Harry Marc Rowe.

Key to the Elementary set budget 121 of Rowe's Bookkeeping and accountancy online

. (page 1 of 4)
Online LibraryHarry Marc RoweKey to the Elementary set budget 121 of Rowe's Bookkeeping and accountancy → online text (page 1 of 4)
Font size
QR-code for this ebook


KEY



TO THE



ELEMENTARY SET BUDGET 121



OF



HOWE'S BOOKKEEPING AND ACCOUNTANCY

(Copyright 1910)



UC-NRLF





BY



H. M. HOWE, PH.D



This key is loo/aed to the teacher and
must not be given to others. Return^it
to the publisher when no longer required




THE H. M. ROWE CO,

BALTIMORE, MD.




EDUCATION



H



EDUCATION



TO THE TEACHER.

There are three methods of teaching the beginning work in
Rowe's Bookkeeping and Accountancy, namely; first, the illus-
trated theory, or theory and practice method, which includes the
business papers and office practice work; second, the theory, or
memorandum method, which omits the business papers and office
practice for the first month; third, the account, or skeleton ledger
method. It will be seen that the first two methods begin with
transactions and lead to accounts, while the third method is the
reverse of the first two in that it begins with accounts and takes up
transactions later. A syllabus is supplied herewith, outlining the
course under each method, and is for the teacher's use only. He
should select the method which he desires to use and the syllabuses
are supplied to guide him in assigning work according to the method
to be followed.

When it is desired that the student shall use the business papers
and perform the office practice in disposing of the transactions for
September, in other words, to follow the budget work exactly as
it is given therein, syllabus No. 1 should be selected. When it is
desired that the student shall omit the business papers and office
practice in disposing of the transactions for September, in other
words, that he shall have theory alone at the start, the course
outlined in syllabus No. 2 should be selected. When it is desired
that the student shall study accounts before he studies transactions
after the plan known as the account or skeleton method, before
taking up the work of the budget, the course outlined in syllabus
No. 3 should be selected, after which he may begin work in the
budget as outlined in either syllabus No. 1 or syllabus No. 2.




No. 1 .



"THE ILLUSTRATED THEORY OR

THEORY AND PRACTICE

METHOD."

When it is elected by the teacher to
follow this course of study, the following
instructions should be given to the classes.

1. Loosen the title page by cutting the
paper at the upper and lower right hand
corners at the lines indicated. Read
pages 1, 2, 3 and 4 of the budget, preparing
yourself to answer questions on page 3.

2. Beginning on page 5, follow the trans-
actions and instructions relating thereto,
all through the budget without omitting
anything, including the office practice
as well as the preparation of the outgoing
papers and the drills and exercises called
for from the text-book. (As this course
is fully outlined step by step in thebudget,
no additional instructions are necessary.

SYLLABUS No. 2.

"THE THEORY OR MEMORANDUM
METHOD."

When it is elected to follow this course
of study, the following instructions
should be given to the classes.

1. Loosen the title page at the corners
as indicated by the lines in the upper and
lower right hand corners of the budget,
then read pages 1, 2, 3, and 4, preparing
yourself to answer questions on page 3.

2. Beginning on page 5, follow the
transactions and instructions relating
thereto in the order given, omitting that
part of the instructions contained in the
paragraphs headed "Office Practice."
Make all entries from Mr. Grace's state-
ment of the transactions, disregarding
the business papers received. These
instructions apply to the month of Sept-
tember only. Beginning with the trans-
actions for October, follow the instruc-
tions given on page 41 of the budget. For
the remainder of the course, follow the
instructions exactly as outlined therein.



(If the teacher desires, he may slip out
of the budgets, before handing them tc
the students, the business papers for- the
month of September.)

SYLLABUS No. 3.

"THE ACCOUNT OR SKELETON
LEDGER METHOD."

