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BOOKKEEPING .   15

 

  1. Closing Cash Account.

The Debtor side can never be less than the Creditor side. Why ? Take the difference between ' the two sides ; this will give the balance of cash on hand. Place the balance on the smaller side in red ink, rule and foot the columns, and bring down the balance on the opposite side in black ink, This debtor balance is an asset.

Exercise No. 6.

Journalize; post, balance, and close Cash Account, making it a continuation of Cash Account in Ex. No. 5. Why is the balance always an asset ? This may be done as an oral exercise.

 

Winnipeg, August 1, 19.- Received from P. Mark on account, cash $70. 8. Proprietor withdrew for private use, cash $20. 14. Sold M. Spence on account, Mdse. $100.

20. Bought from T. Dunn for cash, Mdse. $80.50.

  1.  Sold R. Gray for cash, Mdse. $150.70.

28. Paid cash for Mdse., $30.

30. Gave cash to T. Dunn on account, $10.

  1. Ledger for Cash Account—closed twice.

DR.   (we received)   CASH.   (we gave)   CR.

19

 

 

 

 

 

19

 

 

 

 

 

July

2

 

14

300

 

July

4

 

14

50

 

 

18

 

14

100

 

 

11

 

14

200

25

 

 

 

 

400

 

 

30

 

14

60

 

 

 

 

 

 

 

 

 

 

 

3 f 0

 

 

 

 

 

 

 

 

31

Balance

15

89

75

 

 

 

 

400

 

 

 

 

 

400

 

Aug.

1

Balance -

15

89

75

Aug.

8

 

15

20

 

 

1

 

15

70

 

 

20

 

15

80

50

 

24

 

15

150

70

 

28

 

15

30

 

 

 

 

 

sro

4 G

 

30

 

15

10

 

 

 

 

 

 

 

 

 

 

 

Aso

60

 

 

 

 

 

 

 

30

Balance

15

169

95

 

 

 

 

310

45

 

 

 

 

310

45

Sept.

 

Balance -

15

169

95

 

 

 

 

 

 

Exercise No. 7.

Journalize; post, balance, and close Cash Account, leaving room to continue with Ex. No. 8. What amount of cash was received ? What amount of cash was paid out ? What is the balance on hand ?

Kingston, September 3, 19-. Received cash from Pupil as an investment, $500. 9. Gave cash for Mdse., $200.50.

17. Received cash from D. Smith on account, $300. 23. Gave cash to R. White on account, $100.

27. Gave cash to B. Saul for Mdse., $50.25.

30. Received cash from A. Dame for Mdse., $300.50.


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