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BOOKKEEPING   21 Exercise No. 17.

Journalize; post Bills Receivable Account and Bills Payable Account. Leave the accounts unclosed, but find the balance from pin-head totals, and determine whether they are assets or liabilities. " His note " is a Bills Rec. ; "my note " is a Bills Pay.

Brantford, July 2, 4. 8.

11. 15. 18. 20. 23. 25. 29. 31.

19—. Pupil invests N. Mott's note, $30. Sold D. Powell on his acceptance, Mdse. $50. Gave A. Martin on account my note, $60. Received from N. Mott on account his note, $20. Bought from A. Martin on my note, Mdse. $100. N. Mott paid his note of July 2 in cash, $30. Settled my note of July 8 in cash, $60.

Sold D. Powell for cash, Mdse. $200.

Received cash for N. Mott's note of July 11. Accepted A. Martin's draft on account, $300. Paid my note of July 15 in cash.


  1. Loss and Gain Accounts.

This third class of accounts includes Merchandise, Expense, Real Estate, Interest, Discount, Commission, and any other accounts in connection with things, uses or services, which cost or produce value to our business. They are all Impersonal Accounts.

31. Journalizing—Rule III.

Make Loss and Gain Accounts debtor for costs, and creditor for proceeds.

  1. (a). Merchandise Account.

Make this account debtor for the cost of goods received, and creditor for the proceeds from goods given. Cost includes purchases, goods returned by customers, frieght paid on goods, etc.; proceeds includes sales, goods returned by us, etc.


Exercise No. 18.

Journalize ; post and close Merchandise Account, leaving room to continue with Ex. No. 19. Guelph, August 1, 19-. Bought Mdse. $300.25. 5. Sold Mdse. for cash, $200.50.

9. Bought from R. Graham on account, Mdse. $400. 12. Sold to L. Parker for cash, Mdse. $100. 16. Sold to T. Sampson on account, Mdse. $250. 19. Bought from D. Adams for cash, Mdse. $100. 28. Sold to R. Henry for cash, Mdse. $150. 31. Sold balance of Mdse. by auction for $200.

Caution.—Although the later illustrations show only the Ledger, still the Pupil should faithfully journalize the transactions in each exercise. Some of the journalizing may be taken as an oral exercise.

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