con Shipped per brig Ambey, Ripley, 42 lows: 4 For cash. fol= -$20,000 (See entry for the 16th of July.) 18 197.65 448.95 22,896 60 3, 42 Taken to our own account Mdse. of Co. A 1,350 4, 42 Cash sales of Mdse. Co. A... 9,000 Articles. 25 Sold Merchandise, Co. A, amounting to 4, 42 Cash.... 7, 42 Judson Payne's Note. $7,300 8,700 16,000 Closed sales of Co. A, and rendered to our partners an account sales. 12, 42 Our commission. 9, 42 J. Barnum's third.. 9, 42 G. Dunlap's third.. REMARK.-When the sales are closed in a company concern, we first deduct our expenses and charges (but not our share of the cost) from the total sales, and then credit the absent parties with their shares of the net proceeds, debiting the Co. account for the same amount; the balance will then be our share of the net gain or loss. 30 Advised by George Dunlap that he shipped from Liverpool to Havana, on the 20th ultimo, per Kingston, Braid, to J. Bar= num, on account of Co. A, a quantity of Merchandise amounting, as per Invoice, to $18,000. 9, 42 Our one-third. Received from Brown & Co., New Orleans, account sales of shipment to them per 9, 42 Washington, Bates. Net proceeds. Sept. 4 Received from Woolworth & Co., Ha vana, account sales of our 1,317 50 8,077 50 8,077 50 6,000 5,600 shipment to them 9,340 per Creole, Thomas. Net proceeds.. 4, 42 on Horace Williams, which has been duly cashed. Articles. 4, 42 Sold at auction the remainder of Black's 12, 42 Our commission. Rendered to Black an account sales. (See second entry under the 18th ultimo.) Sold the remainder of consignment on ac- count sales. 10, 42 Postages and advertising. 3,547 102 94 14132 21 -$829.11 3.19 832 30 4, 42 Paid cash to Frisbee for the net proceeds... 12150 91 16 Received from Geo. Davidson, Liverpool, account sales of our shipment to him per 9, 42 Plymouth, Shumway. Net proceeds... 8,349 Received from J. Barnum, Havana, ac count sales of our shipment to him per Banger, Davis, on account of Co. A. 9, 42 Net proceeds $8,029; our third.. shipment to him We have received from Geo. Dunlap, Liv- 9, 42 Our third.. 2,676 33 -$39,631.47 13210 49 Received from J. Barnum, account sales of G. Dunlap's shipment to Havana on account of Co. A. Net proceeds $15,000. 9, 42 Our third.. 5,000 Articles. 21 4, 42 Total sales of Mackerel, Co. B, cash ... 11314 22 12, 42 Our commission. Rendered account sales (See Remark, Aug. 25), 565 71 ser 500 Paid Wm. Milman cash due for services 10, 4 quarterly. 7 Disposed of Judson Payne's Note, 20 same -$4,350 400 4 Cash received.. Memorandum. 4,350 8,700 41 Merchandise unsold as per Inventory -- 43 ued at cost Ship Princeton, valued at cost.. 14,000 71,464 20 39,000 Whenever the 44. BOOKS OF ORIGINAL ENTRY. business transactions are extensive, separate books are introduced, one for each important class of transactions; thus, The Day Book should contain all necessary statements in regard to our affairs generally, or a summary of the whole concern as often as the nature of the business requires; it also contains such memorandums and entries as do not, properly belong to those books whose office is more specified and exclusive; The Cash Book should contain all receipts and payments of cash; The Invoice Book should contain all purchases of goods except for cash; The Sales Book should embrace a record of all the sales of goods except for cash; The Commission Sales Book contains sales effected on commission, (pp. 85), differing from the common Sales Book only in that particular. The above are called Books of Original Entry, because they contain the first history of transactions, (Art. 2). Entries are posted from these books daily, weekly, or monthly, as the nature of the business requires; the amounts being passed collectively to their respective places in the Ledger; thus: Debit Cash (daily, weekly, or monthly), for the total amount of Cash received and Credit the proper accounts. Credit Cash (daily, weekly, or monthly), for the total amount of Cash paid, and Debit the proper accounts. (Art. 4, 14). Debit Mdse. (daily, weekly, or monthly), for the total amount of purchases recorded in the Invoice Book and Credit the proper accounts. (Art. 3, 14). Credit Mdse. (daily, weekly, or monthly), for the total amount of Sales recorded in the Sales Book and Debit the proper accounts. (Art. 3, 14). Entries upon the Day Book are posted (daily, weekly, or monthly); according to principles already stated. |