eee $ 50 00 Note, outstanding, favor T. A. Hood, dated Dec. 31st.
1910, due in 2 years and bearing interest at 6% per
SENT Tm eee ane ee we ie wane eM ee ers Saeco 100 00 IBN RCGHDWEAKE ONE Sj CGUCS]O) Cs Ye ee ee $ 150 00
Jan. 1st—Deposited in Danville Bank, sub- ject to check, cash, $600.00.
Jan. 3rd—Paid James Baker, for groceries, cash, $2.00.
Jan. 7th—Sold Charles Jefferson, 2 bushels clover seed @ $8.00 per bushel, $16.00, re- ceived his check on Riverside Bank, $16.00.
Jan. 9th—Sold John Madison, on account, 20 lbs. beef @ 5c per pound, $1.00.
Jan. 11th—Bought of The Shelby Clay Co., on account, 100 rod 4-inch tile @ 25c per rod and 50 rod 6-inch tile @ 30c per rod, $40.00.
Jan. 13th—Frank Adams paid The Shelby Clay Co., for me, on account, cash, $5.00.
Jan. 15th—Albert Monroe paid his note by giving me his certificate of deposit on Albany Bank, $80.00.
Jan. 17th—Drew check on Danvile Bank, favor Lewis Jackson, to pay lodge dues for Luke Harrison, on account, $5.00.
Jan. 19th—Bought of The Ohio Fence Co., as follows, terms 2-20-60: One set fence stretchers, $10.00; 500 rod 11-48 fence, @ 40c per rod; 300 rod 10-46 fence, @ 35c per road; 100 rod 20-60 fence, @ 50c per rod; 100 rod 16-48 fence @ 45c per rod; $410.00.
Jan. 21st—Deposited in Danvile Bank, sub- ject to check, Albert Monroe’s Certificate of Deposit on Albany Bank, $80.00.
Jan. 23rd—Paid cash for money order to send to Jupiter Farmer for advertising my Thoroughbred Poland China Hogs, six months,
$10.00.
Jan. 25th—Paid Henry Tyler (freight agent) for freight on fence, cash, $12.00. Page Nine
Jan. 27th—Gilbert Polk hauled one load of fence from Danville for me; he charged $4.80; he took 10 rod 16-48 fence, @ 48c per rod, $4.80.
Feb. 1Ist—Ralph Taylor paid his account in full by giving me his check on Green’s Bank, $100.00.
Feb. 3rd—Deposited in Danville Bank, sub- ject to check, Ralph Taylor’s check on Green's Sank, $100.00; Charles Jefferson’s check on Riverside Bank, $16.00; $116.00.
Feb. 5th—Drew check on Danville Bank fa- vor Noah Fillmore for one ton coal, for the M. FE. Church, on account, $3.00.
Feb. 7th—Paid Ohio Fence Co. for invoice dated 1-19-11; face of invoice $410.00; 2 per cent discount on face of invoice $8.20; sent them my check on Danville Bank, $401.80.
Feb. 9th—Sold C. Z. Hess of Lancaster, Penn., one Thoroughbred Poland China Hog; received N. Y. Draft, $35.00.
Feb. 11th—Paid Peter Pierce for 500 letter- heads $2.00, 250 envelopes $2.00; $4.00.
Feb. 12—Bought of David Lincoln, on my note for 8 months at 6 per cent interest per annum, 100 sheep @ $4.00 per head, $400.00.
Feb. 15th—Sold Jacob Jackson, on account, 100 bushels wheat @ 80c per bushel, $80.00.
Feb. 20th—Sold Cyrus Grant, 200 bushels corn @ 75c per bushel, $150.00; received his check on Danville Bank, $150.00.
Feb. 22nd—Gave Noah Hayes my check on Danville Bank for cash, $20.00.
Feb. 25th—Sold Joseph Garfield, on account, 200 rod 11-48 fence @ 43c per rod, $86.00.
March 1st—Joseph Garfield deposited cash in Danville Bank, my favor, on account, $50.00.
March 3rd—Paid Oliver Arthur cash for helping butcher, $1.00.
March 5th—Paid Levi Cleveland cash for fil- ing saws, $1.00.
March 8th—Paid Grace Burr cash for doing housework, 2 weeks @ $2.00 per week, $4.00.
March 12th—Received of Jacob Jackson, on account, cash, $50.00; his check on Albany Bank, $30.00; $80.00
March 15th—Paid John Clinton cash for
Lime Sulpur Solution, 20 gallons @ 35c per
gallon, $7.00.
March 18th—PBoueght of David King, for cash, 2 bushels Timothy Seed @ $4.00 per Page Ten
bua 1 bushel Clover Seed, $10.00; $18.00. I did not have any cash with me so I gave him the check for $150.00 on Albany Bank which Cyrus Grant gave me, and he gave me $132.00 in cash for change.
March melo, Robert Marshall worked for me one day; I gave him for his labor, 1 bushel Potatoes, ue $1.00.
March 25th—Paid Springfheld Nursery cash for 50 Peach Trees @ 20c each, $10.00.
March 28th—Bough of Ohio Supply Co., one box Prunes; paid cash for Express Money Order to send as payment for the Prunes, $4.00.
April 1st—Paid Henry Tyler (freight agent) cash for freight on 20 eallons Lime- Sulfur So- lution shipped from Silver Lakes, O., to Kil- buck, O1, S00:
April 3rd—Gave Philip Clay my check on Danville Bank for my share of keeping Com- pany -lorse for one year, $15.00.
April 5th—Paid Bell Telephone Co. cash for three months’ box rent, $3.00; tolls, $1.00 $4.00.
April 9th—Sold Joseph Clayton, for cash, 50 bushels Oats @ 30c per bushel, $15.00: 100 rod 10-46 fence @ 38c¢ per rod, $38.00; $53.00.
April 13th—Oscar Black paid me for pastur- ing 5 Colts, 2 months, @ $1.00 per month for each Colt; he gave me cash, $3.00; his check on Green's Bank, $7.00; $10.00.
April 15th—Paid Levi Fish, cash, for shoe- ing horses, $2.00.
April 17th—Sold Herbert Blaine, 100 rod 11-48 fence @ 43c per rod, $43.00; 100 rod 10-46 fence @ 38c per rod, $38.00; 50 rod 20-60 fence @ 53c per rod, $26.50; 50 rod 16-48 fence @ 48c per rod, $24.00; $131.50. Re- ceived his check on Danville Bank, $131.50.
April 21st — Deposited in Danville Bank, subject to check, C. Z. Hess’s N. Y. Draft, $35.00; Jacob Johnson’s check, $30.00; Oscar Black’s check, $7.00; Herbert Blaine’s check, $131.50; $203.50.
May Ist—Having decided that | had more money in Danville Bank, subject to check, than was necessary to carry on my business, I drew a check on Danville Bank in favor of Danville Bank for $500.00 and received a Time Certificate of Deposit, bearing interest at the rate of 4 per cent per annum.
May 2nd—Drew check on Danville Bank,
favor Hiram Wheeler, to pay for one suit of clothes for Frank Adams, on account, $30.00.
May 5th— Paid Edwin Wilson cash for shearing 50 head of Sheep @ 8c per head, $4.00.
May 9th—Joseph Garfield returned 50 rod 11-48 fence @ 43c per rod, $21.50.
May 12th — Andrew Hamlin gave me his check on Albany Bank, on account, $10.00.
May 15th—Sold King Bros. 100 rod 10-46 fence @ 43c per rod erected, $43.00; received his check on Danville Bank, $43.00. I paid L. Kile cash for helping me erect his fence,
$2.00.
May 17th—Jacob Jackson baled hay for me, on account, 15 tons @ $2.00 per ton, $30.00.
May 21st—Sold Wm. Allen 15 tons Hay @ $20.00 per ton; received his check on Albany Bank, $300.00.
May 25th — Deposited in Danville Bank, subject to check, Andrew Hamlin’s check, $10.00; King Bros’. check, $43.00; \Wm. Allen’s check, $300.00; cash (currency), $200.00; $553.00.
June Ist—Bought of Gilbert Polk, on ac- count, 100 lbs. Binder Twine @ 8c per Ib.,
$8.00.
June 3rd—Drew check on Danville Bank, favor Danville Bank, for Cash, $50.00.
June 5th—My Creamery Statement for June is as follows: 1000 lbs. Milk, average test, 5 per cent; amount of Butter, 50 lbs., price per Ib. 30c. Butter used during month, $5.00; paid for hauling Milk, $1.00.
June 7th—I let T. D. Anderson have Cash, without note or interest, $100.00.
June 12th—I stored 100 bushel \Wheat in New York Milling Co.; 1 am to receive 40 Ibs. flour for every bushel of \Wheat stored. Wheat is worth $1.00 per bushel. Flour is worth 2% cents per lb. I brought 1000 Ibs. Flour home.
June 16th—Sold 1 Hog to C. A. Arnold on his note for 6 months @ 10 per cent interest. per annum, $25.00.
June 25th—The check which Andrew Ham- lin gave me, May 12th, was 1cturned on ac-
count of no funds; $10.00.
July 1st—Paid Joseph Bacon Cash for in- suring $2800.00 worth of Buildings, Live Stock, and Grain, against damage by Fire or Light- ning, @ 1 per cent for a term of three years; $28.00. :
July 3rd— Bought of John Clinton, for Cash, 5 gallons Paint @ $2.00 per gallon,
$10.00.
July 6th—Paid Dr. Bailey, Cash, for render- ing medical services to Jacob Jackson, on ac- count, $30.00.
July 10th—D. E. Baker worked for me one day on account, $2.00.
July 20th | returned Andrew Hamlin’s Check to him; he gave me Cash, $10.00.
July 25th—bought of Noah Fillmore 10 ton Coal @ $2.50 per ton. I let him have 50 bushel Corn @ 50c per bushel, $25.00.
July 26th—Bought of J. D. Balboa for my Order on Luke Harrison, 10 bushel Oats @ 40c per bushel, $4.00.
