bash January 1, 190 AN Harper has 3000 AH. Flour and Grain 3000 Paid rent of store 75 for month of Jan Bot of ANRoerbe 780 200-brls. Flour 5.20 4 Sold W.D. Leach 450 100-brls, Flour 4.50 75 780 450 Mase. 2 120 400 577 571 571 100 100 198 Bot. of B. W. Keeno 820 Bills Pay, on my note ab 2 m2 200 brls, Flour 4:19 25 B. Allen Sold on acck rods. 237 50. 31 198 820 23750 Exponse Cash WORK FOR THE STUDENT. GENERAL RULES FOR DEBITING AND CREDITING. Rule 1.-DEBIT what the business receives, Rule 2.-CREDIT what the business disposes or what costs value. of, or what produces value. TO BE ENTERED IN THE JOURNAL-DAYBOOK. Make the entries required by the following transactions similar in form to those shown in model journal-daybook on pages 6 and 7. No. 1.-JANUARY 1, 190-. I (your name) engage in the Flour and Grain business, investing cash, $4000. INSTRUCTIONS.-Whatever the business receives, or what comes into the business, should be debited; that is, it should be entered on the left-hand side of your journaldaybook. In this instance the business has received cash to the amount of $4000, hence Cash should be debited. Whatever the business disposes of, or whatever produces value to the business, should be credited; that is, it should be entered on the right-hand side of your journal-daybook. In this instance the proprietor has produced, or given, value to the business to the amount of $4000 by making an investment, hence the Proprietor should be credited. The following illustrates the form of the entry, though the amounts and explanation are different: Cash January 1, 190 Commenced the 3500 F. W. Leonard Flour and Gtrain business investing 3500 Make an entry in your journal-daybook according to the above form. Write your name instead of that of F. W. Leonard, and place $4000 opposite Cash, and $4000 opposite your name, instead of the amounts shown in model. The amount placed in the lefthand column of your journal-daybook should be the same as that placed in the right-hand column; in other words, your debits and credits should always be equal. The name of the account debited is placed near the vertical lines at the left, and the amount placed in the left-hand money column. The name of the account credited is written one line below the debit, and about threefourths of an inch farther to the right. The credit amount is placed in the right-hand money column. Rule 3.-Debit CASH for all cash received. |