When it is elected to follow this course
of study, the following instructions
should be given to the classes. Proceed
as follows:

1. The budgets and accompanying
blanks and stationery are not used at the
start, and may be laid aside.

2. Read and study pages 1, 2, 3, 4, 5
and 6 of the text-book.

3. Prepare ledger account called for
in 1[48.

4. Read and study pages 8, 9, 10 and
11.

5. Prepare exercises in personal ac-
counts, pages 12, 13 and 14.

6. Read and study ownership ac-
counts, pages 16, 17 and 18.

7. Prepare ledger account called for
in 1[63a, page 19.

8. Read f64 to 68, page 20.

9. Prepare ledger accounts called for
in H68.

10. Read 1f69 to 72b.

11. Prepare ledger accounts called for
in H72c and 73e.

12. Read H73 to 89.

13. Prepare ledger accounts called for
in 1|98.

14. Read H"90b to 99.

15. Read flOO to 111.

16. Prepare ledger account called for
in Ifllla.

17. Read Iflllb to 117.

18. Prepare ledger accounts called for
in 1[117.

If (In like manner, the text-book work
may be assigned as it is outlined in the
text-book as far as page 153, or it may be
discontinued at any point desired by the
teacher when the transaction work is
taken up according to syllabus No. 1 or
syllabus No. 2 as preferred.)



TO THE TEACHER.

This key is arranged in three sections, the first section contain-
ing the results of the regular transaction work in the order in
which they are handed to the teacher for approval.

The second and third sections contain complementary work.
When syllabuses Nos. 1 and 2 are followed, all complementary
work will be found in section two, in the order that it appears
on the progress card. In this section of the key, the budget date
corresponding to the date on the progress card, the name of
the exercise, and the page of the text-book or budget from which
the work is taken, is given.

The third section of the key contains the results of the exercises
called for in the text, when syllabus No. 3 is followed, which are
not included in the second section. An index is provided to assist
in locating complementary work. It must be understood that
when syllabuses Nos. 1 and 2 are followed, no use is made of the
third section of the key.

IMPORTANT.

Teachers will find that the exercises are referred to as com-
plementary instead of supplementary, for the reason that they are
intended to complete the student's training in those parts of his
work which can not be covered sufficiently in his regular work
without useless repetition of transaction work. If students get
the idea that this complementary work is really supplementary,
they are inclined to slight it, whereas it is, in many instances,
the most important work in the course, and of the greatest benefit
to him.




INDEX TO COMPLEMENTARY WORK.



EXERCISE



BUDGET 8YLLA- TEXT SYLLABUS

BUSES NO. 1-2 NO. 3

Administrative Expense Accounts 51

Analysis Sheets 60

Bank Discount 31

Capital Accounts of Owners 22 22

Cash Accounts 15-16 15-16

Combined Trading and Front and Loss Statements 57 to 59

Delivery Equipment 32 32

Distributing Profits 57

Double Entry Books, Opening of 32

Drafts, Writing of 29

Expense Accounts 19 19

Furniture & Fixtures Investment, Repairs & Renewals 31 31

Insurance Accounts 51-52

Interest and Discount 29 29

Notes, Writing of 19

Notes Receivable Accounts 18 18

Notes Payable Accounts 18 18

Personal Accounts 17 17

Personal Accounts, Proprietor's and Partner's 22 22

Profit and Loss Statements 55-56

Purchase and Sales Discounts 42

Real Estate Investment, Expense and Income Accounts 30 30

Sales Expense Accounts 50

Trading Accounts 20-21 20-21

Trading Statements 43 to 49

Trading & P. & L. Statements & Statements of R. & L.
for October

1. H. M. Grace 23-24

2. J. B. Mason 25-26

3. W. B. Walker 27-28

Trading & P. & L. Statements & Statements of R. & L.

for November

1. H. M. Grace 33-34

2. John B. Arnold. : 35-36

3. J. M. Warren 37-38

4. F. B. Clark 39-40

Warehouse Labor 41

Warehouse Supplies. . , - . 41

NOTE: When syllabuses No. 1 or 2 are followed, the complementary exercises called
for on the progress card and taken from the budget or from references in the budget to
the text, are indexed in the budget column. When the account method using the text
alone according to syllabus No. 3 is followed, the results of the complementary work
are indexed in the text column.



ELEMENTARY SET.