July 27th—Sold \W. B. Barton for his Check on Danville Bank, 1 Veal Calf, $10.00.
July 28th—H. R. Boone gave me Cash for the Check which | received from W. B. Bar- ton, $10.00.
Aug. Ist—Mrs. B. C. Bragg cleaned house for me 5 days @ $1.00 per day, $5.00; I paid her Cash, $4.00, and let her have I bushel Onions worth $1.00; $5.00.
Aug. 6th—Drew Check on Danville Bank, favor S. P. Brown, for threshing 400 bushels Wheat @ 4c per bushel, $16.00; 500 bushers Oats @ 2c per bushel, $10.00; 25 bushels Tim- othy Seed @ 20c per bushel, $5.00; $31.00.
Aug. 8th—I bought 2 shares of Galena Oil & Gas Stock @ $50.00 per share, $100.00; I paid Cash, $10.00; the rest to be paid on de- mand.
Aug. 15th—Joseph Garfield came to settle in full for the fence which he bought of men on account; he said the fence was not as repre- sented so I gave hima Rebate of $2.00; he gave me Cash, $12.50.
Aug. 18th—The Galena Oil & Gas Co. called on its Stockholders to pay 50 per cent of the Stock subscribed. In my case that would be $50.00; I gave Cash, $50.00.
Aug. 20th—Sold D. C. Bryant for his Order on J. C. Buell, 50 rod 11-48 Fence @ 38c per rod, $19.00.
Sept. 1st—Sold to B. F. Cabot for his Check on Arlington Bank, 20 Fat Hogs, total weight 4000 Ibs., @ 6c per Ib. ; $240.00.
Sept. 5th—Bought of Universal Roofing Co., for my Check on Danville Bank, 20 squares Roofing @ $3.00 per square ; $60.00.
Sept. 10th—Paid Oliver Arthur cash for cut- tine Corn, 200 shocks @ 5c per shock, $10.00.
Sept. 15th — Paid H. G. Conway Cash for making two barrels Cider @ 50c per barrel, $1.00.
Sept. 18th—U. C. Davis rented my Grain Drill to sow 40 acres Wheat @ 25c per acre,
Page Eleven
$10.00; he paid me by giving me a Calf worth $10.00.
Sept. 25th—I traded Calves with W. B. Bar- ton. He gave me $5.00 Cash, for my Calf was worth $5.00 more than his.
Sept. 27th — Deposited in Danville Bank, subject to Check, B. F. Cabot’s Check, $240.00
Sept. 28th—Paid Frank Adams Cash on ac- count, $10.00.
Sept. 30th—An attempt was made to burg- larize the Danville Bank on the night of Sept. 25th. A reward was offered for the capture of the guilty party. I succeeded in capturing the guilty person and the Danville Bank credited my account for $300.00.
Oct. 1st—I hired H. O. Franklin to work for me one month for $25.00.
Oct. 1st—I, being a little suspicious in refer- ence to the Financial Standing of the Danville Bank, decided to draw some of my money out of that Bank. I drew a check on Danville Bank in favor of Danville Bank; the Cashier gave me cash $500.00. I deposited cash in People’s Bank and received a Certificate of Deposit, bearing 4 per cent interest per annum, $500.00.
Oct. 3rd—I paid on Preacher’s Salary, Cash, $10.00, gave him 10 bushels Corn worth 50c per bushel, $5.00 ; $15.00.
Oct. 4th—Let H. O. Franklin have, on ac- count, 200 lbs. Flour @ 2%c per Ib., $5.00.
Oct. 5th—Sold Edward Early, for Cash, 10 head Cattle for $200.00.
Oct. 10th—Paid H. O. Franxlin, Cash, on account, $10.00.
Oct. 12th—My note for $400.00, given Feb. 12th, 1911, bearing interest at the rate of 6 per cent per annum, in favor of David Lincoln, falls due to-day. I paid him Cash $100.00, gave him my Check on Danville Bank, $300.00 ; $400.00. I credited his Account for the inter- est, which was $16.00.
Oct. 18th — Paid H. G. Conway Cash for hulling 20 bushels Clover Seed @ $1.00 per bushel, $20.00.
Oct. 20th—Some one broke into my Smoke- house and stole meat worth $5.00.
Oct. 21st—Paid Dr. Baily cash for Medical Treatment rendered to H. O. Franklin, $5.00.
Oct. 31st—I gave H. O. Franklin credit for one month’s labor, $25.00.
Oct. 31st—Paid H. O. Franklin Cash in full on account, $5.00.
Page Twelve
Nov. Ist—I received cash for driving one day for an agent who was selling machinery for The International Harvester Co., $3.00.
Nov. 5th—Paid The Practical Farmer cash for one year’s subscription, $1.00.
Nov. 10th—Sold C. B. Fremont for Cash, 10 bushels Clover Seed @ $10.00 per bushel, $100.00.
Nov. 15th—I used fence on my Farm, 100 rods 11-48 fence @ 43c per rod, $43.00.
Nov. 20th — Borrowed of John Durling on my note due one year from date without in-
terest, $100.00.
Nov. 25th — I bought for Cash, a note of $100.00 drawn by T. P. Gage in favor of C. A. Gates; received Discount, $5.00.
Nov. 26th—Bought of Peter Pinder one Hog for $19.00; gave him the Order, which I have, drawn by D. C. Bryant, on J. C. Buell, $19.00.
Nov. 28th — Sold at Green’s Grocery 20 dozen Eggs @ 20c per dozen, $4.00; took the whole amount in Groceries, $4.00.
Nov. 29th—Some one stole 10 rods 16-48 fence worth 45c per rod, $4.50.
Nov. 30th—I sold the $500.00 Certificate of Deposit, which I hold on The People’s Bank, to Henry Wilson for $495.00, which is $5.00 less than the face of the Certificate. The Accrued Interest on this Certificate of Deposit
22
is $3.33, making a Discount of $8.33.
Dec. 1Ist—Oliver Arthur baled Hay for me, 20 tons @ $1.75 per ton; $35.00. I let him have one Hog worth $20.00, gave him Check on Danville Bank, $10.00, and gave him Cash, $3.00, leaving balance on account $2.00.
Dec. 5th—I decided to cancel the account which I have against The M. E. Church, $3.00.
Dec. 10th—I had to pay Peter Hanover’s Note on which I was Security. The face of the note is $75.00. I paid Cash.
Dec. 16th—C. A. Arnold paid Cash for his Note which was given June 16th, 1911; face of note is $25.00; interest, $1.25 ; $26.25.
Dec. 20th—Drew Check on Danville Bank favor Treasurer of Delaware County to pay
Taxes, $150.00.
Dec. 25th—Sold L. Moss for his Check on Green’s Bank, 10 tons hay @ $18.00 per ton, $180.00.
Dec. 25th—Paid Cash for a Christmas pres- ent for L. O. Goodman, $5.00.
Dec. 26th—Received Cash of Philip Clay,
my share of Dividend on Percheron Horse Co.
Stock, $30.00.
Dec. 28th — Bought of J. C. Henry, 200 bushels Corn @ 50c per bushel, $100.00; paid him with Note which I bought, made in fa or of C. A. Gates; $100.00.
Dec. 31st — Prepaid my Note favor T. A. Hood and received 5 per cent Discount on face
of Note. Face of Note, $100.00 ; Interest, $6.00 ; Discount, $5.00; paid Cash, $101.00.
Dec. 31st—Gave Frank Adams, Cash, on Ac- count, $10.00.
Dec. 31st — Sold 8 dozen Eggs at Jones’ Grocery @ 25c per dozen, received $1.00 cash, and groceries amounting to $1.00.
Dec. 31st—Sold 5 pounds of Butter to the huxter @ 20c per pound, took groceries amounting to $2.00, and paid cash $1.00.
Helpful Explanations to Some of the Most Difficult Transactions
In this set of transactions Cash Account is debited or credited for Cash im all of its forms. See Definition 13. But when we say “Cash received or paid out’ we mean Currency. If Cash in any of its other forms is received or parted with, they are also designated.
In making debits and credits in the Journal for the inventory taken Jan. Ist, 1911, debit Cash, Real Estate, Bills Receivable, Ralph Taylor, Andrew Hamlin and Equipment Ac- counts, because those persons and accounts owes the Proprietor the respective amounts for which they are debited. Credit Proprietor for $16,582.00 because that is his investment. Debit Proprietor for $150.00 because he owes that amount when the books are openea. Credit Frank Adams for $50.00 because the Proprietor owes him that amount. Credit Bills Payable for $100.00 because the Proprie- tor has a note outstanding for that amount.
Jan. 15th—Debit Cash because a Certificate of Deposit is considered Cash. See Def. 13.
Jan. 17th—Lewis Jackson is the officer oi the lodge to whom the dues were paid.
Jan. 19th—Aside from regular farm work, some farmers carry some line of mercantile business. For instance, some farmers sell com- mercial fertilizer, roofing, fence, &c. This transaction is used for the purpose of showing how to handle accounts of this kind. The term “2-20-60” means if the account is paid within 20 days from the date of the invoice, 2 per cent may be deducted from the face of the invoice. In case the purchaser does not take advantage of the cash discount, the bill be- comes due in 60 days from the date of invoice, and the purchaser must pay the full amount of the invoice. There are several more transac- tions to follow which will help to show how this account is handled.
Jan. 25th—Fence Account is debited for the amount paid for transportation. All expenses of this nature are considered part of the cost price.
Jan. 27th—Debit Fence Account for all ex- penses for which the fence business is respon- sible.
Feb. 1Ist—Debit Cash because bank checks are considered Cash. See Def. 13.
Feb. 7th—The purchaser has taken advan- tage of the Cash Discount.
Feb. 9th—Cash is debited because this draft is considered Cash. It is payable at sight. A time draft would not be Cash. It would be a Bill Payable or Bill Receivable after it has been accepted.
