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Dr.

Hiram

1828.

Jan. 1 To bal, of acct, folio 1 "" sundries

29

1828. Jan. 1.

NOTE. Here the debt side is the largest, and $194 17 the acct. is made even by carrying the am. due to the debit side of leg'r C. The bal. 94.17, will be an item in the new inventory.

Dr.

Ralph

NOTE. Here the debit and credit are equal, the acct. therefore ballances itself.

Dr.

1828.

Jan. 3. To sundries

13. "ditto

17.

ditto

To sundries

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Peter

Dr.

1828.

Jan. 3. To merchandize 15." sundries

Dr.

1828.

Jan. 5. To sundries

9." ditto 31." ditto

Nathan

(1)

NOTE. If upon examination, errors have 135 51 been committed in posting, they should be corrected by eounter charges in the leger.

William

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1828.

113 78 Jan. 17. By cash

80 39

41 67

Horner. Cr.

1828. Jan. 2.

31.bal. to leg. C. pa. 9 NOTE. On writing up the leger, each charge $194 17 must be post marked, when transferred, by placing the folio to which it is carried, in the margin between) two parallel lines.

Randall.

Cr.

By sundries

Pimp.

1828.

23 58 Jan. 9. By sundries

7961 3232

28. 31.

Ward.

1828. 33 34 Jan. 15. By note

44 19

77.53

Noble.

1828.

78 52 Jan. 6. By sundries

33 83

18447

296 82

Cr.

Ashton.

"cash

"bal. to leg. C.pa. 10 Erasures should not be allowed, but the whole 13551 should stand fair and full, and free from sus

picion.

Cr.

100

Cr.

9417

Cr.

4167

4987

50

45 64

113

31.bal. to leger C. p. 9|| 18382

296 82

7753

1828.

1825 Jan. 13. By cash

200

191 66 31.bal. to leg. C. p. 14 27468

193 27 71 30

47468

474,68

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NOTE 1 This specimen represents the mode of keeping the cash book, when it is balanced but once a week. It is more usual, however, to balance the cash account each day. Cash in bank, is cash on hand.

NOTE 2. In order that A B may know the result of his month's work, he must proceed and take an inventory of stock, rating each article at prime cost; and subtract the amount from his first stock; then the balance of what he has due over what he owes, with the excess of his cash over his first stock will show what he has gained by trade.

An Improved method of keeping accounts.

The third and last form of book keeping, which I shall present to the consideration of the inquiring pupil, is a recent improvement of the old Italian method of book keeping, by double entry. This plan is based upon the hypothesis, that every debit has a corresponding credit, and every credit a corresponding debit. Only two books are requisite; one called the day book, which in fact is both day book and journal, and the other, the leger. The following specimens will sufficiently illustrate the mode of preparing and keeping both books.

To simplify the subject of accounts, it may not be improper them under three heads: real, personal, and imag

to arrange inary.

Real accounts, are those which refer to bonds, notes, fast property, merchandise, &c. each of which may have its separate title in the leger. Personal accounts are the debts which stand charged to individuals, and imaginary accounts are nothing more than fictitious titles invented to represent the merchant or factor: they refer to loss and gain, interest, commission, &c.

The debits and credits of all titles admitted into the leger, may be regulated and adjusted by the following general

RULES. 1. A real account is made Dr. when property passes into the hands of the merchant or buyer, for all it costs, and also for all charges for repairs, improvements, &c.—and it is made Cr. when it goes out of his hand, for all it brings, and likewise for rents, profits or interest.

2. A personal account is made Dr. when the person gets trusted, for the amount of trust; and also when he is paid the whole or a part of what he may have trusted:-and he is made Cr. when he pays the whole or a part of his debt, and also when he extends the amount of his credit.

3. An imaginary account is made Dr. when a loss is sustained; and it is made Cr. when a profit has accrued.

In all cases when property of any kind, comes into your hands, it is debited for what it costs, and the property with which you pay, is credited for the amount paid. Thus: A B, the merchant, buys a house and pays half money and half goods;-now, real estate is Dr. and cash, and merchandise are Cr. He exchanges a lot of coffee for a lot of tea;-here merchandise is Dr. and merchandise is Cr. A B receives interest on a bond;-here cash is made Dr. and profit and loss is Cr.-therefore, the thing received is made Dr. to the thing delivered, and the thing delivered is made Cr. by the thing received. This principle is inseparable from every transaction.

The ordinary negotiations of a merchant, are-buying and selling; receiving and paying; assigning and settling; drawing and remitting; borrowing and lending; insured and getting insured; protesting and paying protests, shipping and receiving shipments, &c. and all or any of these he may do for himself, or as an agent for others.

Ee

DAY BOOK.

Bolton, Mass. 1828.
(2)
Inventory of the effects of A B.

Jan. 1106 acres of land, house and barn, &c,
Cash,

1 yoke of working cattle, 5 years old,
1 span of bay horses, 6 years old,

4 milch cows,

6 head of neat stock,

30 head of sheep,

4 head of store hogs,

3 bbls. mess pork,

1 do. prime heef 300 bu. wheat in sheaf, 300".

64

72

45

20

307

10

180

corn,

100

400

oats,

100

20 tons of hay,

120

Farming utensils, and household furniture, 250

A bond to C D, in part pay't for farm,
"note to H. Henshaw, at 6 mo.
On acc't, D. Dunbar,

6. do H. Holbrook,

3180.00

231.32

A B stands indebted as follows:

801

180

Sold Hugh Holbrook, del'd at his barn, on acc't,
3 tos of hay, at 7.50, per receipt,

Sold Daniel Dunbar, 250 bushels of wheat,
at 93 cts

100 bushels corn, at .50 cts.
100 do. oats, at .28 cts.

3

Sold Peter Prouty, for cash, del'd at my house,
80 bushels of oats, at .28 cts.

50 do.

corn .50 cts.

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Rec'd in pay't, bal. of his acc't against me
His note at 3 mo. on int. for the bal.

461

590

1300.00

113.36

27.50

16.75

Bought of James Johnson, on a credit of 6 mo. for
which I have given him my note, 1060 lbs.
at 13 cts. deli'd at my house,

of flax

250

22.40

25

232 50

50

28

27 50

283

$310 50

Discounted my note of $137.80, in the hands of J.
Johnson, at six mo. for 7 per cent. per ann.

Paid him in cash,
Discount allowed,

132 97

4 83

471232

1457 61

22 50

4740

13780

31050

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