The science of double-entry book-keeping; simplified by the application of an infallible rule for journalizing calculated to insure a complete ... well-selected mercantile transactions, so arr - Softcover
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1851 Excerpt: ... and complete in either the Cash-Book, Invoice-Book, or Sales-Book; and that any transaction that can not be made a purchase or sale of merchandise, or a cash receipt or payment, must have a separate Day-Book entry at the time it occurs, and may be journalized and posted separately. The monthly entry plan is not as simple as the other. To adapt it successfully, one must be well acquainted with the subject, and thoroughly understand how to conduct a set of books on the daily or separate entry method. Day-book--May 30 (Last Entry). This entry is made to give a sample of a day-book entry to correct errors which may sometimes be discovered after an account has been closed. As Mr. Harris was charged for an amount for which he should have been credited, it is now necessary to credit him for double that sum. QUESTIONS AND ANSWERS, RELATING TO OPENING, CONDUCTING, AND CLOSING BOOKS. OPENING BOOKS. 1. Quest. What is meant by opening books or accounts 1 Ans. Commencing the records of a business in a systematic manner. 2. Q. With what records or entries does a business generally com mence t A. With the circumstances of the person commencing business: with a statement of his capital. 3. Q. When a person begins business without capital, what will be the first entry in his books 1 A. The first transaction that occurs--a purchase or aught else. 4. Q. If a person begins business without capital, and owes to John Sims $1,000, what will be his Journal entry 1 A. Supposing his name to be Thomas Blanchard, his Journal entry will be--Thomas Blanchard Dr. To John Sims $1,000 00 5. Q. If the first transaction in your books should be the purchase of 50 bales of cotton, of John Sims, on credit, amounting to $2,000, what would be your Journal entry 1 A. Merchandise Dr. To John Sims ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1851 Excerpt: ... and complete in either the Cash-Book, Invoice-Book, or Sales-Book; and that any transaction that can not be made a purchase or sale of merchandise, or a cash receipt or payment, must have a separate Day-Book entry at the time it occurs, and may be journalized and posted separately. The monthly entry plan is not as simple as the other. To adapt it successfully, one must be well acquainted with the subject, and thoroughly understand how to conduct a set of books on the daily or separate entry method. Day-book--May 30 (Last Entry). This entry is made to give a sample of a day-book entry to correct errors which may sometimes be discovered after an account has been closed. As Mr. Harris was charged for an amount for which he should have been credited, it is now necessary to credit him for double that sum. QUESTIONS AND ANSWERS, RELATING TO OPENING, CONDUCTING, AND CLOSING BOOKS. OPENING BOOKS. 1. Quest. What is meant by opening books or accounts 1 Ans. Commencing the records of a business in a systematic manner. 2. Q. With what records or entries does a business generally com mence t A. With the circumstances of the person commencing business: with a statement of his capital. 3. Q. When a person begins business without capital, what will be the first entry in his books 1 A. The first transaction that occurs--a purchase or aught else. 4. Q. If a person begins business without capital, and owes to John Sims $1,000, what will be his Journal entry 1 A. Supposing his name to be Thomas Blanchard, his Journal entry will be--Thomas Blanchard Dr. To John Sims $1,000 00 5. Q. If the first transaction in your books should be the purchase of 50 bales of cotton, of John Sims, on credit, amounting to $2,000, what would be your Journal entry 1 A. Merchandise Dr. To John Sims ...
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