Feb. 22nd—This transaction is often made by a person who has a Bank Account subject to check, but is in need of some currency and his location is such that it is not practical tor him to go to the bank for it. It is only an act of courtesy of one person to another.
March 1st—Joseph Garfield owed me and in- stead of paying me, he deposited it in the bank in my favor.
March 3rd—Ixpense and Labor Accounts are each debited. See Rules 35 and 48.
March 5th—Debit Expense only, for this would not be general farm work.
March 8th—Housework should be handled the same as outside work, unless the proprie- tor wishes to keep it separate.
March 15th — Debit Expense because this material was used on the farm. If I had bought it to re-sell, I would have opened an account for Spraying Material.
April 3rd—You will notice by the invoice that I own some Percheron Horse Stock. This is what I have to pay towards keeping him.
May 1st—All Certificates of Deposit are con- sidered Cash and are payable at the bank which issues them whenever presented. Banks do not generally pay interest on Time Certificates of Deposit if they are presented for payment before maturity.
May 15th—This transaction is divided and entered in the Journal as two transactions in order to simplify it.
Page Thirteen
June 3rd—This transaction shows how to get money on your Bank \ccount.
June 5th—For convenience this transaction is divided and entered in the Journal as two separate transactions.
June 7th—This is simply lending money on account.
June 12th—Many farmers store Wheat at a mill and get flour whenever they wish. Charge the mill for the value of wheat stored and credit it for the value of flour received. Some milling companies allow a certain amount of flour regardless of value.
June 25th — Andrew Hamlin overdrew his bank account, therefore he must be debited, and Danville Bank credited, because he was credited when he gave it to me, and the Dan- ville Bank was debited when I deposited it.
July 20th—Andrew Hamlin redeemed his worthless check, therefore he should be credited.
July 26th—See definition 41.
July 28th—This transaction is a very com- mon one. It does not necessarily need to be entered in the Journal, but it is best to do so in order to have a record of the disposal of the check.
Aug. 8th—\When shares of stock in a stock company are subscribed for, the company is- suing the stocks should be credited. Debit the company when payments are made on the sub- scription.
Buel owed D. Bryant paid me
Aug. 20th—In this case J. C. C. Bryant on account. D. C.
by giving me an order on J. C. Buell, therefore J. C. Buell became indebted to me.
Sept. 25th—This is simply a trade and | re- ceived $5.00 besides a Calf, therefore Income should be credited.
Oct. 1Ist—It is not necessary to make an en- try, for it is only an agreement between H. ©. Franklin and myself. He is debited when I furnish him values on account and he is credited at the end of the month for the amount he was to receive per month for his labor.
Oct. Ist—This transaction is divided and entered in the Journal as two separate trans- actions.
Oct. 12th—I decided to just pay the face of the Note and credit David Lincoln for the in- terest.
Oct. 20th—No entry need be made when goods are stole which have not been invoiced and charged to some speculative account.
Nov. 15th—Fence Account must be credited for the amount the fence would have sold for to another person.
Nov. 25th—It is customary to allow a dis- count for cashing a note before it is due.
Nov. 26th—This is the order I received from D. C. Bryant Aug. 20th.
Nov. 29th—lI ence Account must be credited for the value of fence stolen, Rule 42, because it was charged to Fence Account when it was received.
Dec. 10th—lIt is poor policy to sign a Note as security. It has made many a rich man pennyless.
Explanations to Columns in Journal
Ist—The first double column on the left hand side of the Journal is the Date Column. The Year, Month and Day on which a transaction is made should be kept in this column. Place the Year at the top of the column, the Month in the left hand side, and the Day in the right hand side.
2nd—The next large double column to the right of the Date Column is a column in which are kept the names of the accounts to be Debited or Credited, also the particulars in ref- erence to the transaction. The names of the Accounts to be Debited or Credited should be placed at the extreme left hand side of the column. The particulars in reference to the transaction should never extend to the left of the fine verticle line that divides this column. The names of the accounts which are to be Debited should always be placed first. The
Page Fourteen
names of the accounts which are to be Credited should be placed under the one that is Debited and the word (to) should precede the name of the account.
3rd—The next small column to the right of the above described is the Folio Column. In this column is kept the Ledger Page on which an account is found. The Ledger page is placed in this column when the account 1s posted to the Ledger. If the account that is to be Debited or Credited is one that is not to be posted to the Ledger, a mark (V) is made instead of a Ledger page.
4th—The next column to the right of the Folio Column is the Sundry Personal Account Column. In this column are placed all the amounts that are to be posted to the Ledger which would be all of the accounts that does not have a column in the Journal.
Sth—_The next column to the right of Sun- Account Column is Income Account Column.
dry Personal Account Column is Expense Ac- In this column are kept the amounts received count Column. In this column are kept all the for articles sold from the farm. See Rule 49, amounts paid for expenses in eine up the 50 and 51. farming business. See Rule 35. 8th—The last double column to the right is 6th—The next column to the right of Ex- Cash Account Column. The Left Hand side pense Account Column is Labor Account of this column is the Debit Side. All amounts Column. In this column are kept all amounts of Cash received are kept on this side. The paid for labor on the farm. See Rule 48. Right Hand side of this column is the Credit Side. All amounts of Cash parted with are 7th—The next column to the right of Labor kept on this side.
Instructions for Making Debits and Credits in Journal
All Credits and Debits are placed in Sundry Personal Accounts Column except Expense, Labor, Income and Cash Accounts. These four accounts are provided with columns in the Journal because transactions made by a farmer affect these accounts most frequently. This saves ume and labor of posting to a L edger. You can keep as many accounts in the Journal as you wish by adding more columns.
HOW TO STUDY THIS JOURNAL
First turn to the Farm Record Book and read the Inventory, and then turn to the Journal and notice Carefully how the entries are made; also read the explanation given and read the Rules referred to. \When you Thoroughly understand the Inventory, tidy the first transaction, and so on until you have made a thorough study of the entire Journal. Pay no attention to the Ledger Page Column when making entries in the Journal.
When you open a set of books, compare your transactions with the ones in this set. Look for a transaction that is identical in principle with your own transactions, then make your entries the same as they are made in this Journal. While the transactions made by you will not be identi- cal in words with the ones found in this set, they will be the same in pr inciple. Great care has been taken to select transactions that will illustrate the underlying principles of bookkeeping and at the same time be familiar to the farmer who is engaged in eeneral farming.
EXPLANATIONS TO DEBITS AND CREDITS IN JOURNAL
Jan. Ist—Debit Cash for $1000.00; see rule 1. Debit Real Estate for $12,000.00; rule 5. Debit Bills Receivable for $80.00; rule 9. Debit Ralph Taylor for $100.00; rule 14. Debit Andrew Hamlin for $10.00; Rule 14. Debit Equipment for $3392.00; rule 52. Credit Proprietor for $16,582.00; rule 55. Debit Proprietor for $150.00; rule 54. Credit Frank Adams for $50.00; rule 20. Credit Bils Payable for $100.00; rule 27. Jan. Ist—Debit Danville Bank for $600.00; rule 30. Credit Cash for $600.00; rule 3. Jan. 3rd—Debit Expense for $2.00; rule 35. Credit Cash for $2.00; rule 3. Jan. 7th—Debit Cash for $16.00; rule 2. Credit Income for $16.00; rule 49. Jan. 9th—Debit John Madison for $1.00; rule 15. Credit Income for $1.00; rule 49. Jan. 11th—Debit Expense for $40.00; rule 35. Credit Shelby Clay Co. for $40.00; rule 21. Jan. 13th—Debit Shelby Clay Co. for $5.00; rule 16. Credit Frank Adams for $5.00; rule 21. Jan. 15th—Debit Cash for $80.00; rule 2. Credit Bills Receivable for $80.00; rule IT. Jan. 17th—Debit Luke Harrison for $5.00; rule 17. Credit Danville Bank for $5.00; rule 32. Jan. 19th—Debit Fence Account for $410.00; rule 38. Credit Ohio Fence Co. for $410.00; rule 21. Jan. 21st—Debit Danville Bank for $80.00; rule 30. Credit Cash for $80.00; rule 3. Page Fifteen
Jan. 23rd—Debit Expense for $10.00; rule 35. ; Credit Cash for $10.00; rule 3. Jan. 25th—Debit Fence Account for $12.00; rule 37. Credit Cash for $12.00; rule 3. Jan. 27th—Debit Fence Account for $4.80; rule 39. Credit Fence Account for $4.80; rule 42. Feb. Ist—Debit Cash for $100.00; rule 2. Credit Ralph Taylor for $100.00; rule 21. Feb. 3rd—Debit Danville Bank for $116.00; rule 30. Credit Cash for $116.00; rule 3. Feb. 5th— Debit M. E. Church for $3.00; rule 15. Credit Danville Bank for $3.00; rule 32. Feb. 7th—Debit Ohio Fence Co. for $410.00; rule 15. Credit Danville Bank for $401.80; rule 32. Credit Discount for $8.20; rule 45. Feb. 9th—Debit Cash for $35.00; rule 2. Credit Income for $35.00; rule 49. Feb. 11th—Debit Expense for $4.00; rule 35. Credit Cash for $4.00; rule 3. Feb. 12th—Debit Expense for $400.00; rule 35. Credit Bills Payable for $400.00; rule 28. Feb. 15th—Debit Jacob Jackson for $80.00; rule 15. Credit Income for $80.00; rule 49. Feb. 20tn-- Debit Cash for $150.00; rule 2. Credit Income for $150.00; rule 49. Feb. 22nd—Debit Cash for $20.00; rule 2. Credit Danville Bank for $20.00; rule 32. Feb. 25th—Debit Joseph Garfield for $86.00; rule 15. Credit Fence Account for $86.00; rule 42. Mar. 1Ist—Debit Danville Bank for $50.00; rule 31. Credit Joseph Garfield for $50.00; rule 21. Mar. 3rd—Debit Expense and Labor, each for $1.00; rules 35 and 48. Credit Cash for $1.00; rule 3. Mar. 5th—Debit Expense for $1.00; rule 35. Credit Cash for $1.00; rule 3. Mar. Sth—Debit Expense and Labor, each, for $4.00; rules 35 and 48. Credit Cash for $4.00; rule 3. Mar. 12th—Debit Cash for $80.00; rule 2. Credit Jacob Jackson for $80.00; rule 21. Mar. 15th—Debit Expense for $7.00; rule 35. Credit Cash for $7.00; rule 3. Mar. 18th—Debit Expense for $18.00; rule 35. Credit Cash for $18.00; rule 3. Mar. 20th— Debit Expense and Labor, each, for $1.00; rules 35 and 48. Credit Income for $1.00; rule 49. Mar. 25th—Debit Expense for $10.00; rule 35. Credit Cash for $10.00; rule 3. Mar. 28th—Debit Expense for $4.00; rule 35. Credit Cash for $4.00; rule 3. April 1st—Debit Expense for $1.00; rule 35. Credit Cash for $1.00; rule 3. April 3rd—Debit Expense for $15.00; rule 35. Credit Danville Bank for $15.00; rule 32. April 5th—Debit Expense for $4.00;-rule 35. Credit Cash for $4.00; rule 3. April 9th—Debit Cash for $53.00; rule 2. Credit Income for $15.00; rule 49. Credit Fence Account for $38.00; rule 42. April 13th—Debit Cash for $10.00; rule 2. Credit Income for $10.00; rule 49. April 15th—Debit Expense for $2.00; rule 35. Credit Cash for $2.00; rule 3. April 17th—Debit Cash for $131.50; rule 2. Credit Fence Account for $131.50; rule 42. April 21st— Debit Danville Bank for $203.50; rule 30. Credit Cash for $203.50; rule 3. May 1lst—Debit Cash for $500.00; rule 2. : Credit Danville Bank for $500.00; rule 32.