Outgoing Papers.





Sept. 15.


Sept. 30.


Oct. 15.


Oct. 31.


<a
&


Amount.


1


Amount.


1


Amount.


1


Amount.


Bills




3
3
3
6
10
10
13
14
15


60
90
81 30
59 10
48
152
52 20
236
306


17
19
21
24
26
28
30


43 50
84
101
296 32
99 40
121 95
50 50


1
5
6
7
7
7
11
12
14


138 25

6 60
171 65
225 55
185 85
184 60
1140 70
1143 75
1226 35


21
22
24
25
26
27
27
31


154 45
8223
531
188 15
12738
528
163 07
91 90






9


1084 60


7


796 67


9


4423 30


8


1866 18


Checks




5
6
8
10
12
13
15
15


719 19
8 35
155
67 92
44 58
3318 86
6 85
35


17
18
20
28
31
31
31


1633
236 70
4 65
12 68
35
45
30


Cash






Deposits.


Oct


1
12
18
19
31


2439 35
2720 53
406
843 19
1375 15


38036
11 50






8


4355 75


7


391 86


Our Notes and Acceptances




4
14


251 56
168 75


21
29
31


923 23
224
500





2


42031


3


1647 23


Others' Notes, Acceptances, and Time D


rafts


18
26
31


306
75
159 45




3


54045


Corrected Bill


17


1221 52







ELEMENTARY SET.

REGULAR WORK.

September.
Sept. 1-30.

Purchases Book.



2. Anderson & Richmond.
5. J. A. Amsbaugh
16 B F Crider


5330
9458
155


oept. i-du.
Sales Book.

3P T> WntQnn Ar Pn


Afi


19. R. H. Melton


247 50


SMitoIipll Prnv On


OU
QO


24 J. A. Amsbaugh


251 56




01 0/1


30. Anderson & Richmond.


81 06


6. George R. Hart


ol oU

59 10


30. R. H. Melton


759 50


10 TVTitpfipll Prnv C*f\


AQ










Purchases Dr


2392 50


10. George R. Hart


152


Sept. 1-30.




13. C. D. Watson & Co. . .
14. J. A. Amsbaugh .


52 20
236


Journal.
30




15. F. J. Ralston &Co....
17. C. D. Watson & Co. . .
19. George R. Hart . .


306
43 50

84


Sales 1881 27












21. Mitchell Prov. Co


101


Inventory 84056




24. Mitchell Prov. Co ....


296 32


Purchases
Profit and Loss


2392 50
329 33


26. John Cowan & Son. . . .


99 40






28. Mitchell Prov. Co


121 95


30
Profit and Loss. 329 33




30. C. D. Watson & Co...
Sales Cr


5050
1881 27


Expense
H. M. Grace, Cap


37 16
292 17








Sept
Gash


2.
. 1-30.
Book.





expense
H. M. Grace, Cap


6( 10

. 292 17






Receipts.


2.
Sept. 1-30.
Gash Book.

Payments.


1. H. M. Grace, Cap...


... 3000


8. R. H. Melton


750
50
53 30
2 16
35
81 06
759 50
1731 02
243935

4170 37


7. C. D. Watson & Co.
9. John Cowan & Son. .
12. John Cowan & Son. .


... 60
... 50
... 25


9. J. A. Amsbaugh


15. Anderson & Richmond. .
26. Expense. .


13. George R. Hart


... 35


30. Expense . . .


14. Mitchell Prov. Co. . .


... 138


30. Anderson & Richmond. .
30. R. H. Melton...


14. John Cowan & Son. .


6 30


16. George R. Hart


15


footing
Balance


20. George R. Hart


9 10


20. C. D. Watson & Co.


43 50




22. C. D. Watson & Co.


... 52 20


23. George R. Hart


... 125


27. George R. Hart


27


29. George R. Hart


... 65


30. Mitchell Prov. Co . .


... 519 27




41701*7



ELEMENTARY SET.
REGULAR WORK.

September.
Sept. 30.
Trial Balance, Sept, 30, 19 .



