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36   BOOKKEEPING 52. Financial Statements—Illustration Set.

(a) STATEMENT OF LOSSES AND GAINS, March 30, 19-.

Expense   -   - *G. Grand's Net Gain

Merchandise i

Losses.

65 *20

Gains.   85

85   85 (h) SUMMARY OF G. GRAND'S ACCOUNT.

Net Capital

*8520   Net Credit - " Gain -

3520   8520

8500 20

(c) STATEMENT OF ASSETS AND LIABILITIES.

 

Assets.

 

 

Liabilities.

 

 

Cash   -   -

1420

 

Bills Payable   -   -   -

200

 

J. Speller   -   -

80

 

G. Grand's Net Capital   -

3520

 

Bills Receivable   -

40

 

 

 

 

Merchandise   -

2180

 

 

 

 

 

37201

 

 

3720

 

53 (a). Exercises on Opening Journal Entries.

Make the Opening Journal entries for the following (see Section 59) :

  1. S. Campbell commences business with the following Assets : Cash on hand, $1000 ; Mdse. on hand, $1500; other persons' notes on hand, $375 ; Office Furniture on hand, $125 ; Store and Lot on hand, $1950.

  2. W. Price opens up business with the following Assets : Cash, $1500 ; Mdse., $2400 ; note against R. Swanson, $75 ; K. Parkman owes on account, $80. Liabilities : note in favor of M. Parker, $125 ; amount due T. Kellog, $220.

  3. C. Waters commences business with the following Assets and Liabilities : Cash on hand, $3000 ; other persons' notes on hand, $275 ; his own notes outstanding, $560 ; amount due L. Gleason, $300 ; J. Varco owes on account, $45 ; Mdse. on hand, $2750 ; Shop Furniture on hand, $160.

(b) Exercises on Financial Statements.

Make a Statement of Losses and Gains, a Summary of the Proprietor's Account, and a Statement of Assets and Liabilities from the following Trial Balances and Inventories :


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