Page Sixteen
May 2nd—Debit Frank Adams for $30.00; rule 17.
Credit Danville Bank for $30.00; rule 32.
May 5th—Debit Expense and Labor, each, for $4.00; rules 35 and 48.
Credit Cash for $4.00; rule 3.
May 9th—Debit Fence Account for $21.50; rule 38. Credit Joseph Garfield for $21.50; rule 21. May 12th—Debit Cash for $10.00; rule 2.
Credit Andrew Hamlin for $10.00; rule 21. May 15th—Debit Cash for $43.00; rule 2.
Credit Fence Account for $43.00; rule 42. May 15th—Debit Fence Account for $2.00; rule 40.
Credit Cash for $2.00; rule 3. May 17th—Debit Expense for $30.00; rule 35.
Credit Jacob Jackson for $30.00; rule 21. May 21st—Debit Cash for $300.00; rule 2.
Credit Income for $300.00; rule 49.
May 25th—Debit Danville Bank for $553.00; rule 30. Credit Cash for $553.00; rule 3. June Ist—Debit Expense for $8.00; rule 35.
Credit Gilbert Polk for $8.00; rule 21. June 3rd—Tebit Cash for $50.00; rule 2.
Credit Danville Bank for $50.00; rule 32. June 5th—Debit Cash for $10.00; rule 2.
Debit Expense for $5.00; rule 35.
Credit Income for $15.00; rule 49. June 5th—Debit Expense for $1.00; rule 35.
Credit Cash for $1.00; rule 3.
June 7th—Debit T. D. Anderson for $100.00; rule 15.
Credit Cash for $100.00; rule 3.
June 12th—Debit New York Milling Co. for $100.00; rule 15.
Credit Income for $100.00; rule 49.
June 12th—Debit Expense for $25.00; rule 35. Credit New York Milling Co. for $25.00; rule 21. June 16th—Debit Bills Receivable for $25.00; rule 10.
Credit Income for $25.00; rule 49.
June 25th—Debit Andrew Hamlin for $10.00; rule 19.
Credit Danville Bank for $10.00; rule 33.
July Ist—Debit Expense for $28.00; rule 35. Credit Cash for $28.00; rule 3. July 3rd—Debit Expense for $10.00; rule 35.
Credit Cash for $10.00; rule 3.
July 6th—Debit Jacob Jackson for $30.00; rule 17.
Credit Cash for $30.00; rule 3.
July 10th—Debit Expense and Labor, each, for $2.00; rules 35 and 48. Credit D. E. Baker for $2.00; rule 21. July 20th—Debit Cash for $10.00; rule 2.
Credit Andrew Hamlin for $10.00; rule 21. July 25th—Debit Expense for $25.00; rule 35.
Credit Income for $25.00; rule 49. July 26th—Debit Expense for $4.00; rule 35.
Credit Luke Harrison for $4.00; rule 22. July 27th—Debit Cash for $10.00; rule 2.
Credit Income for $10.00; rule 49. July 28th—Debit Cash for $10.00; rule 2.
Credit Cash for $10.00; rule 3. It is not necessary to make any entries for this transaction, but it is best to do so in order to have a record to show how the check was disposed of.
Aug. Ist—I[‘ebit Expense and Labor, each, for $5.00; rules 35 and 48.
Credit Cash for $4.00; rule 3.
Credit Income for $1.00; rule 49.
Aug. 6th—Debit Expense for $31.00; rule 35. Credit Danville Bank for $31.00; rule 32. Aug. 8th—Debit Expense for $100.00; rule 35. Credit Galena Oil & Gas Co. for $100.00; rule 21. Aug. 8&th—Debit Galena Oil & Gas Co. for $10.00; rule 15. Credit Cash for $10.00; rule 3. Aug. 15th—Debit Fence Account for $2.00; rule 41. Debit Cash for $12.50; rule 2. Credit Joseph Garfield for $14.50; rule 21.
Page Seventeen
Aug. 18th—Debit Galena Oil & Gas Co. for $50.00; rule 15. j Credit Cash for $50.00; rule 3. Aug. 20th—Debit J. C. Buell for $19.00; rule 18. Credit Fence Account for $19.00; rule 42. Sept. Ist—Debit Cash for $240.00; rule 2. Credit Income for $240.00; rule 49. Sept. 5th—Debit Expense for $60.00; rule 35. Credit Danville Bank for $60.00; rule 32. Sept. 10th—Debit Expense and Labor, each, for $10.00; rules 35 and 48. Credit Cash for $10.00; rule 3. Sept. 15th—Debit Expense for $1.00; rule 35. Credit Cash for $1.00; rule 3. Sept. 18th—Debit Expense for $10.00; rule 35. Credit Income for $10.00; rule 50. Sept. 25th—Debit Cash for $5.00; rule 2. Credit Income for $5.00; rule 49. Sept. 27th—Debit Danville Bank for $240.00; rule 30. Credit Cash for $240.00; rule 3. sept. 28th— Debit Frank Adams for $10.00; rule 15. Credit Cash for $10.00; rule 3. Sept. 30th—Debit Danville Bank for $300.00; rule 15. Credit Income for $300.00; rule 50. Oct. 1lst—Debit Cash for $500.00; rule 2. Credit Danville Bank for $500.00; rule 32. Oct. lst— Debit Cash for $500.00; rule 2. Credit Cash for $500.00; rule 3. Oct. 3rd—Debit Expense for $15.00; rule 35. Credit Cash for $10.00; rule 3. Credit Income for $5.00; rule 49. Oct. 4th—Debit H. O. Franklin for $5.00; rule 15. Credit Income for $5.00; rule 49. Oct. | 5th—Debit Cash for $200.00; rule 2. Credit Income for $200.00; rule 49. Oct. 10th—Debit H. O. Franklin for $10.00; rule 15. Credit Cash for $10.00; rule 3. Oct. 12th—Debit Bills Payable for $400.00; rule 24. Credit Cash for $100; rule 3. Credit Danville Bank for $300.00; rule 32. Oct. 12th—Debit Interest Account for $16.00; rule 46. Credit David Lincoln for $16.00; rule 21. Oct. 18th—Debit Expense for $20.00; rule 35. Credit Cash for $20.00; rule 3. Oct. 20th—This transaction does not appear in the Journal because no en- tries are required. Oct. 21st—Debit H. O. Franklin for $5.00; rule 17. Credit Cash for $5.00; rule 3. Oct. 31st—Debit Expense and Labor, each, for $25.00; rules 35 and 48. Credit H. O. Franklin for $25.00; rule 21. Oct. 3lst—Debit H. O. Franklin for $5.00; rule 15. Credit Cash for $5.00; rule 3. Nev. lst—Debit Cash for $3.00; rule 2. Credit Income for $3.00; rule 50. Nov. 5th—Debit Expense for $1.00; rule 35. Credit Cash for $1.00; rule 3. Nov. 10th—Debit Cash for $100.00; rule 2. Credit Income for $100.00; rule 49. Nov. 15th—Debit Expense for $43.00; rule 35. Credit Fence Account for $43.00; rule 42. Novy. 20th—Debit Cash for $100.00; rule 2. Credit Bills Payable for $100.00; rule 28. Nov. 25th—Debit Bills Receivable for $100.00; rule 10. Credit Cash for $95.00; rule 3. Credit Discount for $5.00; rule 45. Noy. 26th—Debit Expense for $19.00; rule 35. Credit J. C. Buell for $19.00; rule 22. Noy. 28th—Debit Expense for $4.00; rule 35. Credit Income for $4.00; rule 49. Noy. 29th—Debit Loss & Gain Account for $4.50; rule 56. Credit Fence Account for $4.50; rule 42. Page Eighteen
Nov.
Dec.
30th—Debit Cash for $495.00: rule 2. Debit Discount for $8.33; rule 44. Credit Cash for $500.00; rule 3. Credit Interest Account for $3.33; rule 47. Ist- Debit Expense for $35.00; rule 35. Credit Income for $20.00; rule 49. Credit Danville Bank for $10.00; rule 32. Credit Cash for $3.00; rule 3. Credit Oliver Arthur for $2.00; rule 21. 5th—Debit Expense for $3.00; rule 35. Credit M. E. Church for $3.00; rule 23.
