Exercise 43. Make the entries for each of the parties to the following transactions. September 8. 10. 12. 14. 18. 20. 22. 23. L. C. Gorley drew a sight draft on D. E. Herz, in E. James & Co. drew a draft at 30 days' sight, on J. E. Weaver bought an invoice of goods of Friend C. N. Norris drew a 30-day draft on Evarts & Co., in his favor, for $625, to apply on account. The draft was accepted September 16. C. N. Norris discounted the acceptance of Evarts & Co., in the previous transaction, at the bank at 6%. D. E. Hilton drew a sight draft on M. E. Morris, D. E. Long's account, amounting to $315.75 is long L. D. Kohn sold an invoice of goods to L. Vogel, 29. The bank reports this draft collected. Collection charge, %. Make all the entries necessary for L. D. Kohn for both dates. 29. 29. M. E. Doyle drew a sight draft on Stover & Co., Exercise 44. a) Make the entries for the following transactions, in journal 8. 10. Gave J. Cole a credit memorandum for goods returned, $18.45. Paid merchandise broker's commission on goods purchased, $47.50. 12. Received a credit memorandum from Turner & Co. for overcharge, $16.80. 14. The proprietor took goods from stock for his private use, $7.50. 18. Shipped goods at cost, to C. L. Roberts, to be sold on commission, $728.45. 20. Gave T. M. Masters a credit memorandum for damaged goods, $19.50. 22. Paid freight on goods bought, $56.45. 24. Took goods from stock for repairs to a building owned by the business, $3.15. 26. Received a credit memorandum from D. Vinton & Co. for goods returned, $15.45. 28. Received a cash rebate of $12.30 for an overcharge on 30. 31. 31. freight paid. Paid salary of receiving clerk, $45. The purchases for the month amounted to $6725.80. b) Open the trading accounts, enter the inventory, May 1, $2123.40, and post. c) Make a trading statement. Inventory, May 31, $1985.65. d) Close the trading accounts. Exercise 45. Make entries for the following transactions in journal form, and show the property and nominal accounts closed. October 1. 5. Bought the building and lot at 210 Second St. of Caspar & Co. for $12,500. Paid them cash, $5000 and gave a note, payable one year after date, with interest at 6%, for the balance. Paid for alterations to make the building suitable for the owner's business, $97.85. 6. Leased two rooms in the building to G. D. Easton for a monthly rental of $45. 8. 10. October rent. Received payment of the Paid for repairs to the building, $13.75. Paid for a covered loading platform attached to the rear of the building, $240. 12. Paid the taxes on the building and lot, $72.85. 18. 22. 26. Paid the city assessment on the building and lot, $27.35. Tore up a board sidewalk around the building valued at $65, and put in a cement walk costing $212. Paid cash for the new walk. Sold the building and lot to D. E. Jansen for $13500. He paid cash $7500, and gave his note for the balance, payable 30 days after date, with interest at 6%. Before making this entry, post the previous entries. 28. Paid our note with interest, favor Caspar & Co., for $7500, less discount at 6%. Exercise 46. a) Make the entries in journal form, for the following transactions. June 1. Paid for a delivery wagon, $85. Paid for two horses, at $135 each, $270. 3. 4. Received from C. D. Brake, $6.50 for doing hauling 9. Paid for horse shoeing, $2.50. 12. 15. 18. for him. Sold one horse for cash, $120. Make the entry so that the asset account will show the correct value of the assets remaining. 26. Paid for repairs to the wagon, $3.75. b) Close Delivery Equipment and Delivery Expense. Inventories: Horses, wagons, and harness at cost, less 1% depreciation. Feed on hand valued at $14.25 Exercise 47. a) Make the entries for the consignor and for the con January 8. signee. E. B. Hamilton & Co., Toledo, Ohio, shipped to C. L. Patton, at cost, to be sold on commission, the following: 15 tubs Butter, 60 lb. each, at 24¢ per lb. 35 cases Eggs, 36 doz. each, at 19¢ per doz. 12. C. L. Patton received these goods from E. B. Hamilton 15. 18. 20. 22. E. B. Hamilton & Co. drew at sight on C. L. Patton for $200, on account of the shipment, which C. L. Patton paid today. C. Elliot & Co. returned 1 tub Butter to C. L. Patton as unsatisfactory. Gave them a credit memorandum. Sold J. Colby on account: 8 cases Eggs at 25¢ per doz. 23. Sold the 1 tub of Butter returned at 15¢ per lb. to D. Kemp, for cash. b) Open ledger accounts for the shipment and for the consignment, and post the entries to these accounts. c) January 24. Render account sales for C. L. Patton. The additional charges are: storage, $12.50; commission, 5%. Remit the net proceeds in cash. d) Make the additional entries, and show the Shipment and Consignment accounts closed. Exercise 48. Enter the following in an Insurance account, find the inventory, and close the account, September 30. July 1. Insured a stock of goods for $5000 for one year. Paid the premium at the rate of 80¢ per $100. August 1. Took out additional insurance, amounting to $1500. Paid the premium for one year at 11%. August 15. Took out additional insurance, amounting to $2500. Paid the premium for one year at $1.15 per $100. In finding the unexpired insurance value, count the time in months. For a fractional part of a month consider 30 days to the month. Exercise 49. J. C. Sullivan began business March 1, with the following investment of assets and liabilities. Make the opening entry. Cash, $2500 Stock of goods, $2600 Chas. Orton's 60-day note, dated February 3, for $650 James Aldrich's 30-day note, dated February 8, with interest at 6%, for $425 Real estate, valued at $6000 Rent, due from subrentals, $45 Furniture and fixtures, valued at $460 J. C. Steele owes him on account, $986.40. He owes D. J. Perry on account, $1250. He owes E. J. Black a note for $2000, dated January 10, payable six months after date, with interest at 6%, as part payment on the real estate bought. Exercise 50. From the following trial balance and inventories, prepare Trading and Profit and Loss statements and a Statement of Assets and Liabilities. The statements cover a period of six months, ending December 31, 1910. This problem is taken from the New York state examination in elementary bookkeeping. |