Sept. 30.
Statement of Resources and Lia



H. M. Grace.



H. M. Grace, Cap.




3000


R. H. Melton




247 50


J. A. Amsbaugh...




60 14


B. F. Crider




155


C. D. Watson &






Co


50 50




John Cowan &






Son


99 40




Geo. R. Hart


19




F. J. Ralston &






Co


306




Purchases


2392 50




Sales




1881 27


Expense


37 16




Cash


2439 35






5343 91


5343 91



Sept. 30.
Trading Statement, Sept. 30, 19



H. M. Grace.

Returns.
Gross sales 1881 27

Costs.

Purchases 2392 50

Less Invt. 9/30. . . . 840 56
Cost of mdse. sold. . . 1551 94



Gross trad, prof 329 33

Sept. 30.

Profit and Loss Statement,
Se"pt. 30, 19 . H. M. Grace.

Credits.
Gross trad. prof. . 329 33

Debits.

Expense 37 16

Net profit 292 17



bilities, Sept. 30, 19
H. M. Grace.



Resources.

Cash 2439 35

Inventory 840 56

C. D. Wat-

' son & Co. 50 50
John Cowan

& Son. . . 99 40
Geo. R.

Hart 19

F. J. Rals-
ton & Co. 306
Total accts.

rec 474 90

Total current
resources 3754 81

Liabilities.

R. H. Melton 247 50

J. A. Amsbaugh. . . 60 14

B. F. Crider 155

Total accts. pay 462 64

Net resources 3292 17

Represented by

H. M. Grace, Cap.
investment 3000

Profit for Sept. ... 292 17 3292 17



ELEMENTARY SET.
REGULAR WORK.
October.



Oct. 1-31.

Purchases Book.


719 19
3318 86
168 75
566 75
923 23
134 55
232 50
224


Oct. 1-31.

Sales Book.


138 25
171 65
225 55
185 85
184 60
1140 70
1226 35
154 45
82 23
531
188 15
127 38
528
163 07
91 90


1. Edward Parks
10 Tulsa Milling Co .


1. Mitchell Prov Co


6. F. J. Ralston & Co


14. B. F. Crider
17. Crutchfield & Woolfolk.
21. C. H. McLaughlin
22 B F Crider


7. C. D. Watson & Co


7. John Cowan & Son
7. Geo. R. Hart
11. Chas. F. Diggs, Jr


28. Anderson & Richmond
29. B. F. Crider
Purchases Dr


14. J. A. Amsbaugh


21. John Cowan & Son
22. F. J. Ralston & Co


6287 83

Oct.
Cash


Receipts.


24. Chas. F. Diggs, Jr
25. C. D. Watson & Co


26. Mitchell Prov. Co


27. Home, Hawkins & Co. . .
27. F. J. Ralston & Co


31. Mitchell Prov. Co
Sales Cr


5139 13


1 31.
Book.


Payments.


1. Balance
3. C. D. Watson & Co. ...
4 Geo R Hart


2439 35
50 50
19
6 60
1476 28
24 40
1143 75
100
306
843 19
6
8
75
1140 70
5 50
159 45


5. Edward Parks
6 Expense


719 19
835
155
67 92
44 58
3318 86
6 85
35
1633
236 70
4 65
251 56
7
2
12 68
2 50
35
45
30


8 B. F. Crider . .


5 Sales


10 Purchases


6. H. M. Grace, Cap
8. John Cowan & Son
12 Sales


12 J A. Amsbaugh


13 Tulsa Milling Co .


15 Purchases


13. J. A. Amsbaugh


15. H. M. Grace, Personal.
17. Purchases


18 Notes Receivable


19 Sales


18 R. H. Melton


21 Sales


20 Sales


25 Sales


24 Notes Pay . .


26 Notes Receivable


25 Expense


27. Chas. F. Diggs, Jr
29 Sales


27 Expense . . .


28 Purchases


31. Notes Receivable


29. Expense




31. Expense


31. H. M. Grace, Personal.
31 Purchases


Balance


4999 17
2804 55
7803 72




7803 72



ELEMENTARY SET.

REGULAR WORK.
October.



Oct. 1-31.