10th—Debit Loss & Gain Account for $75.00; rule 56.
Credit Cash for $75.00; rule 3. 16th—Debit Cash for $26.25; rule 2.
Credit Bills Receivable for $25.00; rule 11.
Credit Interest Account for $1.25; rule 47. 20th—Debit Expense for $150.00; rule 35.
Credit Danville Bank for $150.00; rule 32. 25th— Debit Cash for $180.00; rule 2.
Credit Income for $180.00; rule 49. 25th—Debit Expense for $5.00; rule 35.
Credit Cash for $5.00; rule 3. 26th—Debit Cash for $30.00; rule 2.
Credit Income for $30.00; rule 51. 28th—Debit Expense for $100.00; rule 35.
Credit Bills Receivable for $100.00; rule 11. 3lst—Debit Bills Payable for $100.00; rule 24.
Debit Interest for $6.00; rule 46.
Credit Discount for $5.00; rule 45.
Credit Cash for $101.00; rule 3. 3lst—Debit Frank Adams for $10.00; rule 15.
Credit Cash for $10.00; rule 3. 3lst—Debit Cash for $1.00; rule 2.
Debit Expense for $1.00; rule 35.
Credit Income for $2.00; rule 49. 3lst—Debit Expense for $2.00; rule 35.
Credit Cash for $1.00; rule 3.
Credit Income for $1.00; rule 49.
Page Nineteen
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Explanation of Ledger
The double vertical line in the center of the page separates the Debit Side of an account from
the Credit Side. The Left Hand Side is the Debit Side.
The Right Hand Side is the Credit Side.
The Columns on the Debit Side are identical to the Columns on the Credit Side.
The first double column at the left hand side is the Date Column. the date on which each transaction occurred.
In this column is kept
The next column to the right of the Date Column is the Explanatory Column. In this column
is kept a short explanation of each transaction. The next column to the right of the Explanatory Column is the
Page Column. action is found in the Journal.
The next column to the right of the Folio Column is the Amount Column.
is kept the amount of each Debit and Credit.
Folio Column or Journal
In this column is kept the number of the page on which a record of each trans-
In this column
How to Post to the Ledger
Amounts are Posted from the Journal to the Ledger any time after they have been recorded
in the Journal.
Post the Amounts to the Ledger that are found in Sundry Personal Accounts Column in the
Journal.
To learn how to Post to the Ledger the student should notice closely the form used in this set and follow the instructions and explanations given.
First turn to the first page of the Journal.
Beomnine with the first amount that is found
in Sundry Personal Accounts Column, proceed in the following manner to make entries in the
Ledger:
For con enience, we have used the following abreviations, L.
armel Jf, 12
Jan. 1lst—Debit Real Estate for $12,000.00 and ee sim IE; 1 (, euoel i sim Jj, 1s
Jan. Ist—Debit ae Receivable io * $80.00 and place | in L. (Cy aiaval Ik shat Ife C
Jan. lst—Debit anne Taylor for $100. 0 and place 1 A IL, 12 (C, ginal traf, 1, €
Jan. Ist—Debit age Seika for $10.00 aml jilaee Z iin Ike 12, © eingl isin jj, Ie,
Jan. lst—Debit E dulement for $3392. 06 and place 2 sho I. 1 (C, enexal Ih sia J) RG
Jan. 1st—Credi roprietor for $16,582.00 and eplace 2, ines Pa (Gland alsin) see
Jan. 1st—Debit Proprietor for $150.00 and place 2 1m ie, PC: and! 1 im, P.
Jan. ra Frank Adams a $50.00 and places in) I Pa'@, and: in J, Be ©
Jan. jCart: Bills payable for $100. 00 and place S mit IL, We CG, ehorl I sia jf Wee (Ee
Jan. Ist—Debit oe Bank for $600.00 and place 4 in L. (C. ayavl soa jf, Ie (Ce
en 9th—Debit ie Madison for $1.00 and planes Sam IL, IP, (Cz ehauel 1 vit 5 Ie (C
Jan. 11th—Credit Shelby Clay Co. “os eae and Bess AU iat ise IR (Ge axel Ishi
Jan. 13th—Debit Shelby Clay Co. for $5.00 and place 4 in L. P. C. and 2 in J. C
Jan. 13th—Credit Frank Adams for O00 and place S iat I, I, (CE, eel 2 iit Ifo 1k,
Jan. 15th—Credit Bills Receiv rom for $80.00 and place 1 in L. P. C. and 2 in Je (Cc
Jan. 17th—Debit Luke Harrison a $5.00 anda places amin les bal Casancdh 2 imes)|is IoC
Jan. 17th—Credit Danville Bank on $5.00 and) place 4insis PG and 2 in J. |
Jan. 19th—Debit Fence Account for ‘io. 00 ebaxal qolleves (ey shy IL, 125 (G, eimel A sta) |, 12
Jan. 19th—Credit Ohio Fence Co. fc iy sti0, 00 and place 6 in L. P. C. and 2 in J.
Jan. 2lst—Debit Danville Bank a so 0) andiplace) inves Pe) @sande Zain )p aS
. for Journal Page Column.
P. C. for Ledger Page Column
Jan. 25th—Debit Fence Account for $12.00 andsplaceyOuiny lnseal Garand Siri) |i dea Gs
Jan. 27th—Debit Fence Account ee $4.80 and splacero ini les Pa Geande Shine: C.
Jan. 27—Credit Fence Account for a 80 and placer Grint Pe Gyandesrin) a eG
Feb. 1lst—Credit Ralph Taylor for $100.00 ands placemiinglewia C-eancdh sein ||/aakeanes
Feb. 3rd—Debit Danville Bank ir $116.00 and place 4 in L. P. C. and 3 in J. Cc
Feb. 5th—Debit M. E. Church for ee 06 and jolkeKers Sy shel ILy, Jee (Ce choral 6) shel Ie le (Ge
Feb, 5th—Credit Danville Bank for $3.00 and place intl Ps ande sein) jp iC.
Feb. 7th—Debit Ohio Fence Co. sos $410.00 aiinGl joEeE, © wh JL, Ie, (Co ehaall S) shay fe 1s, (C.
Feb. 7th—Credit Danville Bank ae “$401. 80 and place) 4 in) Wy 2. C, and 3) in J). eC.
Feb. 7th—Credit Discount for $8.20 and pee S) stn Ibe 1, (C, ginal J wii If, les C:
Feb. 12th—Credit Bills Payable os $400.00 and place 3.1m) le PG sand 4 in J. (S
Feb. 15th—Debit Jacob Jackson fo Eon and place 7 in L. P. C. and 4 in J. P.
Feb. 22nd—Credit Danville Bank for pe and place 4 in L. P. C. and 4 in J.
Feb. 25th—Debit Joseph Garfield io $8600 and» places 7 in ley PaiGs and) ini):
Feb. 25th—Credit Fence Account ss $36.00 andaplace Onin ly PG and 4 sin], BP. €
March Ist—Debit Danville Bank for $50.00 and place 4 in L. P. C. and 4 in J. P. ¢
March Ist—Credit Joseph Garfield for $50.00 and place 7 in L. P. C. and 4 in J. P. C.
March 12th—Credit Jacob Jackson for $80.00 and place 7 in L. P. C. and 4 in J. P. C.
April 3rd—Credit Danville Bank for $15.00 avaal pollevee 2! thay Ie, 12h (Co ehael sy inal jj, Ie, (Ce
April 9th—Credit Fence Account for $38.00 andu place Onin: Ie. Pa and Gye )is iG:
Page Thirty-five
Account i
April 17th—Credit Fence 131:50land place 6 in L. Pa@yandiovin J. P.
April 21st—Debit Danville Bank for $203. a andeplace 4 in L. P. Cyandiopinels P. C.
May l1st—Credit Danville Bank for $500.00 and place 4 in L. P. C. and 6 in J. P. C.
May 2nd—Debit Frank Adams for $30.00 andi place 3 in L. Pa(€yandtomine|., P. C.
May 2nd—Credit Danville Bank for $30.00 and place 4 in L. P5'Cyandvomimi J. P. ‘C-
May 9th—Debit Fence Account for $21.50 and place 6 in L. P. C. and’7 %n J. P. C.
May 9th—Credit Joseph Garfield for oe 50 and place 7 in WP) Cwandeyain’ J. 2 €
May 12th—Credit Andrew tien for $10.00 and place 2 in Ly PSC. and 7 in J. P. C.
May 15th—Credit Fence Account ie $43.00 and place 6 in). Pe@xand’7 in J. C
May 15th—Debit Fence Account ir Pas and place 6 in L. P. C. and 7 in J. G
May 17th—Credit Jacob Jackson a ne anduplaces7inil., jem@erand 7 in je baG
May 25th—Debit Danville Bank for ee 00 and [place 4ain ey RaG@and 7 cinv i), .b. (©
June ow age Gilbert Polk for ae: OO and place 7 stat JL Candi” in. jae:
June 3rd— ae Danville Bank we $50.00 and! place 4 inl; Ps C. and 8 in’ jz P.-€
June 7th—Debit T. D. Anderson for $100.00 and place 8 in L. P. C. and 8 in J. P. C.
June 12th—Debit New York Milling Co. for $100.00 and place 8 in L. P. C. and 8 in J. P. C.
