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A bill is a written statement in detail of goods sold or of services rendered.

A bill is 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.

NOTE.— When the person authorized signs the name of the seller, he should always write on the next line below the word “by” or “per” and his own name or initials.

When a person purchases anything on time, the purchaser is called a debtor.

When the seller extends the time of payment to any one, the seller is said to give credit, and therefore is called a creditor.

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The symbol # means pounds when placed after a number; but number if placed before a number.

Thus 6# means 6 pounds but #6 means Number 6. Make receipted bills for the following transactions, performing all necessary operations :

1. Carter Bros., Elkins, W. Va., purchase from Bindley Hardware Co., Pittsburg, Pa., the following: 3 dozen locks @ $4.80, 67 kegs of nails @ $4.10, 6 dozen lanterns @ $6.25, 1300 feet steel tracks @ 166, and 7 lawn mowers @ $4.25.

2. John Dunn & Son, Akron, Ohio, bought from Thomas Townsend & Company, Cleveland, Ohio, 36 barrels of flour @ $4.80, 4 boxes of prunes @ $1.65, 500 pounds of coffee @ 113$, 7 boxes of yeast @ 75%, 50 pounds of Huyler's cocoa @ 32%.

3. James Brown, Lincoln, Neb., purchases from May & Co., St. Louis, Mo., 22 bunches bananas @ $1.75, 32 boxes oranges @ $3.15, 17 boxes lemons @ $2.80, 29 crates cranberries @ $2.25, 6 boxes grape fruit @ $2.90, and 35 bbl. apples @ $ 2.75.

4. James Sweitzer, Peoria, Ill., bought from Swift & Co., Chicago, 1587 pounds of dressed beef @ 714, 267 pounds of mutton @ 96, 933 pounds of pork @ 554, and 180 pounds of lard @ 124.

5. Lyle Bros. & Co., Dubuque, Ia., bought of the Delaney-Brown Lumber Co., Grand Rapids, Mich., 28215 feet oak boards at $ 32 per M., 147820 feet hemlock at $27 per M., 92629 feet No. 1 white pine at $ 60 per M., 63605 feet poplar boards at $35 per M.

Note.— $32 per M. equals $.032 per board foot.

6. Mrs. James Thorpe bought of B. Altman & Co., New York, 1 pair gloves at $2.75, 5 yd. ribbon at 39¢ a yard, 1 dozen handkerchiefs at 25¢ each.

ACCOUNTS In the study of bills we simply found how much the debtor owed to the seller, or what one party owed to another for services rendered.

In an account we have a business transaction covering a period of time in which there is both a debtor's bill and a debtor's payments.

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Form of Account

PITTSBURG, PA., May 1, 1907.

Mr. Samuel Bond,
Wheeling, W. Va.

TO JOSEPH HORNE CO., Dr.

$110/29

Dr.
To Account vendered
"' 20 yd. oilk @ $1.50
" 2 Ladies' ouito @ 45.00
" Mdos.

80 238109

er.

[ 14 By Cash | 24 By Cash

Balance due foseph Horne Co.

10000
6000 16000

78109

NOTE.— If the above balance were paid in full May 1, the words “Received Payment” would be written.

JOSEPH HORNE Co.,

Per

It is customary for the creditor to send an itemized account to the debtor. If it is not paid, another form of bill called a statement is sent and contains only these words: “To account rendered” or “To Mdse." followed by the amount.

In the above account, what shows that there was a previous transaction ?

Render the following statements:

1. Jan. 31, 1906, the debits and credits of George Weil in account with John Wanamaker, Philadelphia, Pa., were as follows:

DEBITS
Jan. 1, To account rendered, $295.63,
Jan. 7, To 3 overcoats @ $32,
Jan. 12, To 7 yd. dress goods @ $4.75,
Jan. 20, To 1 suite of furniture, $185.

CREDITS
Jan. 5, By cash, $ 250,
Jan. 20, By note for 30 days, $ 200.

Find balance due Wanamaker. 2. Nov. 30, 1905, the debits and credits of R. D. McClurg, with Stevenson & Co., Richmond, Va., were as follows:

DEBITS
Nov. 1, To account rendered, $86.25,
Nov. 10, To 12 cases corn @ $1.65,
Nov. 19, To 4 bbl. sugar, 1692 lb., @ 414,
Nov. 22, To 75 lb. dry beef at 19%.

CREDITS
Nov. 5, By cash, $85,
Nov. 30, By note for balance due.

3. On Oct. 31, the account of Wm. B. Eager with H. A. Soltori, New York, was as follows: DEBITS

CREDITS Oct. 2, To mdse., $93.37, Oct. 10, By cash, $80, Oct. 8, To mdse., $107.92, Oct. 20, By 30-day note, $100. Oct. 21, To mdse., $21.58. Oct. 31, By cash, $25.

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LEDGER ACCOUNTS The orders or payments when received by a firm are first put in a day book in the order of their arrival. Each person's or firm's business is then placed in a book called the ledger, which is ordinarily balanced each month or when an account is paid.

A ledger account is headed by the name of the person and arranged so that the purchases appear on the left side as debits, and the payments or services rendered appear on the right side as credits.

The statement of account as given on page 95 is simply a copy of Mr. Bond's ledger account with Joseph Horne Co.

The following form shows a balanced ledger account at the close of the month with James Roberts, the balance being brought down to continue the account into the next month.

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1. What debts in this ledger account did Mr. Roberts incur during the month? What payments did he make ?

* These numbers refer to the pages in the day book in which the accounts are found.

HAM. SCH. ARITH.

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