Receipted Bill. A bill is said to be receipted when the words "Received payment" are written at the bottom of the bill either by the seller or by some person authorized by him. When such person signs the name of the seller he should write on the next line the word "by" or "per" and his own name or initials. Receipt EXAMPLE 2 $5.00 Ann Arbor, Mich., Sept. 14, 1919 Make out and receipt the bills for the following transactions: 1. C. E. Locke bought of Sawyer and Finn, 42 Clemens Ave., Hannibal, Mo., 5 yards of satin at $1.75; 6 yards of mousseline at $2.25; 4 yards of silk at $2; 10 yards of serge at $1.50; 15 yards of poplin at $2. 2. F. G. Appleton bought of The Marine Equipment Co., 108 Water St., New Orleans, La., 1 pair of army shoes at $5.50; 1 U. S. Army olive-drab sweater at $5; 1 U. S. razor at $1.50; 2 pairs canvas lace leggins at $.95. 3. M. J. Mulvaney bought of Levinsky and O'Dowd, Jewelers, Mexico City, Mo., 1 24-jewel watch at $65; 1 watch fob, gold panel, at $12.50; 1 pair pearl earrings at $26.65; 1 signet ring at $8.50; 1 tourmaline stick pin at $14. 4. Mr. Geo. McDaniels bought of C. Stratford, Attleboro, Vt., 1 velvet rug 9 × 12 at $67.95; 1 Brussels rug 6 × 9 at $28.75; 1 tapestry rug 8.3 x 10.6 at $26.75; 2 tapestry Brussels rugs 6 x 9 at $21.45. 5. Mr. C. H. Thorpe bought of Bibo, Newman, and Ikenberg, 66 Central Ave., Boston, Mass., 1 library table at $8.80; 1 oak extension table at $12.75; 1 leather rocker at $17.75. 6. A. L. Tunison bought of The U. S. Grocery Co., 422 Tehama St., San Francisco, Calif., 2 packages of flapjack flour at $.14; 1 package Pillsbury's Vitos at $.15; 2 packages of Spee-Dee cleaner at $.20; 1 large can Crisco at $1.40; 5 pounds Hotel Blend coffee at $ .19; 1 package Instant Postum at $.40; 3 packages of Puffed Wheat at $.13; 1 pound Ridgeway's 5 o'clock tea at $.64; 4 pounds of Ghirardelli's Select Eagle chocolate at $.30. 7. Receipt the bills made out in the Exercise on pages 61 and 62. Debt and Credit. The amount which one person owes another is called a debt. The amount due a person or the sum paid toward discharging a debt is called a credit. The person who owes is called the debtor. to whom an amount is owed is called a creditor. The person Account. An account implies a business transaction covering a period of time in which there are both a debtor's bill and a debtor's payments. Statement. It is customary for the creditor to send an itemized account to the debtor. If it is not paid at that time, another form of bill, called a statement, is sent. This contains only the words: "To account rendered" or "To Mdse." followed by the amount. Statements are usually sent out on the first of the month. If the above balance were paid in full Oct. 1, some such words as the following would be written at the bottom : "Received payment, Oct. 1, 1919, Kelly, Fitzpatrick & Connelly, By T. Bone." Observe that the account sets forth the place and date of sale, names of buyer and seller, etc., as in the case of the original bill. |