June 12th—Credit New York Milling Co. for $25.00 and place 8 in L. P. C. and 8 in J. Be;
June 16th—Debit Bills Receivable for $25.00 and: place diingles PACs andy sim jae. 1C
June 25th—Debit Andrew Hamlin for $10. 00 and place 2 in L. P. C. and 8 in J. P. C
June 25th—Credit Danville Bank for $10.00 and place 4 in L. P. C. and 8 in Jo 2s €
July 6th—Debit Jacob Jackson ee $30.00 and place:/single. PC vand)9l inj ea ©
July 10th—Credit D. E. Baker ee 2.00 and place Suniles BaiGs andi 9am), 2:
July 2 Credit Andrew Sas for $10.00 and iplaceyZpinwle Pa Grands ines be G
July 26th—Credit Luke Harrison $4.00 and place Spine be CrandsORing)absae
Aug. 6th—Credit Danville Bank for 1.00 and place 41m (ee eaiGe anda lORimia) eles
Aug. 8th—Credit Galena Oil & Gas CS, for $100.00 and place Dine es CeandelOhny eG
Aug. 8th—Debit eden ee & Gas Co. for $10. 00 and place 9 in L. wanda Okiny 2 Ge
Aug. 15th—Debit Fence Account for $2.00 and place Onngs Pa CxandelOnn |pies
Aug. 15th—Credit her Garfield for $14.50 and place Zines Pe Cand slOsine): (CG
Aug. 18th—Debit Galena Oil & ee CS, 2 $50. 00 and place 9 in lea PaiGyandelOhine |p.
Aug. 20th—Debit J. C. Buell for ai 00 Ps place 9 in LP) Gand 101in J, P.
Aug. 20th—Credit Fence ees for $19.00 and place 6in LE. RP. ©. and 10in Js PP. C
Sept. 5th—Credit Danville Bank for $60.00 and place4 nese Grand ailing) sala CG:
Page Thirty-six
Sept. 27th—Debit Danville Bank for $240.00 andeplace4 in) by EaiGeandsliiin ). Pac
Sept. 28th—Debit Frank Adams for vee andeplace 3 in Ly PG vandalism b:
Sept. 30th—Debit Danville Bank for a andeplace 4-in Lo, PG] andeluleing pub Cc:
Oct. Ist—Credit Danville Bank for $500.00 and place 4 in LL; PS iGyand iting) see
Oct. 4th—Debit H. O. Franklin for $5.00 and placeOsinele: B.C. and 2 eine eae
Oct. 10th—Debit H. O. Franklin for $10.00 and eplace Gain Is. PR. Cvand 2 ing pea
Oct. 12th—Debit Bills Payable for $400.00 andpplacessmin lL. Py Gy and 12 in J Pe
Oct. 12th—Credit Danville Bank for $300.00 and place 4in L. P. C. and 12 in J. P. ©.
Oct. 12th—Debit Interest Account for $16.00 and! placewlOkin LP: Cxandal2ning)ae ©
Oct. 12th—Credit David Lincoln for $16.00 and placesOmin ie. Ps Grand 2 ingpseG:
Oct. 2lst—Debit H. O. Franklin for $5.00 and place Osing le. Pp. (Ge andy nieve
Oct. 3lst—Credit H. O. Franklin for 5. 00 ands place Ominels., 2. Candy Zine) pe ge ©
Oct. 3lst—Debit H. O. Franklin ae $5.00 ands placewOmn lea bs Ceandel Simian Ce
Noy. 15th—Credit Fence Account for $43.00 and place 6)in wR: (€: and 13)in J.P.
Nov. 20th—Credit Bills Pay able for $100.00 and place 3 in L. P. C. and 13 in J. P. C.
Noy. 25th—Debit Bills Receivable for $100:00 and place 1 in L. P. C. and 13 in J. P. C.
Nov. 25th—Credit Discount for $5.00 and place o inves Pa Grandi Smini baie
Nov. 26th—Credit J. C. Buell for 0) O00 and place 9 in Le PG. and 14 in Idee
Nov. 29th—Debit Loss & Gain Account for $4.50 and place 10in L. P. C. and 14° in J. P. ©:
Nov. 29th—Credit Fence Account for $4.50 and placevorin) LL Ps ©,and 14 ines eae:
Noy. 30th—Debit Discount for $8.33 and place sin Le PCs and 4ainy Pac:
Nov. 30th—Credit Interest for $3.33 and place) lO sine Bae © an cll sine) Ce
Dec. lst—Credit wae Bank for $10.00 and place 4in l, P) Co and 14 ing: Pace
Dec. agree ie er Arthur for $2.00 and place 10 in L. Gand 14 in je Pace
Dec. ae M. E. Church for $3.00 and place-opinwles Pa Ce anda 4ainge bn ©
Dec. 10th—Debit Loss & Gain et re 5.00 and place 10 in L. P. C. and 14 in J. Cc
Dec. 16th—Credit Bills Receiv ae for $25.00 and» places single gio.) Gaara minie) apezm es
Dec. 16th—Credit Interest Account for $1.25 and! places 10) in Ea PaG.andilosng)| eae
Dec. 20th—Credit Danville Bank for $150. 00 and place4 im Libs Caandilssin ie iG:
Dec. 28th— Credit Bills Receivable for $100.00 and place 1 in L. P. C. and 15 in J. P. C.
Dec. 31st—Debit Bills Payable for $100.00 andeplacesonim lea ben Garand Spire) Ce
Dec. 31lst—Debit Interest for $6.00 and place MO} tim Ws 1%, (Ce mavall IS atroe J), ley C
Dec. res Discount vn $5.00 and place sine. Ps Cxand! TssinyjE Ps GC:
Dec. 31s inet Frank pe for $10.00 ands places) ines PN Cand al Sistia) ann Ce
INDEX TO LEDGER
Page Adams, Frank ......... =cessthncreccctice co Ee 3 /Nom@lesreoiing “Ils. ID) eee aie ee 8 JNsrelaK GND (O) UR 2its eee en ene ee neler oe 10 Biillliweelvecetrally lem emacs nes = eee ees ee. hee 1 Bil Sie anya lee ee eee reer re ee 3 Baler: ID), Ieee ee esta 8 TBM oWENDL, fo: Gee re a ee ee g [arnivalletaa ls ainilcieeee eee nee 2 es 4 IDS @ trast eee ened a Bt te ee 5 FSS Citi pp mae 1a eer eee ee eee nen Fe ee Z IE ESTRCS, VANCLCSN BI nT pee Pee as EE 6 IBreNiall ellityatys. etl, (O) perce ee el ol 7A iete 9 CanirelclR|OSep lipeere eee ne ee Hi Galenay@ilica Gass Goes eee 9 Petica rl rn agaeANCTY GllT al eee eee ee | Saeco 2 Vatiatsi S © 1rme lett ki enmescesieere cee ee as oe ns ols 5 NRE OG Lane eee eee ee ee ak a 10 Jancis, JJEC) oe aes of incon avid ees ee 10 TOSS eae Gr UT ieee eee ee a Ft Ue 11 Mikes © ie (farrier eee ene eee Ls ee eee 3 UNE RDS CCl mete ote Bc eee ee ce a ee = es) TINY NG RNIEGNU ate So 8 @hiomlion cer! Cores eee ae oa ee En 6 PATO) DMTAI GION dee ee a ee 2 Polk, Gilbert _..... Se OR Les ga a elsic ii Recalls Eis Tait elses nese eee ce eee en RE Be Ss 1 Siitel iva Glatyias @@ sateen ween ee ee ee 4 @lbeaty dl OtermmetccUl py big Sees see ee ne ee eee ose ees 1
Page Thirty-seven
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Inventory, January Ist, 1912
Cash on hand (this includes C. of D. on Danville Bank, L. Moss’ check, currency)...$ 1427 75 lSOfrccestomland wortlapSO!OO pe tgmcl et cose ee ae ee ae anne een ne ee 12000. 00 AmountimeDanville Barker tsialoiectertoy lec ks coop eee mam enee ne ee enna 56 70 ohne Madison Owes: ale yOmlere Ce cra ecco 1 00 em elargtSOn OWES! 11 Copio mele lira se eee ee ee OE 1 00 ee Det lerSOm) OWES! Ti mC mA GO eee eae eco nna 100. 00 Newavionk< NMallins <Gomowesmmleamo mura GC OL 1 == se een eee eee 73, 00 Fence on hand, 100 rod, 11-48 @ 40e per rod 40 00 50 rod, 18-58 @ 50c per rod.... 25 00 30 rod, 16-48 @ 45c Ae rod sy S10) Onevset fencesstnetchers:... 2 10 00 leeSiiedayis, (Opal WETMCS,, OSOU UNI A a seer eke ee 250) $ 91 00 N25 Caincistrels Cormier 0 Chip Stam DUS a ee ae eee ae anne $ 500 00 500 shocks fodder (a 12c per IS 6 cl ean rn I Red gS Na 2 A Renae eee 60. OO AKO): weopalsy Jokela gs (G2) SUL O0) SOX WON: eee: cee ce eee eee 600. 00 300 bushels wheat @ Bc per pushel: 0) een eee eee 240 00 200 bushels oats @ 50c per bushel 100 00 100 bushels potatoes @ 80c per bushel... 80. 00 6 horses @ $150.00 each............ 900 00 One share in Percheron Horse Co. 200 00 Two shares of Galena Oil @ Gas Co. stock @ $50.00 per share.................. 100 00 Sricattles Ge 3 OOO mealies sa) oer eens eee rs te See ee ee 450 00 AOphoess@asits!00Meaclimemeer eee 600. 00 BIO) SINGS @ SSLOO sorere lesen cl a ee ea acces ace eee! 150 00 200 chickens (@ S25 eRe al cis ess 5 eee Bae ee ee 50. 00 Harm amplenvents: == BRO Se tee hee Ge NB edn fa See UR eRe 200 00 SING allie Gy (1a oa tae ne eee ee se ee $ 4230 00 Proprietors: property, om lnand) ianey UStyLO 22 $17982 45 I owe Frank Adams, on account 7 PT 8 liner erent Meee een. te eR eee UNS 5 00 I owe a Divan Clave Cov. Ol fa CEO Une eee soar ace Feuer ee Saree en ene ee 35 00 ower Gilbe rem allan acco trite ee. eee = ere aes omen ue eee oes 8 00 iPower Daher alert Om acco tnt Sees 2 cee ee ee 2 00 ower Galena @ is Se GaSe Go rego mera © GO ree eae ee ene 40 00 rower Danae olin (© rly el GG © Ur tee ae eee ee ee 16 00 Tower @ liver eAuatlitttew OT CGO Ute see ene eee 2 00 My note, outstanding (unpaid) favor John Dury... 100 OO Proprietor’s debts Jan. Ist, 1912 .$ 208 00
Closing the Ledger
In Double Entry bookkeeping the books will balance 1f the work is correct. In other words the sum of all Debits will equal the sum of all Credits.
