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Because the whole sum of the Dr. side of the ledger should be equal to the whole sum of the Cr., it is proper to try if they correspond. For this purpose, you may add the Dr. of every account, except such as are already balanced, placing the sums in an inner column, and extending them at the end of one or more folios, as you find most convenient, to the outer column: and, as you go along, add the Cr. in the same manner. If the sum total of both sides be equal, it gives a presumption that the books are right; if they differ there is certainly some mistake. This is called the Trial Balance. The labor bestowed upon it is not lost, as the sums may be reserved for assisting to collect the balances.

SECT. V.-OF BALANCING THE BOOKS. Before we explain the method of balancing the books, it will be proper to direct the learner how to balance particular accounts. When we settle accounts with any person, and ascertain how much is owing at either hand, it is necessary to balance his account in the ledger, and open a new one, beginning with the sum that was due according to the settlement: and when we clear accounts again, we must go back to that article, and no farther.

If any article be charged on either side, at the time of settling, they must be immediately entered on the waste book; from which they will pass in course to the journal and ledger; and a remark must be entered in the waste-book, that the account was settled, and the balance transferred to the proper side of the new account. This remark is transcribed in the journal; and the ledger account is balanced, when it occurs, in the course of posting.

If the balance be due to you, write on the Cr. By balance due to him to Dr. new account, and insert the sum due to you; after which the amount of both sides will be equal, or vice versa. Add the account, placing the sums opposite to each ather; and, if the sides be unequal, draw a diagonal line through the vacant space of the shorter side, and close the old account by drawing lines under the sums. Then open the new account immediately under the old one, or in a new folio, if the old one be full, by writing on the Dr., To balance of former account due by him, and vice

versa.

Merchants generally balance their books once a year. The design of this operation is, to collect the various branches of their business, diffused through the books, into a concise abstract: to ascertain the gain or loss since the last balance: and exhibit the present state of their affairs. If the business be of such a kind, that most of the branches naturally come to an issue at a certain time of year, that time is the proper one for making the balance. Otherwise the end of the year, or the least busy time, may be chosen.

PART II.

OF BOOK-KEEPING BY SINGLE ENTRY. Having explained the method of book-keeping by Double Entry, we shall add a few directions for keeping books by Single Entry; because this method, although less perfect, is yet the simplest

and shortest. It is generally used by shopkeepers, and requires two principal books, a day book and ledger.

The DAY BOOK begins with a list of the debts due to the owner, and of the debts due by him to others. Then every transaction by which new debts are contracted, or former debts discharged, is entered as it occurs with the quantities and prices of goods bought or sold, or other circumstances necessary for explaining the transaction. When goods are sold on credit we write A. B. [the purchaser] Dr. and then mention the article or articles with the rates and amount. pay money we write C. D. [the receiver] Dr. to cash; when we buy goods, E. F. [the seller] Cr. for the articles purchased; when we receive money, G. H. [the payer] Cr. by cash.

When we

If debts be discharged or contracted by any other means, the person who becomes indebted to us, or to whom we pay a debt we formerly owed, is entered Dr. and the person to whom we become indebted, or who pays a debt he formerly owed, is entered Cr. and the nature of the transaction explained.

The LEDGER contains an account for every person with whom there are dealings on credit, where the articles for which he is accountable to us, and those for which we are accountable to him, are placed in opposite pages of the same folio; the Dr. articles on the left-hand pages, and the Cr. articles on the right-hand pages.

TO POST THE LEDGER, allot a space for every person or company whose name occurs in the list of debts at the beginning of the day book; write the title and enter the debts on the proper side, referring to the page of the former ledger, where the account was; and enter the name in an index prepared as directed PART I; then proceed to post the articles from the day book in their order, in the accounts of the persons they belong to, allotting a space for the account and writing the title, if it was not opened before. The date of the article is written on the margin; and the transaction is entered on the Dr. side, when the person is marked Dr. in the day-book, and on the Cr. side, when he is marked Cr. in the day-book.

When a single article is bought or sold, we mention it, with the quantity and rate, in the ledger; but when several articles are bought or sold at the same time, it is more usual to enter only the sum of the whole, writing To sundries, or By sundries, and referring to the day-book for particulars. The number of the folio, in which. each article is posted, is marked on the margin of the day-book. If the space assigned for an account be filled up, it must be transferred to another folio.

Instead of entering the Dr. and Cr. articles on opposite pages, some enter them all on the same page, and rule two sets of money columns, one for extending the sums of the Dr. articies, and another for the sums of the Cr. articles; but this plan is not recommended.

Those who keep their books upon this plan, ought also to have a CASH BOOK, and an INVOICE BOOK; which will make it unnecessary to enter the particulars of such articles in the daybook.

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[See Banker's Book.

N. B. Such of the foregoing entries as refer to the Banker's Book, may be omitted in the Waste Book altogether, or not, according to the wish of the party, as they come regularly into the Journal through the Banker's Book.

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