We would, therefore, recommend the Accountant to take his Trial Balances upon paper, separate from his other books, to be filed away by themselves. What of the Trial Balance? (Art. 26.)

35. If the Student desires practice in Journalizing, there is nothing in our arrangement which will prevent him from Journalizing quite as much as he desires, but we do insist that he should first learn to Post all our Exercises, then he can go back to the month of January, and Journalize the Original Entries for all the months which follow, and this shall be his rule: The several items, which would be carried to the Debit side of the Ledger, in Posting, should be carried to the Debit side of the Journal, in Journalizing; and the several items. which would be carried to the Credit side of the Ledger,

1851.

Jan. 8 To Cash on Jas. Kelly's Note

Feb. 21 "Sundries, on son's Acceptance

John L. Jack-18

Mar. 22 To Sundries, for discount on Wm.

Page's Note

1851.

Feb. 6 To Cash..

125

86

836

Charges

16 54 30

in Posting, should be carried to the Credit side of the Journal, in Journalizing (pp. 13, 15,) (Art. 32). of Journalizing?

What

36. BANK ACCOUNT. This account is opened with the name of some particular Bank, and is Debited with the amount of every deposit made in the Bank, and Credited with the several amounts drawn out. When an individual deposits money in a Bank, he is said to open an account with the Bank; and when he continues to deposit and to draw out money, he is said to keep an Account current with a Bank. Cash deposits are made for the safe keeping of money; and there are many other articles which may, with the same propriety, be deposited in a Bank, such as Notes, Wills, Leases, Policies of Insurance, etc. Some individuals make all their notes

By Profit and Loss (Art. 20).. 42

54 30

payable at the Bank, and make all their Cash payments by giving checks upon the Bank (Art. 9). What of Bank Account?

37. PERSONAL PROPERTY ACCOUNT. On the Debit side, we enter the amount of Outlay for such movable property as livery, furniture, cattle, etc., and, on the Credit side, all Returns arising from the sale of such property (Art. 3, 11). What of Personal Property Account?

38. PRIVATE EXPENSES. The Debit side of this account shows our Outlay for Private Expenses (Art. 10).

39. Our object, thus far, has been to lay before the Student a brief outline, and to initiate him into the ground rules, and leading principles of the subject. We have not aimed to tell all that can be said upon the va

1851.

Feb. 12 To Cash, on broken Bank Bills.. 18

200

3 36

54 30

199 94

457 60

Stock

45 2527 89

2527 89

rious subjects presented, but rather to train the Student upon the Elements, in order that he can vary and devise plans as circumstances may require. The Accountant, thus trained, will perceive and avail himself of every improvement that can be made in the system of accounts which he may be required either to keep or to examine. Thus it is customary, with some Accountants, not only to Credit Bills Receivable for the amount of every note disposed of, but to check the same upon the Debit side; and to check, on the Credit side, in a similar manner, the Bills Payable as they are severally redeemed. The advantage of these and similar devices, will appear obvious as the Student proceeds; they are to be regarded merely as suggestions, yet they should be verified in the Exercises which follow. The various kinds of bu

siness will often require much ingenuity and tact in order to manage them with ease and perspicuity.

40. GENERAL REMARKS:

1. The Student should consider the business which is transacted as his own, and open an account in the Ledger for every branch of the same.

2. It will be perceived that the object of Balancing has been two-fold: 1st. To learn the exact state of our affairs; and 2nd. To add the Profits to the Original Capital periodically (Art. 23).

3. The Balance Sheet (p. 47) exhibits two methods. of showing our Present Worth, and if the work is correct, our Present Worth, as exhibited in the first and second parts of the Balance Sheet, will always be the same; hence we conclude, that whatever our losses or gains