Always take a Trial Balance pefore closing the Ledger.
Never Close the Ledger until it Balances.
How to take a Trial Balance: Draw a ver- tical line across a sheet of paper. Place all of the Debits you have made in tie Ledger ou. a Left Hand side of the line. Place all of
he Credits you have made in the Ledger on ie Right Hand side of the line. Then place the total amount of Expense found in Expense Column in the Journal on the Left Hand side. Place the Amount of Cash on hand found on the Debit side of Cash Account on the Left Hand side of the line. Then place the total amount of Income found in Income Column on Page Forty-eight
the Right Hand side of the line. Add the amounts on each side of the line. If the total amount is the same on both sides the work ts correct. If they are not the same there is a mistake in the entries.
In taking a trial balance do not use any of the amounts taken from an inventory except from the one taken at the time the books were opened. The inventory taken at the time the books are closed must not be used in taking a trial balance. In other words use the amounts that have been Posted from the Jour- nal to the Ledger, total expense, total income and the amount of cash on hand when the trial balance is taken.
Always take an Inventory of all Speculative Accounts before closing the Ledger.
If a Speculative Account has an inventory. place the amount of that inventory on the Credit side of the account, before closing that
account. For this inventory, consult inven- tory taken Jan. Ist, 1912.
The student should make a thorough study of the Ruling of each account and follow the explanation carefully.
REAL ESTATE
The first account in this Ledger is Real Es- tate. It is a Speculative Account and has an inventory of $12,000.00. Place that amount on the Credit side of the account. It can be seen at a glance that this account balances, therefore rule it by drawing a double line which indicates that the account is closed. Then bring the amount of the inventory down under the double line on the debit side. The account is then open for the following year.
BILLS RECEIVABLE
Draw a single line under the amounts of this account. Add the amounts on both sides of the account. The account balances, therefore draw a double line to show that the account is closed.
RALPH TAYLOR
It can be seen at a glance that this account balances, therefore draw a double line to show that the account is closed.
ANDREW HAMLIN
Draw a single line under the amounts. Add the amounts. This account balances, there- fore draw a double line to show that the ac- count is closed.
EQUIPMENT
This is a Speculative Account and has an inventory of $4230.00. Place this amount on the Credit side, draw a single line, bring both amounts down below the line, place the smaller sum under the larger, draw a line, subtract. The result is a Credit balance and exhibits a gain of $838.00. Draw a double line and bring the amount of the last inventory down on the Debit side below the double line.
PROPRIETOR
Do not close this account until all of the others have been closed.
FRANK ADAMS
Draw a line under the amounts, add both sides of the account, place the smaller num- ber under the larger, draw a line, subtract, the result is a credit balance of $5.00. Bring the amount down below the line. This is the amount the Proprietor owes Frank Adams, Jan. lst, 1912.
BILLS PAYABLE
Draw a line under the amounts, add both sides of the account, place the smaller sum under the larger, draw a line and subtract,
the result shows a Credit balance of $100.00. This is the amount of notes the Proprietor | outstanding (unpaid) Jan. Ist, 1912.
JOHN MADISON
This account has only one entry. It is a Debit. No ruling is necessary in a case like this.
DANVILLE BANK
Draw a line under the amounts, add both sides of the account, place the smaller sum under the larger, draw a line and subtract. The result shows a Debit balance of $56.70. This is the amount the Proprietor has in the Danville Bank subject to check Jan. Ist, 1912.
SHELBY CLAY CO.
Draw a line under the amounts, bring the amounts down below the line, place the smaller under the larger, draw a line and sub- tract. The result shows a Credit balance of $35.00. The Proprietor owes that amount to the Shelby Clay Co. Jan. Ist, 1912.
LUKE HARRISON
Draw a line under the amounts, bring both amounts down below the line, place the smaller amount under the larger, draw a line and subtract. The result shows a Debit bal- ance of $1.00. Luke Harrison owes the Pro- prietor that amount Jan. Ist, 1912.
M. E. CHURCH
It can be seen at a glance that this account balances, therefore draw a double line to show that the account is closed.
DISCOUNT
Draw a line under the amounts, add both sides of the account, place the smaller sum under the larger, draw a line and subtract. The result shows a Credit balance of $9.87. This is a gain to the Proprietor. Draw a double line to show that the account is closed. All accounts exhibiting a Loss or eain are closed in this manner.
FENCE ACCOUNT
This is a Speculative account and has an inventory of $91.00, according to the inven- tory taken Jan. Ist, 1912. Credit this account with that amount, draw a line under the amounts, add both sides of the account, place the smaller sum under the larger, draw a line and subtract. The result shows a Credit bal- ance of $8.50. This is a gain to the Proprietor Draw a double line to show that the account is closed and then bring down the amount of the inventory on the Debit side of the account.
OHIO FENCE CO.
It can be seen at a glance that this account balances, therefore, draw a double line to show that the account is closed.
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Page Forty-nine
JACOB JACKSON
Draw a line under the amounts, add both sides of the account. This account balances, therefore draw a double line to show that the account is closed.
JOSEPH GARFIELD
Draw a line under the amounts, add both sides of the account. The account balances, therefore draw a double line to show that the account is closed.
GILBERT POLK
This account shows a Credit balance of $8.00. The Proprietor owes Gilbert Polk that amount Jan. Ist, 1912. No ruling necessary.
T. D. ANDERSON
This account shows a Debit balance ot $100.00. T. D. Anderson owes the Proprietor that amount. No ruling necessary.
D. E. BAKER
This account shows a Credit balance of $2.00. The Proprietor owes D. E. Baker that amount.
NEW YORK MILLING CO.
Draw a line under the amounts, bring both amounts down below the line, place the smaller amount under the larger, draw a line and sub- tract. The result shows a Debit balance of $75.00. The N. Y. Milling Co. owes the Pro- prietor that amount Jan. Ist, 1912.
GALENA OIL & GAS CO.
Draw a line under the amounts, add both sides of the account, place the smaller sum under the larger, draw a line and subtract, the result shows a Credit balance of $40.00 The Proprietor owes the Galena Oil & Gas Go. that amount Jan. Ist, 1912.
jc BUBEL
It can be seen at a glance that this account balances, therefore draw a double line to show that the account is closed.
H. O. FRANKLIN
Draw a line, add both sides of the account. The account balances, therefore draw a double line to show that the account is closed.
INTEREST
Draw a line under the amounts, add both sides of the account, place the smaller sum under the larger, draw a line and subtract. The result shows a Debit balance of $17.42. This is a loss to the Proprietor. Draw a double line to show that the account is closed.
DAVID LINCOLN
This account shows a Credit balance of Page Fifty
$16.00. The Proprietor owes David Lincoln that amount Jan. Ist, 1912. No ruling neces- sary.
OLIVER ARTHUR
This account shows a Credit balance of $2.00. The Proprietor owes Oliver Arthur that amount. No ruling necessary.
LOSS & GAIN
This account is one into which all other ac- counts that exhibit a Loss or Gain are closed. ‘his account is also Debited for all unexpected Losses and Credited for all Unexpected Gains. When any Speculative account exhibits a Loss, this account is Debited for the balance. When a speculative account exhibits a Gain, this account is Credited for the balance. On Nov. 29th, this account was debited for $4.50 and on Dec. 10th it was debited for $75.00 In both of these cases the debits were made on account of Unexpected Losses. Equip- ment account exhibits a Gain of $838.00, there- fore this account is Credited for that amount. Discount account exhibits a Gain of $9.87, therefore this account is Credited for that amount. Fence account exhibits a Gain of $8.50, therefore this account is Credited for that amount. Interest Account exhibits a Loss of $17.42, therefore this account is Debited for that amount. This account is now ready to Close, draw a line under the amounts, add both sides of the account, draw a double line to show that the account ts closed.
This account does not balance. In a pure- ly mercantile business Loss and Gain account will balance and will show the net loss or net gain. In keeping Farm Accounts this is dif- ferent. It does not show the Farmer’s net loss or net gain because the farmer raises products and sells them during the year and they are never invoiced. The farmer's Net Gain or Net Loss is the difference between the amount of the Invoice taken when the books were opened, and the one taken when they are closed. In keeping Farm Accounts, Loss and Gain Account is simply an account under which a list of losses and gains are kept.
PROPRIETOR’S ACCOUNT
This account was debited for the amount of the Proprietor’s debts, and credited for the amount of his investment Jan, Ist, 1911, when the books were opened. It was debited for the value of the Proprietor’s property, and credited for the amount of his debts when the books were closed Jan. Ist, 1912. Draw a line under the amounts. Add both sides of the account. Place the smaller number under the larger, and subtract. The difference 1s $1342.00. This amount is the Proprietor’s Net Gain.
Draw a double line to show that the ac- count is closed. Then place the amount of the proprietor’s debts on the debit side, and the amount of his investment on the credit side. This account is now open for the fol- lowing year.
Explanation of Monthly Sales Sheet
We have provided a Monthly Sales Sheet for the farmer who wishes to know the exact amount he receives from each of the various kinds of products sold from the farm.
By keeping a Monthly Sales Sheet, the farmer has a record of the total amount re- ceived for each kind of products sold during each month, and the total amount received fo1 each kind of products during the year. It
also shows the total amount of sales during
each month for all products sold, and the total amount of sales during the entire year.
