EXERCISE 46 COMPOUND ENTRIES The Compound Entry is explained on page 46. Refer to that explanation before proceeding with this exercise. A Simple Entry consists of one debit and one credit. Several of the preceding interest and discount entries are here used as illustrations of compound entries; they will serve for reference in subsequent work. Journalize Exercise 45. The making of these entries in both the cashbook and the journal will make the debits and the credits clearer in each transaction. 1.10 1.05 1.21 1.26 1.31 1.36 1.41 1.01 Door Knobs, doz. 1.00 1.20 1.10 Grindstones, each 5.00 6.00 5.00 5.25 5.20 5.21 5.26 5.31 5.36 5.41 5.01 8.00 9.00 8.00 8.20 8.60 8.21 8.26 8.31 8.36 8.41 8.01 Hammers, doz. 21.00 22.50 21.50 22.00 22.75 21.21 21.26 21.31 21.36 21.41 21.01 3.25 3.20 3.30 3.10 3.30 3.46 3.51 3.56 3.61 3.66 3.26 1.60 1.50 1.75 1.70 1.65 1.81 1.86 1.91 1.96 2.01 1.61 7.50 8.00 7.80 8.00 7.75 7.71 7.76 7.81 7.86 7.91 7.51 6.31 6.36 6.41 6.01 Nails, 8d, wire, keg 6.00 6.80 6.25 6.20 6.35 6.21 6.26 30.00 32.00 30.00 29.00 31.00 30.21 30.26 30.31 30.36 30.41 30.01 Planes, #4, doz.. 13.00 12.00 15.00 12.50 14.25 13.21 13.26 13.31 13.36 13.41 13.01 6.00 7.00 6.30 6.50 6.20 6.21 6.26 6.31 6.36 6.41 6.01 SET IV. GENERAL HARDWARE BUSINESS WORK FOR MAY The Object of this set is to continue the work of Set III and to give more extended business practice. A partnership is introduced. Directions and Suggestions. Observe these general directions: 1. The same bound books are used as in Set III. 2. Student and James A. Hart are represented as proprietors. 3. The firm name is to be Student & Hart. 4. Student will keep the books and manage the business. 5. Begin a new page in the cashbook, the journal, the check book, and the sales book. 6. Unless otherwise stated, all payments are to be made by check. Use a new envelope for the bank account. Different selling price lists may be used if the instructor so desires. The following table provides twenty-five such lists: 4.80 4.84 4.88 4.92 4.97 5.02 5.07 5.12 5.17 4.77 4.81 4.85 4.89 4.93 9.05 9.09 9.13 9.17 9.22 9.27 8.05 8.09 8.13 1.05 1.09 1.13 9.37 9.42 9.02 9.06 8.17 8.22 8.27 8.37 8.42 8.02 1.17 1.22 1.27 1.32 1.37 1.42 1.02 5.05 5.09 5.13 5.17 5.22 5.27 5.32 5.37 5.42 5.02 8.05 8.09 8.13 8.17 8.22 8.27 8.32 8.37 8.42 8.02 21.05 21.09 21.13 21.17 21.22 21.27 21.32 21.37 21.42 21.02 9.32 9.10 9.14 9.18 8.32 8.06 1.06 1.10 1.14 1.18 5.06 5.10 5.14 5.18 8.06 21.06 8.10 8.14 8.18 8.10 8.14 8.18 21.10 21.14 21.18 3.30 3.34 3.38 3.42 3.47 3.52 3.57 3.62 3.67 3.27 3.31 3.35 3.39 3.43 7.72 7.77 7.82 7.87 1.65 1.69 1.73 1.77 1.82 1.87 1.92 1.97 2.02 1.62 7.55 7.59 7.63 7.67 6.05 6.09 6.13 6.17 4.05 4.09 4.13 4.17 4.22 4.27 4.32 4.37 4.42 4.02 4.06 4.10 4.14 4.18 30.05 30.09 30.13 30.17 30.22 30.27 30.32 30.37 30.42 30.02 30.06 30.10 30.14 30.18 1.66 1.70 1.74 1.78 7.92 7.52 7.56 7.60 7.64 7.68 6.22 6.27 6.32 6.37 6.42 6.02 6.06 6.10 6.14 6.18 13.05 13.09 13.13 13.17 13.22 13.27 13.32 13.37 13.42 13.02 13.06 16.05 16.09 16.13 16.17 16.22 16.27 16.32 16.37 16.42 16.02 16.06 12.05 12.09 12.13 12.17 12.22 12.27 12.32 12.37 12.42 12.02 12.06 6.05 6.09 6.13 6.17 6.22 6.27 6.32 6.37 6.42 6.02 6.06 13.10 13.14 13.18 16.10 16.14 16.18 12.10 12.14 12.18 6.10 6.14 6.18 INCOMING BUSINESS FORMS FOR MAY NOTE. Please read the instructions given under the Incoming Business Forms for March and apply them to the work of Set IV. Form 1. Invoice of Turner & Moss, City, May 2. Terms: cash. Form 2. Bill of H. L. Mills, City, May 4. Terms: cash. Form 3. Invoice of Wilder & Chase, City, May 7. Terms: 1/2 in 3 da., Form 4. Invoice of Dunn & Sanford, City, May 9. Terms: 10 da. 10 doz. Railroad Picks 6 doz. Steelyards 12 doz. Steel Axes Form 5. Check of Strong & Hunter, City, for $117.75, in your favor, May 11. Form 6. Invoice of Turner & Moss, City, May 14. Terms: on account. 