BOOK-KEEPING. ALL mercantile transactions consist in exchanging articles of trade, either for money or its equivalent. A systematic record of such transactions is called Book-keeping. Every person should possess sufficient knowledge of this science to keep such record of his business as will at any time exhibit a true state of his affairs. The person who purchases goods, or receives any thing of me, is debtor to me; and he who pays me money, or delivers any thing to me, is creditor. The following is a plain and simple method of keeping accounts without a Day-book, and will be found sufficient for the purposes of farmers and mechanics, where their business is such, that charges are made only at considerable intervals; but in all cases where some three or four, or more charges are made daily, a Day-book should be regularly kept. By Single Entry two principal books are required, the Day, or Waste Book, and Ledger. The Day-book should be ruled with two columns on the right hand, for dollars and cents, and one column on the left for noting the month, day, and year when the charges were made. All charges should be made at or near the time when they bear date, or when they purport to have been made. Where an individual is charged with articles delivered to him, he is a debtor for the amount of them, and against his name on the Day-book, "DR." is written to designate him as debtor. When such individual delivers articles to be allowed him on his account, he is said to be a creditor, and "CR." is written against his name on the Day-book, to designate that he is credited with such articles. THE LEDGER. The Ledger is a book to which the accounts entered on the Day-book are transferred from time to time, in order that each man's whole account may appear by itself. All articles for which he is debtor are usually entered on the left-hand side of the page, and all articles for which he is creditor are entered on the right-hand side of the page. The date of the charge, and the amount in dollars and cents, are entered in the same manner as on the Day-book; but where there are a number of charges of different articles made under one date on the Day-book, they are usually entered upon the Ledger as Sundries," which is a general term for a variety of articles; and the total amount of all such articles charged on any one day, is carried out against such entry in dollars and cents. When a charge is posted from the Day-book to the Ledger, a bracket, or other mark, is made on the left of the charge on the Day-book, to denote that it has been transferred to the Ledger. When the account is to be settled, the sum requisite to balance the same is ascertained, and cash, or a note, is given, which is entered upon the book, and the account is thus made equal. Traders and mechanics most usually give receipted bills of their accounts on settlement. In some instances, a settlement is written at the bottom of the account, as follows:"Settled and balanced all accounts to this date," which is signed by the parties. The student should be required to complete posting the above accounts from the Day-book. To each Ledger there is an Alphabet, or Index of Names, consisting of a small book with the letters of the alphabet pasted upon the leaves, so that each man's name can be readily found by turning to the leaf marked by the first letter of his sirname. Every person engaged in business should take an inventory of his |