HOW TO KEEP A MONTHLY SALES SHEET
At the expiration of each month consult The Farm Record Book or Journal to ascer- tain the amount received for each kind of pro- ducts during that month. For instance, by referring to the Journal we find that $16.00 was received for clover seed during January Place that amount in January Column oppo- site the word “clover seed”, which is written on the first line. If you had sold clover seed several times during January all of the amounts received would have been added and the total amount put in January Column op- posite the name of the article sold “clover
seed.”” Proceed in like manner with each kind of products sold during the month. in the same way at the end of each month during the year.
Pre ceed
Place the total amount received fcr cach kind of articles in the “total column” at the right hand side of the page. This will show the total amount received for each kind of products for the entire year. Add the amounts in each of the Monthly Column ‘and place the amounts at the bottom of the page in their respective columns, that will show the total amount of sales for each month.
The sum of the amounts at the bottom cf the page should equal the sum of the amounts
‘in Total Column at the right hand side cf the
page. That amount is the grand total amount of all sales made during the year. This amcunt will not necessarily be identical to the amount in Income Column in the Journal, for in that column is kept the entire income, except 1n- terest, discount and profits on speculative ac- counts, while only the amount of sales of farm products are kept in the Monthly Sales Sheet.
To ascertain the Farmer’s Net Gain consult Proprietor’s Account.
This same form can be used for keeping an itemized account of expenses.
Page Fifty-one
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Partnership.
It is difficult to lay down rules which will ap- ply to all forms of partnership, however the fundamental principles of bookkeeping are to debit persons when they receive values on ac- count and credit them when they furnish val- ues on account. Debit each partner for the amount of values he receives from the busi- ness and Credit each partner for the amount of values he puts into the business.
In case you rent a farm for cash, debit the landlord whenever you pay him cash for rent or when you furnish him values of any kind to apply on rent. If you pay him by bank check, credit the bank on which you issued the check.
f you pay him by note, credit Bills Payable account. If you pay him with farm products or labor, credit Income account. Credit the landlord for the amount of the rent when it is due. If it is all due at the end of the year, credit him at that time for the whole amount. Ii it is to be paid in installments, credit him when each installment is due, for the amount of the installment.
In case the landlord and tenant own the live stock, implements, and farm products together, credit each partner with the amount of prop- erty he puts into the partnership and debit Equipment Account for the whole amount. Debit each partner with the amount of the partnership property he receives.
There are two ways of renting for grain rent. The landlord and tenant either divide the pro- ducts or sell them and divide the money. If they divide the products before selling them,
each party should keep a memorandum of the Saaity that each person receives. If the pro- ducts are sold and the money divided, debit
Cash and credit Income when the products are sold. Debit each party for the amount of the money he receives and credit Cash for the whole amount.
Miscellaneous Suggestions.
In closing ledger accounts, it will add to the appearance of the work, to rule with red ink.
If you wish to keep an individual stock record, that is, if you want an account which will show the expense and income of a certain cow, for instance; open an account under the name or number of the cow just like you would any personal account. Debit the account for all of the expense she makes and credit the ac- count for all the income she produces.
If you wish to know the rate of income on your investment, invoice your property and debts when the books are opened and when closed. See Proprietor’s Account in ledger for further information.
In case you do not care to know what your investment is or the rate of loss or gain on the net investment, it is not necessary to take ar inventory. Some farmers just want a record of their sales, income, and personal accounts.
To find the rate of gain; divide the net gain
by 1% of the net investment. The rate of gain in the set of transactions which has been worked out, is 8%-|-. See illustration below: $16,582.00— investment. 150.00—debts. 16,432.00—net investment. 1,342.00—net gain, per Proprietor’s Account in ledger, 1% of $16,432.00—$164.32. $1,342.00-—164.32—8%-|-, gain on net invest- ment.
Transactions for Practice.
When this text is used in the class room, the pupils should work out the following set of transactions after they thoroughly under- stand how to make the entries to the set which the author has used to teach the principles of bookkeeping.
The dates to these transactions have been omitted. They should be filled in by the stu- dent.
On opening my books this day, my inventory is as follows:
(Gals ivory lial cl eeeeeeee eee ee ee eee $509.00 Amount in First National Bank sub-
EGE COM CM CCh = eee ses cee toe eases aie 500.00 John Jones owes me on account... 100.00 I have Bill Fravel’s note, payable on
demand, without interest... 200.00 My equipment is worth... 800.00 Ikowe) ESD Searles on accounts. -- = 400.00 I have a note outstanding, payable to
C. E. Blink, due one day from date
TAMEMONONE THOUS pee eee eens 200.00
Sold Charles Wilson 10 bushels of corn @ $1.00 per bushel, for cash.
Paid S. J. Mike, for groceries, cash $2.00. Sold John Edison on account, 2 bushels of clover seed @ $5.00 per bushel.
Bought of Brown oy Co., on account, 100 rods of 4 inch tile @ 25c per rod.
John Jones paid Brown Clay Co. for me on account, $20.00.
Sold 40 bushels of wheat to Sam Smoke, @ $1.00 per bushel, for his check on Hood's Bank.
Deposited Sam Smoke’s check for $40.00 in First National Bank, subject to check.
sill Fravel paid his note with cash, $200.00.
Deposited cash in First National Bank, sub- ject to check, $100.00.
Paid $1.00 cash to Daily News for subserip- tion.
Bought of Jacob Bale, 100 rods of fence (a 40c per rod to be used on my farm; gave him my check on First National Bank.
Paid Lida Mills cash for doing housework, 5 days @ $1.00 per day.
Page Fifty-three
Paid cash for 10 gallons of Lime-Sulfur so- lution @ 20c per gallon.
Gave the Bell Telephone Co. my check on First National Bank for $3.00 to pay telephone rent for three months.
H. M. Kile shod my horses, on account, $2.00.
J. C. Smith shore 100 sheep for me @ 10c. per head; I gave him a calf for his pay.
I put $2.00 in the church collection to apply on janitor’s salary.
Bought 100 sheep of John Love @ $3.00 per head; gave him my note due in one year, bear- interest at the rate of 6% per annum.
Bought 20 hogs of Sam Flea (@ $4.00 each; gave him my order on John Jones for $80.00.
I lost $20.00 cash, out of my pocket. I found $50.00 cash, on the street.
RESULT OF ABOVE TRANSACTIONS
On closing my books I find my business in the following condition :
Cashion andi $ 628.00 Amount in First National Bank sub-
ject etomcheck= meme 0 597.00 - T own Equipment worth (per inven-
LOL Vg) Ais eee a Ae 1,500.00 John Edison owes me. 10.00 I owe F. D. Searles... 400.00 owe EiViENkeilem 2.00
I owe Brown Clay Co 5.00 T have notes outstanding amounting
OS ee ee ne 500.00
Bills Receivable account balances.
Equipment Account shows a credit balance of $700.00,
Loss & Gain account was debited for $20.00, unexpected loss. It was credited for $50.00 unexpected gain, it was also credited by Equip- ment account for $700.00,
Proprietor’s Net Loss... $328.00 NiyRexmenses was. ee weet een 472.00 My income was.. 70.00 aid tonslab ose es ae een ni 15.00
The teacher may give the pupils more trans- actions if he thinks it is necessary.
Page Fifty-four
Questions for Review.
1. What is bookkeeping? 2. What is single entry bookkeeping ? 3. What is double entry bookkeeping? 4. What is a bookkeeper? 5. Of what does the record of a transac- tion consist? 6. What is keeping farm accounts? 7. What is a farm record book? 8. What is a journal? 9. What is a ledger? 10. What is a business transaction ? 11. What is an account? 12. How many sides has an account? Name them. 13. How do you debit an account? 14. How do you credit an account? 15. What is cash? 16. When should Cash account be debited ? When credited? 17. What is interest? 18. When should interest account be debit- ed? When credited? 19. What is a bank atcount? 20. What is freight? 21. What is drayage? 22. What is discount? 23. What is a note? 24. \Vhat is a negotiable note? Non-nego- tiable note? 25. What is a contract? 26. What is a bank deposit? 27. What is a certificate of deposit? 28. What is a time certificate of deposit? 29. What is insurance? 30. What is fire insurance? Life insur- ance? 31. What is a contract? 32. What do we mean by shares of stock? 33. What is a dividend 34. What is an inventory? 35. What is a rebate? 36. What is a draft? 37. How many persons are considered in a draft? Name them? 38. Whoisthedrawer? Drawee? Payee? 39. Name the different kind of drafts. 40. What is a sight draft? Time draft? 41. What is an order?
42.
What is the difference between a drait
and an order?
43. 44. 45.
account ?
40.
What is What is What do you understand by buying on Selling on account?
a post office money order? an express money order?
What do we mean by Sundry Personal
accounts?
47.
sonal
48.
When 56. BV/c
\Vhen 58. 59.
\Vhen 60. ol.
\Vhen 62. 63.
\When 64. 65.
\Vhen 60. 67.
ited? 68. 69.
\Vhen 70.
SINT SIS on f& OG bd
i Or
q ]
NIN On
What accounts are kept in Sundry Per-
Accounts column?
What is Expense account?
What is Labor account?
What is Income account?
What is Cash account?
What is a Proprietor’s account?
When is Proprietor’s account debited? credited ?
What is a Personal account?
When is a Personal account debited? credited?
What is Real Estate account?
When is a Realestate account debited? credited ?
What is a Bank account?
When is a credited ? What is an Interest account ? When is Interest account credited ?
What is Discount account? When is credited ? What is Loss & Gain account?
Jank account debited?
debited ?
Discount account debited?
When is Loss & Gain account debited? credited ?
What is Bills Receivable account? When is Bills Receivable account deb- When credited?
What is Bills Payable account?
When is Bills Payable account debited ? credited ?
What is Equipment account?
When is Equipment account debited? credited ?
What is merchandise?
What do we mean by closing a ledger? What is a trial balance?
How do we take a trial balance?
Name the columns in this journal. Name the columns in this ledger. What is a monthly sales sheet?
Page Fifty-five
SCHMITT PRINTING CO., COLUMBUS, OHIO.
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