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considered doubtful; and, on the Credit side, the receipt or payment of all or any part of the amount entered on the Debit side. It would be found very convenient to have a particular time for general settlements. What of a Final Test? of Total Loss? of Partial Loss? of Doubtful Debts? of Settlements ?

31. REFERENCES AND PAGES. The Index (p. 24) exhibits references to the Ledger, and the Ledger should always refer back to the original entries. Each book of Original Entry is usually paged off by itself; and, if we have several original books, the phraseology before each item in the Ledger, will be sufficient to determine the kind of original book (Art. 25), hence the page only is given, and this is found in the column before the amount in Ledger. This treatise, however, is paged otherwise,

Feb. 3 By Bills Rec.
Mar. 1511

New Account Aut

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for the convenience of the learner, and for general references.

We have already observed that there should be a double entry made, both in the Journal and Ledger, of every original transaction, and this manner of keeping books has, therefore, been denominated Book-keeping by Double Entry. What of the Index? References? Double Entry?

32. THE JOURNAL. The professed object of this book is to collect and arrange the several original entries in such a manner that they can be Posted with facility. The student is usually directed to analyze the transac

tion upon a slip of paper, that is, to determine correctly the Debits and Credits that arise from it, and then enter them into the Journal accordingly. Our directions will

1851. Jan. 16 7. Cash..

Profi and Lofo | Art. 20) --

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be to Post the entries at once, instead of delaying them upon the Journal.

Journalizing has always been considered the most responsible and difficult task of the Book-keeper; and, although we have given an exemplification of a Journal in the first part of this work, yet, in our exercises, the student is required to Post without one, that is, Post from original entries. Where a Journal is used at all, it is kept as a separate book; and it was for convenience in teaching only that we have had it bound with our DayBook.

Our chief objections to a Journal are the following:

1. By our plan of teaching, we have found it much easier to Post from the original books than to Journalize


1851. Mar. 5 By Cash




from them; hence the Journal does not accomplish the object which it professes to do.

2. The arrangement of the Journal usually forbids daily Posting, which can be done more conveniently, and, perhaps, more understandingly, than when it is weekly or monthly performed.

3. It delays the final disposition of the entries into the Ledger, where the state of our affairs should be seen, and an opportunity for settlement afforded at all times.

4. It enjoins long and useless work, and has, therefore, presented a great barrier to a more general introduction of Book-keeping.

5. The chances to make mistakes are multiplied by the number of times which accounts are transcribed, therefore, the Journal, without a single advantage arising


1851. Jan. 31 T. Cash.. Mar. 7 11 Sundries..

11 18 11 Mdoe.

20 20

67 40 360 40 200

627 | 80


from its use, actually increases the liability to error (Art. 35). What of the Journal ?

33. It has been customary to abridge the Ledger as much as possible; so much so, that, in many instances, it shows nothing but totals; and these, generally, without giving references to the original entries. On opening our Ledger at any account, that account itself should furnish all necessary information. If some circumstances should render a further examination desirable, the Ledger itself directs us to the page of original entry. What office should the Ledger perform ? (Art. 15.)

34. We must not conclude that the Trial Balance is entirely worthless, for if the books of the establishment were destroyed, this would become a very important instrument, since it exhibits the face of the whole Ledger.

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