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(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.
Jan. 1. To sundries
49/87 501 4564
1828. Jan. 3. To sundries
2358|| Jan. 9. By sundries 13. ditto
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.
(2) Dr. Thomas
392 59 18" sundries
510 31" cash
Note. The balance of $902 59 1284.46 will go to the cred
it side in leger C. and $902 59
show that so much re
mains unpaid. Dr. Sam'l s.
80 91 66 ditto
140 63 31 “ bal. to leg. C. p. 15 14013 Note, Accounts are said
is balanced though the 337 41 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 r 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. Dr. Daniel
1828 Jan. 17 To sundries
27058 Jan. 20 By sundries
62 50 4758
1828 Jan. 4 To R. Randal
21 67 Jan. 7 By cash on hand 7 “the drawer, Ist week 231 42
150 500 « Bank of Utica
"cash on hand 27
2842|07 " E. Enos
3092|07 " E. Enos
3092 071 Note 1 This specimen represents the mode of keeping the cash book, when it is balanced hut 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 ether, 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, merchandiso, &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 titles 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 lands, 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.
231.32 1 yoke of working cattle, 5 years old, 807 1 span of bay horses, 6 years old,
180 4 milch cows,
20 3 bbls, mess pork,
30 1 do, prime heef
10 300 bu. wheat in sheaf,
-590 1300 " corn,
100 1400" oats,
100 20 tons of hay,
120 Farming utensils, and household furniture, 250 250
471232 A B stands indebted as follows: A bond to C D, in part pay't for farm, 1300.00 - note to H. Henshaw, at 6 mo.
113.36 On acc't, D. Dunbar,
27.50 do H. Holbrook,
1457 61 Sold High Holbrook, dei'd at his barn, on acc't, 3 tois of hay, at 7.50, per receipt,
22 50 31 Sold Peter Prouty, for cash, del'd at my house, 80 bushels of oats, at .28 cts,
22.40 50 do. corn“.50 cts.
4||Bought of James Jobnson, on a credit of 6 mo. for
which I have given him my note, 1060 lbs. of flax
at 13 cts. deli'd at my house,
50 100 do. oats, at .28 cts.
Rec'd in pay't, bal. of his acc't against me