Journal.

Oct. 3.

Notes Receivable 306

F. J. Ralston & Co 306

4.

J. A. Amsbaugh 251 56

Notes Payable 251 56

7.

Notes Receivable 75

John Cowan & Son 75

10.

Sales 1220

F. J. Ralston & Co 12 20

10.

R. H. Melton 10 80

Purchases 10 80

10.

Notes Receivable 225 55

C. D. Watson & Co 225 55

12.

Notes Receivable 159 45

F. J. Ralston & Co 159 45

13.

Notes Receivable 136

J. A. Amsbaugh 136

14.

Purchases 10 50

R. H. Melton 10 50

14.

B. F. Crider 168 75

Notes Pay 168 75

17.

Sales 5 10

J. A. Amsbaugh 5 10

20.

H. M. Grace, Personal. . . 7 75
Purchases 7 75



Oct. 1-31.
Journal Continued.

21.

C. H. McLaughlin 923 23

Notes Pay 923 23

22.

Sales

John Cowan & Son .



4 85



485



24.



B. F. Crider 19 60

Purchases 39 60

27.

Notes Receivable 400

Home, Hawkins & Co 400

29.

B. F. Crider 224

Notes Pay 224

29.

Notes Rec 300

Mitchell Prov. Co 300

31.

Crutchfield & Woolfolk. 500
Notes Pay 500

31.

Expense 80

H. M. Grace, Personal 80

31.

Inventory 715 77

Sales 7125 37

Purchases 6393 96

Inventory 840 56

Profit and Loss 606 62

31.

Profit and Loss 606 62

Expense 134 85

H. M. Grace, Cap...., 471 77



6 ELEMENTARY SET.

REGULAR WORK.

October.
Trial Balance, Oct. 31, 19 . H. M. Grace.

H. M. Grace, Capital % 4768 45

R. H. Melton 10 50

Anderson & Richmond 232 50

J. A. Amsbaugh 1221 25

B. F. Crider 114 95

Crutchfield & Woolfolk 66 75

C. D. Watson & Co 188 15

Mitchell Prov. Co 57 53

John Cowan & Son 335 45

Geo. R. Hart 184 60

F. J. Ralston & Co 245 30

Chas. F. Diggs, Jr 531

Home, Hawkins & Co 128

Purchases % 6393 96

Sales % 7125 37

Inventory % 840 56

Expenses % 134 85

Notes Receivable 1061 55

Notes Payable 1815 98

H. M. Grace, Personal 7 75

Cash 2804 55 ||

14134 50 |j 14134 50

T



ELEMENTARY SET.

REGULAR WORK.
October.

Trading and Profit and Loss Statement, October 31, 19
H. M. Grace.



Returns.

Gross sales 7152 17

Less, - Goods returned 12 20

Rebates and allowances 14 60 26 80

Net returns from sales 7125 37

Costs.

Inventory Sept. 30, 19 , 840 56

Purchases 6432 11

Less, - Goods returned 10 80

Personal use H. M. G 7 75

Rebates and allowances 19 60 38 15 6393 96

Net cost of purchases 7234 52

Less inventory Oct. 31, 19 715 77

Cost of Merchandise sold 6518 75

Gross trading profit for the mo 606 62

Less Expenses per Expense % 134 85

Net profit for the mo 471 77

Statement of Resources and Liabilities, October 31, 19
H. M. Grace.

Resources.

Cash 2804 55

Inventory, Oct. 31, 19 715 77

Notes Receivable 1061 55

J. A. Amsbaugh 1221 25

C. D. Watson & Co 188 15

Mitchell Prov. Co 57 53

John Cowan & Son 335 45

Geo. R. Hart 184 60

F. J. Ralston & Co 245 30

Chas. F. Diggs, Jr 531 00

Home, Hawkins & Co 128 00

Total accounts receivable 2891 28

H. M. Grace, Personal % 7 75

Total current resources 7480 90

Liabilities.

