Bookkeeping; complete course by Miner George Washington 1860-

Author:Miner, George Washington, 1860-
Language: eng
Format: epub, pdf
Tags: Bookkeeping
Publisher: Boston, Ginn

The Metropolitan Carting Co. has delivered to you the goods ordered of William Leavens & Co., on Aug. 22, Form 55.

Discount at The Union Bank the note received of Chas. B. Sherman on Aug. 27.

The bank gives you credit for the face of the note.

Note. It is customary for many banks to give depositors credit for the face of interest-bearing notes discounted within a few days after they are made. The interest is the compensation received by the bank.

August 31 Give J. L. Bidwell & Son a check for |125 for one carriage horse. Charge this to the account of Harvey L. Manning.

Pay by check the bill of the Metropolitan Carting Co., for freight and drayage to date, $273.25, Form 56.

Charge Merchandise in the cashbook.

Pay salaries to date by checks as follows:

Harry K. Sutton $60 Michael Donovan $30

Harvey L. Grant 50 Daniel L. Coon 48

Geo. W. Ainsley $40

Enter these salaries in the cashbook as one item.

Closing the Work for August

The student should now proceed to close the work for this month as follows:

1. Have the monthly bank statement made, and compare it with the check book.

2. In posting, allow one third of a page for all new accounts.

As Harvey L. Manning is now one of the proprietors, write his name on the lower half of page 1.

3. Rule, foot, and post the sales book and the* invoice book.

4. Prove the cash, and balance and post the cashbook.

5. Prove the bill book.

6. Make out monthly statements for the customers.

7. Make a trial balance of the balances of your ledger accounts, and hand it to the instructor for approval.

8. An inventory of everything on hand has been completed by Mr. Sutton. A statement of it follows. Copy it in the journal in the usual way, computing the value at cost prices.

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