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47. ACCOUNT SALES. The consignor always wishes a detailed account of the Sales effected by his agent. A statement thus furnished by the consignee is called Account Sales. The Ledger refers to the original entries from which the particulars are gathered.

Account Sales of 45 hhd. Sugar, shipped por Cromwell,

by J. Barnum, on account of Co. A.

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30 days




hd. Gross Tare Not llis. Sugar
15 24,168 2,900 21,268 at .06 1,276.08
14 22,432 2,692 19,74011.06 1,184.40

88 12,468 1,496 10,972 11.063 713.18

$ 12,528 1,503 11,02511.07 771.75 Dec. 23 Sold Augustus Denman on his note

at 3 mo.
32 hhd. Sugar at 95.00 ....-$3,040.00

11 88.00 -2,024.00

Dec. 10 C. H Entry g Duties. $294.35

23 Labor 68.34 Cooperage 17.32 ....85.66
Our Commission.

-45.0.47 Interest on

charges to Feb. 22...11.08 Net Pucceeds due Feb. 22, 1852... One Third to Cr. of J. Barnum....

New York, Dec. 23, 1851

Bronson Milman g Coll

9,009 41

904 80 80

8,104 53

(Art. 62.) From Jan. 17 to March 23, 365 days.
3,945:41 X65=256451.65 ; 3,945:41+5,06459009:41

:. the amount becomes due 28 days previous to March 23.


Account Sales of 150 pipes Wino per Manchester, for

count of Peyton g Co. Liverpool.

Nov. 18 Sold Jonathan Hicks on his note al

30 days

40 pipes 5,040 gal. at 1.95 9,828 20 Cash Sales to Saunders g Co.

15 pipes 1,890 gal. at 1.90.----- 3,591 22 Sold Adrian Mann on his note at 60


60 pipes 7,560 gal. at 1.84. 13,91040 Sold Tim. Page

on 30 days credit 35 pipes 6,410 gal. ai 1.80 ..... .

7,938 Charges

35.267 40 10 Freight on 150 pipes Wine.-- $8'32.20 Duty and Permić...

-3,245.48 Insurance and Policy.-

-332.18 22 Brokerage


Advertising and Postage-- .-6.38
Our commission at 3 per cent. -1,058.02
Interest to Dec. 29 on C.B.

Snterest to do.

D.B.....10.25 5,889 42 Nel proceeds to Cr. of Peyton g Co. 29,384 98 duo Dec. 29

New York Dec. 22, 1854.
E.E. Bronson Milman | Co.

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(Art. 62.) From Dec. 18 to Jan 21,

= 34 days, Nov. 20

= 62 Jan. 21

= 0 Dec. 22

30 9,828X34=334152; 3591 X62=222642

7,938X30=238140 ; 7949-34-35267.40=23 the number of days previous to Jan. 21.

48. ACCOUNT Current is a statement, usually in Ledger form, which embraces the original history of all the transactions between two parties or firms, and the Ledger refers to the entries from which it is drawn.

J. L. Jackson, Cincinnati. In Account Current with

Bronson, Milman y Co. New York.


Aug. 18 To Merchandise on account.
Oct, 11 & bbls. Beef at 30 days.

12 11 Balance of 20 tbls. Pork at 8,30.Nov. 18 11 130 chests 9,648 lbs. Tea at .09.--Dec. 12 11 Prints and Muslins


1 Cash on account
Draft at
at sight



84 86 86832

90 60

9,326 43



3,161 39


7201 12,090

Cr. Oct.

By 10 tierces Rice at 3 mo..
Nov. 1 í 240 bales Cotton at 30 days..

Balance due..
E. E.

Bronson, Milman y Co.
New York,

Feb. 28, 1851.


Art. 53. 1,937 X136=263,432 720 x =

84: X 62= 5,208 12,096 X61=737,856
86 X 815 6,966
868:32 X 44= 38,206

90.60 X 20= 1,812
9,326.43 X 14=130,570
3,161:39 X 0=

15,553.74 446,194 12,816 737,856 737,856–446,191=291,662; 15,553-74–12,816=2,737-74

291,662-2,737=106. The balance therefore falls due 106 days After Jan. 1, it being Apr. 17.

Art. 55. 2,737.74-1.009}=$2,712.42 Cash Balance Feb. 28, at settlement.

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49. The Student should now be required to examine the record beginning Jan. 10, p. 12, and closing Sep. 30, p. 69, and tell promptly where the transactions for each month should have been entered in Books of Original Entry, and then enter them accordingly, (Art. 44), (p. 10.)

50. It would be a useful exercise to determine the entries which should be made by every person concerned in each transaction. Let the Student begin the record at p. 12.

We might offer farther suggestions in regard to the manner of tracing this subject, but the instructor who regards what has been already said, will naturally add such other forms and exercises as may be thought necessary

51. EQUATION OF PAYMENTS. Multiply each debt by the number of days from the date when due, to the latest date when any debt becomes due. Divide the sum of the products by the sum of the debts, and the quotient will give the number of days when due, counted back from the latest date.

52. BALANCE OF ACCOUNT SALES. Find the equated time for payment upon the sales (Art. 51); and then increase the charges by the interest upon them up to the equated time. Deduct the Charges thus increased from the Amount of Sales, and the balance will be due at the equated time.

Remark. When a credit is allowed on part or all the Day Book Charges, interest upon them is not added.


53. BALANCE OF ACCOUNT CURRENT. Find the sum of the products which arise from multiplying each entry on the Dr. side by the number of days from the date when due to the latest date when any entry becomes due; find in the same manner the sum of the products on the Cr. side. Divide the balance of the products by the balance of the account, and the quotient will give the number of days when the balance is due BEFORE or AFTER the above date : Before that date, when the greater side of the account also gives the greater sum of the products; but on the contrary, After.

54. INTEREST Balance. When the equated time for a payment of the balance is already past (Art. 53), the interest up to the present date will be the Interest Balance.

55. Cash BALANCE: At the time of settlement it is usually found that the balance of the account is due at a date already past, or at a future date (Art. 53); in the former case, we find the amount of the balance up to the time of settlement, and in the latter, the present worth; in either case, the result will be the Cash Balance at settlement.

56. SINGLE ENTRY is a partial record of accounts, and is usually limited to the credit transactions of Personal Accounts. If accounts were opened for Cash and Merchandise, then the payments and receipts of Cash on account, and the purchases and Sales of Merchandise on account, would lead immediately to double entry; a Cash Book, however, should always be kept, and also a book for Memorandums. The principles of book-keeping have their origin in the double entry system, and when that is thoroughly understood, no difficulty will be found in conducting a partial record, and the student will be able to determine in regard to the correctness of accounts generally, and the adaptation of a set of books to the nature of the business for which they were designed. In single entry, p. 96, the Debit side of a personal account shows indebtedness to us, and the Credit side indebtedness by us, but the same has already been shown in double entry, p. 36, 37.

Our record, beginning with January, p. 12, was not designed for an exercise in Single Entry, yet it will answer our purpose, and the student may be required to exarnine it, and then distribute its transactions by single entry into the Cash Book, Ledger, and Memorandum Book, according to their nature, these being the original and essential books in Single Entry. This exercise may be pursued as far as July 1.

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