May 9. Withdraw by check $15, to be used for sundry office expenses. Write this check to the order of Cash. No entry is required because no cash has been paid out. Place the currency in the Business Cash envelope. This is called a cash check. 10. Remit Wilder & Chase a check for one half the invoice of May 7. If there is a half cent in the division, call it one cent; always reckon the odd cent on the first transaction. 10. Pay S. H. Lyman, in currency, $5 for cleaning the store and basement. 11. Receive of Strong & Hunter their check for invoice of May 8, Form 5. Examine the check; if correct, enter the amount in the cashbook. Place the check in the Business Cash envelope. 12. Give each partner a check for $50, for his personal use. Write your check as follows: Pay to the order of Student. Make your partner's check payable to his own name. Sign each check with the firm name, as usual. Enter in the cashbook as payments, under each partner's name as a withdrawal. Place the currency in the Personal Cash envelope. 13. L. P. Austin, City, places an order for the following goods. Fill the order. Terms: on account. 5 doz. Railroad Picks 2 doz. Steelyards 6 doz. Steel Axes 5 doz. Try-squares 5 doz. Hammers 3 Ice-cream Freezers 14. Buy of Turner & Moss, City, on account, merchandise as per invoice, Form 6. 15. Deposit the check on hand. 15. Wilson & Barton, City, place an order for the following goods. Fill the order. Terms: 10 da. 10 doz. Door Knobs 3 doz. Hammers 2 doz. Handsaws 3 Ice-cream Freezers 6 sets Knives and Forks 4 doz. Carpenter's Chisels 16. Buy of Wilder & Chase, City, on account, merchandise as per invoice, Form 7. 17. Remit Wilder & Chase a check for the balance of the invoice of May 7. Note the amount paid on this invoice on May 10. May 18. John Howe, City, places an order for the following goods. Fill the order at the prices given herewith. Terms: cash. 4 doz. Lanterns at $7.50 3 doz. Mortise Locks at $6 5 kegs Nails at $4 3 doz. Planes, #4, at $30 Record in the sales book and the cashbook, and check in each. 19. Strong & Hunter, City, place an order for the following goods. Fill the order. Terms: on account. 6 doz. Carpenter's Chisels 4 doz. Coal Hods 5 Copying Presses 3 doz. Handsaws 8 doz. Door Knobs 4 Grindstones 3 doz. Hammers 5 sets Knives and Forks 20. Buy of Dunn & Sanford, City, merchandise as per invoice, Form 8. Terms: 1/30. 21. Receive of L. P. Austin cash, on the invoice sold to him on May 13, $100. Write the receipt and receive the currency. 22. John H. Sand, City, places an order for the following goods. Fill the order. Terms: on account. 6 doz. Railroad Picks 5 doz. Steelyards 10 doz. Try-squares 3 Grindstones 5 kegs Nails 5 Ice-cream Freezers 4 doz. Lanterns 6 doz. Carpenter's Chisels 23. Receive of Strong & Hunter their check for $150, to apply on the invoice of May 19, Form 9. 24. Deposit the check on hand, and currency, $200. Remember, you must indorse all checks that you deposit. 24. Remit Dunn & Sanford a check for the amount of the invoice bought of them on May 9. 25. Receive of Wilson & Barton cash, for the amount of the invoice sold them on May 15. Remember the receipt. 26. Give Wilder & Chase your note, at 15 da., with interest, for the invoice of May 16. Write the note and make the journal entry. The invoice should be receipted as follows: Paid by note at 15 da., Wilder & Chase. May 27. P. D. Anson, City, places an order for the following goods. Fill the order. Terms: 10 da. 3 doz. Coal Hods 5 Copying Presses 4 doz. Door Knobs 5 Grindstones 2 doz. Hammers 1 doz. Handsaws 27. Give Turner & Moss a check for one half of the invoice bought of them on May 14. 28. Receive of Hall & Son cash, to apply on the invoice sold them on May 6, $50. 29. L. P. Austin, City, places an order for the following goods. Fill the order at the prices given herewith. Terms: 3/10, n/30. 4 sets Knives and Forks at $1.60 3 doz. Lanterns at $7.50 3 doz. Mortise Locks at $6 29. Wilson & Barton, City, place an order for the following goods. Fill the order. Terms: on account. 2 doz. Planes, #4 4 doz. Railroad Picks 2 doz. Steelyards 4 doz. Steel Axes 30. Receive of John H. Sand his check to apply on account, $200, Form 10. 31. Deposit the check and all currency on hand. 31. Give Henry Lakey, your clerk, a check for his salary, $35. Make the monthly bank statement. Before closing the different books, hand them to the instructor for inspection and approval. Record the following in the journal, in the usual form, at the cost price: CLOSING THE WORK FOR MAY Look over the closing of each book in April, and then close the books. Post to the ledger, beginning on a new page; allow one third of a page for each account. There are two proprietors in this set; their accounts should be on the first page of the ledger. Foot the ledger accounts. Take a trial balance; after approval, record it in Blank No. 1, on the page indicated by the index. Make the usual statements, and the verification; after approval, record them in Blank No. 1, on the page indicated by the index. Close the ledger as follows: 1. Close the Merchandise and Expense accounts to the Loss and Gain account. 2. As there are two proprietors in this set, divide the gain equally between them, and close the Loss and Gain account as shown in the following model: Take a second trial balance. Submit all work to the instructor for approval. After receiving your monthly bank statement, check the stubs of your check book. EXERCISE 47 A WRITTEN REVIEW The following review exercises are suggested: a. Journalize orally or in writing each transaction in May. b. On loose sheets of paper write Set I, page 41, as follows: Enter all cash items in the cashbook; journalize all other items; post to the ledger, three accounts to the page; take a trial balance; make the usual statements; close the ledger; take a second trial balance. SET IV. GENERAL HARDWARE BUSINESS WORK FOR JUNE The following memoranda are a continuation of the memoranda for May, representing a partnership business. Directions and Suggestions. The following general directions should be observed: 1. Use the same price list and the same books as in May. 2. Begin a new page in the journal. In the sales book leave a space of three lines, then write the first sale in June under the last sale in May. 3. The balance brought down from the May cashbook, under June 1, is to be reckoned with the cash receipts in June. Use a new envelope. for the bank account. Record the balance at the head of the deposit column. INCOMING BUSINESS FORMS FOR JUNE Form 11. Invoice of Wilder & Chase, City, June 3. Terms: 2/10, n/30. 6 doz. Carpenter's Chisels 10 doz. Door Knobs 6 Grindstones 5 doz. Hammers Form 12. Invoice of Dunn & Sanford, City, June 5. Terms: on account. 6 Ice-cream Freezers 12 sets Knives and Forks 10 doz. Mortise Locks 20 kegs Nails 6 doz. Planes, #4 Form 13. Check of Arnold & Davis, City, for $100, in your favor, June 5. Form 14. Note of P. D. Anson, City, for $100, in your favor, at 10 da., with interest, June 6. Form 15. Bill of H. L. Mills, City, June 9. Terms: cash. Office Stationery, $6.75 Form 16. Invoice of Turner & Moss, City, June 12. Terms: 1/2 cash; balance in 30 da. 10 doz. Carpenter's Chisels 5 doz. Coal Hods 6 Copying Presses 6 Grindstones 6 doz. Hammers 5 doz. Handsaws 6 doz. Door Knobs Form 17. Check of L. P. Austin, City, for $71.50, in your favor, June 14. |