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28   BOOKKEEPING

 

27. Returned to P. Kerr the money borrowed on the 19th inst.

  1. Paid cash for advertising, $3, and for rent, $30.

  2. Redeemed our note of the 23rd inst.

  3. Paid Pupil his month's salary.

Petty cash sales for the month, $930.

Inventory taken Jan. 31.

Mdse. on hand    $1900.

Expense, Desk and Stove... 114. Results.—Net Gain, $166 ; Net Capital, $3866.50.

Exercise No. 27.

  1. Journalize ; and post all the accounts.

  2. Find the gain in Mdse. Account and the loss in Expense Account ; enter the difference, which is the net gain, in the Proprietor's Account, and balance it. What is this balance? (See Sec. 17 (b).) Leave the other accounts unclosed.

  3. Write out receipts for Feb. 20 and 28 ; and promissory notes for Feb. 5, 14, 20 and 26. Write each business paper when journalizing the transaction.

Montreal, February 1, 19—. G. Grand commences business, investing Cash $1000, Mdse $500.

He engages Pupil as bookkeeper at $20 per month, and rents store, No. 29 Notre Dame St.,

from F. Smith at $25 per month.

  1. Sold K. Morris on account, 250 bush. Wheat @ $1.

  2. Sold K. Morris for cash, 200 bush, Oats @ 30e. 5. Sold K. Morris on his note at 10 days, 4 tons Pressed Hay @ $15.

7. G. Grand withdrew from the business, cash $20.

9. Bought from K. Morris on account, Mdse. as per Invoice No. 1, $180.

12 Bought from K. Morris for cash, Mdse. as per Inv. 2, $70.

14. Bought from K. Morris, on our note at 10 days, Mdse. as per Inv. 3, $40.

  1. K. Morris settled his note of the 5th inst. in cash.

  2. Received from K. Morris on account, his note at 2 months, $50.

23. G. Grand invests cash, $100.

24, Paid for stationery in cash, $2.

  1. Borrowed from K. Morris on our note on demand, cash $250.

  2. Settled our note of the 14th inst. in cash.

Paid Pupil his month's salary, $20.

  1. Paid F. Smith for February rent in cash.

Sold the balance of Mdse. on hand for cash, $500.

Results.—Net Gain $33 ; net Capital, $1613.

 

38. The Journal Day Book.

This book is a combination of the Journal and the Day Book or Blotter. The Journal portion arranges the debits and credits ready for posting, and the Day Book portion gives an explanation or history of the transaction.


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