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48   BOOKKEEPING

 

Liabilities: Note favour of D. Calder, dated Jan. 8, 19-, at 30 days for $150; balance due A. Knight, $500.   .

  1. Arranged to open an account with the Scholastic Bank. Deposited cash 40 x $1, 30 x $2,

100 x $5, 20 x $10, 10 x $50, 4 x $100 ; coin, $20.50 ; cheques, $40.15, $39.35.

  1. Sold A. Knight on a/c, 130 bush. Oats @ 35c. ; 10 tons Pressed Hay ® $18.

  2. Bought from S. Pearson for cheque, Mdse. as per Inv. 1, $200.

  3. Gave A. Knight on a/c, our note at 10 days, $30.

  4. Sold J. Darwin for cheque, 50 bbls. Flour ® $5.

  5. Received from J. Davis on a/c, his note at 1 month $35, and cash $50.

  6. Bought from D. Arnold for cash, Mdse. as per Inv. 1, $90.

  7. Paid our note of the 8th ult. with cheque, $150.

  8. Bought from Kilgour Bros. for cash, Wrapping Paper as per Inv. 1, $40.

  9. Sold A. Kent on his note at 10 days, 500# Flaxseed at 3c.

  10. J. Davis paid on a/c with cheque, $20.

15. Bought from Taylor & Son on my note at 3 months, bearing interest at 6% per annum, Safe for office, $125.

  1. Sold J. Davis for cheque $10 and balance on a/c, 120 bush. Peas @ 50c.

  2. Bought from A. Knight on a/c, Mdse. as per Inv. 1, $100.

  3. Paid our note of the 6th in cash.

20. Sold J. Darwin for cash $30 and balance on his note at 30 days, 150 bush. Fall Wheat @ 90c.

  1. Bought from S. Pearson on our note at 30 days, Mdse. as per Inv. 2, $200.

  2. Paid Grand Trunk Railway for freight with cheque, $15. (Make Mdse. Dr., not Expense.) Paid advertising in cash, $5.

  3. Received from J. Davis cash $10 and his note at 30 days, to close his a/c.

  4. Gave A. Knight cheque $44.50 and our note at 15 days, to close our a/c.

  5. A. Kent paid his note of the 13th with cheque.

  6. Paid J. Booth for rent of store with cash, $30.

Paid Pupil's salary with cheque, $25.

  1. Deposited balance of cash on hand. (Find the balance from your Cash Book.)

INVENTORIES taken Feb. 28, 19-.

Asset Inventories:

Merchandise.-1000 bush. Oats @ ,12c. ; 960# Flaxseed @ 21c. 300 " Peas @ 45c. ; 20 tons P. Hay @ $17.00. 500 bbls. Flour @ $4.50.

Expense.—Office Safe, $120.00.

Results.—Net Gain, $44.50 ; Net Capital, $4524.50.

71. Business Papers—Bills and Invoices.

A Bill is an itemized list of goods sold by a retailer or of services rendered. An Invoice is an itemized list of goods sold by a wholesaler. These terms are, however, often interchanged.


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