May 16. Receive of Ray S. Baker a New York exchange for his note and the interest, due to-day.

17. Sell Ford & Co. on account, 1% 10 da. :

100 yd. Moquette at $1.50

100 yd. Matting at 60¢

18. Give each partner a check, for personal use, $50.

19. Receive of Wm. H. Garland his check for the invoice of May 11, less 1%.

20. Receive of A. K. Johnson cash, for his note and the interest, due to-day. Face of the note, $240; interest, $10.75.

23. Draw a sight draft on O. H. Barker, in your own favor, for $225, and leave it at the bank for collection.

24. Buy of Howard S. Crane on account, 2% 10 da.:

100 yd. Moquette at $1.25

100 yd. Brussels at $1.10

25. Give John F. Carrier your check for your note and the interest, due to-day. Face of the note, $485.50; interest, $16.45.

25. Sell Frank S. Brady on account:

50 yd. Moquette at $1.50

50 yd. Brussels at $1.35

100 yd. Matting at 60¢

26. Sell Wm. H. Garland on account, 1% 10 da. :

50 yd. Moquette at $1.55

100 yd. Brussels at $1.35

26. Receive of Ford & Co. their sight draft on Henry F. Grady for the invoice of May 17, less 1%.

27. Sell Ford & Co. on account, 1% 10 da.:

100 yd. Matting at 60¢

29. Your bank reports the collection of the draft left on May 23. Collection,1%.

30. Buy of Henry W. Elson on account:

100 yd. Matting at 47¢

31. Give Harry S. Carmen a check for his monthly salary, $30.

PART III. ADVANCED WORK

SET VII. DRY-GOODS BUSINESS

The Object of this set is to illustrate, as concisely as possible, a system of bookkeeping which, with slight modifications, may be adapted to the general routine of a wholesale or a jobbing dry-goods house. No attempt is made to enter into an explanation of the minor details of bookkeeping, which are different in all large dry-goods houses. Some of the special features of this set are:

1. Suggestions bearing upon general business correspondence. 2. The introduction and the use of the Cash Suspense account, and the significance of Protest as applied to commercial paper.

3. A more complete explanation and illustration of special columns. 4. The use of the Power of Attorney.

5. A personal account closed into the Loss and Gain account.

6. A classification of the Merchandise account.

7. An illustration of goods returned, both a purchase and a sale. The following books are used: the cashbook, the sales book, the invoice book, the journal, the general ledger, the sales ledger, the purchase ledger, and the bill book.

The cashbook used in this set is essentially the same as the one explained and illustrated in Set VI, but several new special columns have been added.

The Bills Receivable column on the left side of the cashbook is for the cash received for notes and acceptances paid or discounted. Only the total of this column is posted. Such a column may be used when a large number of notes are received on account.

The Bills Payable column on the right side of the cashbook is for the cash paid for our notes and acceptances. Only the total of this column is posted. Such a column may be used when our notes and acceptances are given frequently on account.

Owing to the introduction of the classified Merchandise account, the totals of the Merchandise Discount columns, in the cashbook, are closed under the names Merchandise Sales and Merchandise Purchases, and posted to the ledger accounts bearing these names.

Make a careful study of the cashbook illustrated on pages 250 and 251.

Special Columns in Sales Book and Invoice Book. The sales book used in many wholesale and jobbing dry-goods houses is provided with special columns for the several departments of the business. These columns are indispensable when a special Merchandise account is used for each department. When these departmental accounts are kept, the invoice book should be provided with special columns for the several departments.

NOTE. When accounts with the several departments of a business are kept, they are debited with their approximate share of the general expenses of the concern. This, in most cases, means an additional number of special columns in the cashbook. The inventories belonging to each department will then be recorded separately, and the several departmental accounts closed separately into a general Merchandise account; or directly into the Loss and Gain account, if there are no goods kept in stock except those covered by the different departments.

INCOMING BUSINESS FORMS FOR NOVEMBER

The student is requested to read the instructions given on page 209, preceding the list of business forms for September. The instructions there given apply to the work for Set VII. A tablet of business forms containing all the incoming papers is prepared for Set VII, if business practice is used. If the tablet is not used, prepare the following forms:

Form 1. Power of attorney by which A. J. Morley & Co. confer upon you the right to sign and indorse their notes, checks, other negotiable paper, etc.

Use legal cap paper. (See Form VI, Appendix F.)