12 doz. Carpenter's Chisels 10 doz. Coal Hods 15 Copying Presses 20 doz. Door Knobs 6 doz. Hammers 6 Ice-cream Freezers 6 doz. Handsaws 10 Grindstones 10 sets Knives and Forks Form 7. Invoice of Wilder & Chase, City, May 16. Terms: on account. 10 doz. Lanterns 6 doz. Mortise Locks 10 kegs Nails 6 doz. Planes, #4 Form 8. Invoice of Dunn & Sanford, City, May 20. Terms: 1/30. 10 doz. Railroad Picks 6 doz. Steelyards 6 doz. Steel Axes 10 doz. Try-squares The terms given mean that 1% will be taken off the face of the invoice if it is paid within 30 da, Form 9. Check of Strong & Hunter, City, for $150, in your favor, May 23. Form 10. Check of John H. Sand, City, for $200, in your favor, May 30. In Set IV all merchandise is to be bought at the following prices: MEMORANDA OF TRANSACTIONS FOR MAY May 1. Student and James A. Hart begin a General Hardware business, investing cash, $3000. Each partner invests $1500. Place the above memorandum in the journal, but make no journal entry. Receive the currency from the instructor. Make the following entry in the cashbook: 1. Deposit all currency in The Union Bank, under the firm name. In the pass book, above the student's name, write the firm name, Student & Hart. May 1. You have entered into an agreement with Wm. H. Kellogg for the rental of his store, at 266 Broad Street, at $50 per month. No entry is required. A memorandum of this agreement may be made and filed with the incoming papers. Engage Henry Lakey as a clerk at $35 per month. 2. Buy of Turner & Moss, City, for cash, merchandise as per invoice, Form 1. Examine and check the invoice. Write a check in payment. Enter in the purchase book and the cashbook, and check in each. 3. Give Wm. H. Kellogg a check for rent of the store for May. This check will be No. 1. Now that you are engaged in a partnership business, how are checks to be signed? 4. Buy of H. L. Mills, City, for cash, books and stationery, as per bill, Form 2. Remember, all cash payments are made by check unless otherwise noted. 5. W. D. Mendon, City, places an order for the following goods. Fill the order at the prices given herewith. Terms: cash. 4 doz. Carpenter's Chisels at $4.75 3 Copying Presses at $8 4 Grindstones at $5 1 doz. Handsaws at $21 5 sets Knives and Forks at $1.60 2 doz. Mortise Locks at $6 Record the invoice in the sales book and the cashbook, and check in each. Begin a new page in the sales book. Receipt the invoice and receive the currency. 6. Hall & Son, City, place an order for the following goods. Fill the order. Terms: on account. 3 doz. Carpenter's Chisels 6 sets Knives and Forks 7. Buy of Wilder & Chase, City, merchandise as per invoice, Form 3. Terms: 1/2 in 3 da.; balance in 10 da. 7. Deposit currency, $100. 8. Strong & Hunter, City, place an order for the following goods. Fill the order at the prices given herewith. Terms: on account. 4 doz. Coal Hods at $9 5 doz. Hammers at $8 3 kegs Nails at $4 5 doz. Door Knobs at $1 3 Ice-cream Freezers at $3.25 2 doz. Lanterns at $7.50 9. Buy of Dunn & Sanford, City, at 10 da., merchandise as per invoice, Form 4. |