Trial Balance, (Art 26,) March 27th, 1851. Face of the Ledger before Balancing the Accounts. may be, or through whatever channels or accounts they may arise, they will affect both parts of the Balance Sheet to the same amount. 4. If the Student thoroughly understands every step which he has passed over, and can give all the rules, suggestions, cautions, and references, with ease and accuracy, he can then transfer the Original Entries (p. 12) for the months of January, February, and March, to his own Day-Book, having nothing more to do with the Journal. The next step is to Post them according to the directions previously laid down. Having completed these three months after the models in the book, the Student will pass on to the months which follow, in a similar manner, observing the directions and references which accompany each. The First Part exhibits the Face of the Ledger after Balancing, and also the Present Worth, as exemplified from Estate Accounts, and from goods unsold in Gain & Loss Accounts (Note p. 12) (Art. 40). The Second Part exhibits our Present Worth as exemplified from Gain & Loss Accounts (Art. 1, 40). Dr. Second Part. Cr. Ledger Titles. p. Lofses. Ledger Titles. p. Gains. 41. In performing the Exercises for this month, the Student will carefully observe the following directions: 1. Examine every entry for the month by the aid of the references, and determine how each one should be Posted; 2. Recite this lesson with great facility, giving general rules for Posting, which shall include the several entries under consideration (Art. 24); 3. Post the several entries for the month according to the references (Art. 33, 31); 4. Test the accuracy of your Posting (Art. 26); 5. Credit each account with the value of its goods unsold (Art. 28); 6. Balance all the accounts opened in the Ledger (Art. 22, 13, 29); 7. Take a Balance Sheet (Art. 23). NOTE-If we sometimes seem to hurry through with the transactions of a period, it will be overlooked, since our principal object is to secure a practical acquaintance with the whole routine of opening, conducting, and closing accounts. Articles. 3 & 7 April 1, 1851. (Art. 41.) Sold goods to James Calkings, and re- 3 3 & 3 Bought Mdse. of Wm. Page, at 60 days credit 5 Sold a quantity of goods to J. L. Jackson, 3 & 9 3 Bought Merchandise amounting to and paid for the same as follows: Gave J. L. Jackson's. Note of Jan. 7 15th, 1851... 12&18 allowed discount. 275 60 865 90 170 25 983 40 235 60 340 Articles. 8 Gave my own Note at 3 months for The Mer. Bank has discounted I. Smith's me when business commenced Note held by 7 Face of the Note 500 251 20 3 Sold goods to the amount of- 8 12&18 In Payment received my own Note dated was allowed discount. 4 Paid the balance in Cash.. 349 25 9 20 340 05 19 50 400 500 15 85 Exchanged James Calkins Note, payable I allowed discount, Cash payment, 12 & 4 exchange of the Notes.... Articles. 21 3 Bought goods amounting to In payment I gave Samuel Long's 7 Note, dated April 17th, 1851 Bought three Lots on Third Avenue, in 11 New-York City, amounting to In payment I gave my own Note at 3 8 months.. 3 Merchandise amounting to.. 7 Williams & Co.'s Note, dated April 19, 1851. 12&18 Allowed discount.... 4 Paid balance in Cash............. 730 45 275 60 300 154 85 200 35 300 1800 650 900 200 11 20 3 Sold Mdse. to Wm. Page amounting to.. Received in payment John Thompson's Sidney Brown's Note, endorsed by James 61 20 65 800 300 150 350 300 200 100 |