Notes Payable 1815 98

R. H. Melton 10 50

Anderson & Richmond 232 50

B. F. Crider 114 95

Crutchfield & Woolfolk 66 75

Total accounts payable 424 70

Total liabilities ~ 1 224068

Net resources 5240 22

Represented by

H. M. Grace, Capital %, Sept. 30, 19 4768 45

Add profit for October. 471 77 5240 22



8



ELEMENTARY SET.

REGULAR WORK.

November.



Nov. 1-30.
Purchases Book.

1. Crutchfield & Woolfolk

3. C. H. McLaughlin

7. Tulsa Milling Co

7. B. F. Crider

12. Farm Expense and Income.

16. J. A. Amsbaugh

Purchases Dr . .



996 38
1375
3179 84

480
33 45

154 54

6219 21



Nov. 1-30.
Sales Book.

2. Home, Hawkins & Co 502 50

4. J. A. Amsbaugh 424 20

5. Home, Hawkins & Co 906 40

7. John Cowan & Son 112 65

8. Columbia Produce Co 848 75

10. Geo. R. Hart 258 54

14. James Ross 853 60

14. Mitchell Prov. Co 240 15

15. C. D. Watson & Co 359 55

17. R. H. Melton 843 90

18. C. D. Watson & Co 140 82

19. F. J. Ralston & Co 307 20

Chas. F. Diggs, Jr 848 75

Columbia Produce Co 250 08



23.
24.



Sales Cr 6897 09



Nov. 1-30.
Journal.

1. Store & Lot Investment .. 2000

Notes Payable 2000

2. Anderson & Richmond . . 232 50

Notes Payable 232 50

3. C. H. McLaughlin 1375

Notes Payable 1375

3. Crutchfield & Woolfolk. . . 531

Chas. F. Diggs, Jr 531

4. Notes Receivable 335 45

John Cowan & Son 335 45

5. Notes Receivable 175

Geo. R. Hart 175

8. Notes Receivable 1000

J. A. Amsbaugh 1000

8. Sales 3 60

J. A. Amsbaugh 3 60

9. B. F. Crider 114 95

Notes Payable 114 95

9. Notes Receivable 906 40

Home, Hawkins & Co 906 40

12. Notes Receivable 502 50

Home, Hawkins & Co 502 50

18. Sales 5 35

C.D.Watson 5 35

18. H. M. Grace, Personal. ... 5 40

Farm Income & Exp 5 40



Nov. 1-30.
Journal Continued.



22.



Notes Receivable 614 27

Interest, 90 days 9 21

James Ross 605 06

23. J. A. Amsbaugh 3 60

Purchases 3 60

24. Sales 13 20

F. J. Ralston & Co 1320

26. Notes Payable 232 50

J. A. Amsbaugh 231 1$

Interest, 30 days 1 40

Profit & Loss 15

Farm Equipment 15

Expense 80

H. M. Grace, Personal 80

30. Sales 7770 72

Profit & Loss 235

Farm Exp. & Income 6165

Inventory 151 30

Purchases 6274 98j

Inventorv 715 77]

Expense." 92 73J

Store & Lot Expense 23 93

Interest 14 34"

H. M. Grace, Capital 1096 92



29.
30.



ELEMENTARY SET.



REGULAR WORK.
November.
Nov. 1-30.



Cash Book.



Receipts.

