(1) Dr. Hiram Horner. Cr. 1828. 1828. Jan. 1 To bal. of acct, folio I 113 78 Jan. 17. By cash 100 99 16 sundries 80 39 31. " bal. to leg. C. pa. 9|| 9417 Note. Here the debt NOTE. On writing up side is the largest, and $19417 the leger, each charge $19417 the acct, is made even must be post marked, by carrying the am.due when transferred, by to thé debit side of leg'r placing the folio to c. The bal. 94.17, which it is carried, in will be an item in the the margin between new inventory. two parallel lines. Dr. Ralph Randall. Cr. 1828. 1828. Jan. 2. 4167 Jan. 1. To sundries Pimp 49/87 501 4564 Dr. Cr. 1828. 1828. Jan. 3. To sundries 2358|| Jan. 9. By sundries 13. ditto 7961 28. cash 17. ditto 32 32 31, “ bal, to leg. C.pa. 10 Note. If upon exam Erasures should not be ination, errors have 13551 allowed, but the whole been cómnitied in pos should stand fair and ting, they should be full, and free from suscorrected by eounter picion. charges in the leger. 135 51 (2) Dr. Thomas Thrifty. Cr. 1828 1828 Jan. 12 To cash 150 Jan. 6 By sundries 118 13 510 31 " cash 350 Note. The balance of $902 59 284.46 will go to the cred it side in leger C. and $902 59 show that so much re mains unpaid. Dr. Sam’l. S. Snow.Cr. 1828 1828 Jan. 9 To sundries 117 28 Jan. 13 By sundries 80 14063 31 “ bal. to leg. C. p. 15 14013 Note, Accounts are said 33741 is balanced though the 33741 to balance when the debit account is not settled; for and credit sides are equal all balances are carried --or amount to the same forward to a new book, sum. If the debit side is and n main unliquidated the smallest sum, then a charges. Balancing the charge is made for the accounts, therefore, imbal.; and if the credit side plies, in this sense, mereis a smaller sum, then a ly balancing the books, credit is entered for the for the purpose of opendeficiency, and the book ing a new set. 11728 Dr. Daniel 1828 Jan. 17 To sundries 160 50 22 i cash 62 50 31 " bal. to leg. C. p. 194758 27058 Dr. Benj. 1828 Jan. 18 To bal. of account 66 sundries Dr. George 1828 Jan, 18 To sundries ditto 23 «bal. to leg. C. p.18 31 Dr. Enoch 27 note T. Thrifty 3092107 25 1001 150 500 " Bank of Utica 27 "cash on hand 284207 + E. Enos 150 50 100 3092 07 Note 1 This specimen represents the mode of keeping the cash book, when it is balanced but once a week. It is more usual, however, to balance the cash account each day. Cash in bank, is cash on hand. Note 2. In order that A B may know the result of his month's work, he must proceed and take an inventory of stock, rating each article at prime cost; and subtract the amount from his first stock; then the balance of what he has due over what he owes, with the excess of his cash over his first stock will show what he has gained by trade. An Improved method of keeping accounts. The third and last form of book keeping, which I shall present to the consideration of the inquiring pupil, is a recent improvement of the old Italian method of book keeping, by double entry. This plan is based upon the hypothesis, that every debit has a corresponding credit, and every credit a corresponding debit. Only two books are requisite; one called the day book, which in fact is both day book and journal, and the other, the leger. The following specimens will sufficiently illustrate the mode of preparing and keeping both books. To simplify the subject of accounts, it may not be improper to arrange them under three heads: real, personal, and imaginary. Real accounts, are those which refer to bonds, notes, fast property, merchandise, &c. each of which may have its separate title in the leger. Personal accounts are the debts which stand charged to individuals, and imaginary accounts are nothing more than fictitious tities invented to represent the merchant or factor: they refer to loss and gain, interest, commission, &c. The debits and credits of all titles admitted into the leger, may be regulated and adjusted by the following general Rules. 1. A real account is made Dr. when property passes into the hands of the merchant or buyer, for all it costs, and also for all charges for repairs, improvements, &c.—and it is made. Cr. when it goes out of his hand, for all it brings, and likewise for rents, profits or interest. 2. A personal account is made Dr. when the person gets trusted, for the amount of trust; and also when he is paid the whole or a part of what he may have trusted:-and he is made Cr. when he pays the whole or a part of his debt, and also when he extends the amount of his credit. 3. An imaginary account is made Dr. when a loss is sustained; and it is made Cr. when a profit has accrued. In all cases when property of any kind, comes into your liands, it is debited for what it costs, and the property with which you pay, is credited for the amount paid. "Thus: A B, the merchant, buys a house and pays half money and half goods;--now, real estate is Dr. and cash, and merchandise are Cr. He exchanges a lot of coffee for a lot of tea;-here merchandise is Dr. and merchandise is Cr. A B receives interest on a bond;—here cash is made Dr. and profit and loss is Cr.--therefore, the thing received is made Dr. to the thing delivered, and the thing delivered is made Cr. by the thing received. This principle is inseparable from every transaction. The ordinary negotiations of a merchant, are-buying and selling; receiving and paying; assigning and settling; drawing and remitting; borrowing and lending; insured and getting insured; protesting and paying protests, shipping and receiving shipments, &c. and all or any of these he may do for himself, or as an agent for others. Ee Cash, DAY BOOK. (2) 231.32 64 >461 6 head of neat stock, 72 30 head of sheep, 45 4 head of store hogs, 20 3 bbls. mess pork, 307 1 do, prime heef 10 300 bu, wheat in sheaf, 180 -590 100 100 120 Farming utensils, and housebold furniture, 250 250 471232 A B stands indebted as follows: A bond to CD, in part pay't for farm, 1300.00 note to H. Henshaw, at 6 mo. 113.361 On acc't, D. Dunbar, 27.50 do H. Holbrook, 16.75 1457 61 Sold High Holbrook, dei'd at his barn, on acc't, 3 tos of hay, at 7.50, per receipt, 22 50 3 Sold Peter Prouty, for cash, del'd at my house, 80 bushels of oats, at .28 cts, 22.40 50 do. corn“.50 cts. 25 4740 13780 4||Bought of James Johnson, on a credit of mo. for at 13 cts. deli'd at my house, 232 50 50 100 do. oats, at.28 cts. 28 31050 Rec'd in pay't, bal. of his acc't against me 27 50 $310 50 132 97 4 83 13780 |