1. Balance

1. Sales

4. Home, Hawkins & Co. . .

5. Geo. R. Hart

5. Mitchell Prov. Co

7. Notes Receivable

9. Sales

11. Notes Receivable

12. Notes Receivable

12. Interest

15. Farm Exp. & Inc

16. Farm Exp. & Inc

17. Geo. R. Hart

18. Notes Receivable

19. Notes Receivable

22. Columbia Produce Co. . .

22. James Ross

23. Farm. Exp. & Inc

23. F. J. Ralston & Co

24. Notes Receivable

24. Interest, 60 days

24. C. D. Watson & Co

26. Sales

26. R. H. Melton. .:

28. Notes Receivable

28. Interest, 30 days

28. Notes Receivable

28. Farm Exp. & Inc

29. Notes Receivable

29. Interest, 24 days

29. Valley Truck Farm Inv.
29. Profit & Loss

29. Farm Equipment

30. Notes Receivable

30. Chas. F. Diggs, Jr

30. Sales



2804 55
556 73
128
9 60

57 53
225 55
201 15
400
136

68
6

16 25
258 54
906 40
335 45
856 05
248 54

13 25
245 30
1000

10
542 35

6

843 90
300

1 50
614 27

24 55
175

70
900
250
100

502 50
856 21
131 90



13664 45



Payments.
1. Store & Lot Investment. 1000

1. Furniture & Fixtures. ... 76 50

2. Store & Lot Investment . 8

3. Crutchfield & Woolfolk. . 465 38

3. Expense 2 88

3. Store & Lot Expense .... 5 75

7. Purchases 12 50

8. Columbia Produce Co. . . 7 30

9. Store & Lot Investment . 78 56
10. Crutchfield & Woolfolk. . 66 75

10. Valley Truck Farm Inv. 900

11. R. H. Melton 10 50

11. Interest 1

11. Expense 4 85

12. Notes Payable 168 75

14. Notes Payable 500

14. Purchases 16 50

14. Farm Exp. & Inc 6 75

15. Farm Exp. & Inc 3 75

15. Store & Lot Expense. ... 8 93

15. Expense 5

16. Purchases 4 23

16. Tulsa Milling Co 2000

17. H. M. Grace, Personal. . 45

18. Interest, 51 days 7 70

19. Interest, 45 days 2 52

19. Farm Exp. & Inc 14 50

19. Purchases 7 64

21. Notes Payable 923 23

21. Farm Equipment 115

23. Chas. F. Diggs, Jr 7 46

24. Columbia Produce Co. . . 6 72

24. Interest, 22 days 3 70

26. Farm Expense & Income. 12 25

28. Notes Payable 224

28. Interest, 30 days 1 12

28. Interest, 84 days 8 60

29. Store & Lot Expense 9 25

30. Interest, 42 days 3 52

30. Purchases 18 50

30. Notes Payable 2000

30. Interest, 29 days 9 67

Balance 4890 19

1366445



10 ELEMENTARY SET.

REGULAR WORK.

November.
Trial Balance, November 30, 19 . H. M. Grace.



H. M. Grace, Cap




5240 22




J. A Amsbaugh. . . .


259 81






B. F. Crider




480




Tulsa Milling Co . . .




1179 84




C. D. Watson & Co..x..
Mitchell Prov. Co


140 82
240 15




The amounts marked


John Cowan & Son


112 65




"x" in the trial balance


F. J. Ralston


294




differ from the corre-


Columbia Prod Co
Purchases x . .


256 80
6274 98




sponding items in the
trial balance shown on


Sales




7770 72


page 100 of the budget


Inventory


715 77




the lattercontaining vari-


Expense . . . . x.


92 73




ations in figures to allow


Profit & Loss




235


the teacher to detect


Notes Payable




1489 95


those students who are


H. M Grace, Per




21 85


copying from the budget


Store & Lot Invest


3086 56




instead of following their


Store & Lot Exp .


23 93




ledger records.


Fur. & Fix


76 50






Farm Exp. & Inc. .




61 65




Interest


14 34






Cash x.


4890 19








16479 23


16479 23





Trading and Profit and Loss Statement, November 30, 19
H. M. Grace.



Returns.

Gross Sales

Less, - Rebates and allowances . .
Net returns from sales. .



Costs.

Inventory, Oct. 31, 19

Purchases 6278 58

Less, - Rebate 3 60

Total cost of purchases

Less Inventory, Nov. 30, 19

Cost of merchandise sold

Gross trading profit.



7792 87
22 15



715 77
6274 98



6990 75
151 30



Profit from sale of valley truck farm (P. & L. %)
Inc. from sale of farm products

Total profits

Loss on sale of farm equipment (P. & L. %)....

Expenses . -

Store and lot expense

Interest

Farm expenses

Total losses

Net profit for the mo


1 3 4

Online LibraryHarry Marc RoweKey to the Elementary set budget 121 of Rowe's Bookkeeping and accountancy → online text (page 1 of 4)