88. A receipt is a written acknowledgment of money or goods received, or of services rendered.

NOTE. When the money paid is only part of the debt owed, "on account" should be written in the receipt instead of "in full of all accounts to

date."

Exercise 64

1. When is a note due that is dated June 1 and is payable in 90 days?

2. When is a note due that is dated July 15 and is payable in 90 days?

3. When is a note due that is dated Dec. 1, 1912, and is payable in 60 days?

4. When is a note due that is dated Feb. 1 and is payable in 3 months?

5. When is a note due that is dated Feb. 28 and is payable in 2 months?

6. Who is expected to pay the note on page 269 when it is due ?

7. Write a promissory note for $10 with yourself as maker, and William Brown as payee. Date the note June 1 of last year and make it payable in 90 days.

8. Suppose you buy a bill of goods from J. L. White for $20.75 payable in 6 months; write the promissory note that you could give him in payment.

9. Suppose you have money deposited in the Central National Bank of Wilmington, Del.; write the check with which you could pay J. L. Williams $5. Who must in dorse this check before it is cashed?

10. Write a receipt showing that C. J. Carroll has paid you $25 in full of all accounts to date.

II. Write a receipt showing that J. L. Long paid you to-day $75 on account.

12. Write a receipt for $40 wages that were due you for the month of June, 1912, from L. M. Haines, and paid the last day of that month.

13. Write a promissory note dated at your place of residence June 1 of the current year and payable in 90 days. Make yourself the payee of this note, and George Wilson the maker.

14. Find the interest due on a promissory note for $500, dated June 1 and paid December 15, interest 6 %.

15. A note for $200 was dated March 1 and paid with interest at 5% October 15; how much was paid on that date?

16. Suppose you have money deposited in the Merchants National Bank of Dayton, Ohio. Write the check with which you could pay L. T. Brown $10.45. Who must indorse this check before L. T. Brown can have it cashed? 17. Write a receipt showing that you paid George Robb in full for 120 bu. of wheat at $0.95 per bushel.

18. Write a promissory note dated at your place of residence, February 1st of last year and payable in 6 months at a national bank near your home. Make John Clark the payee of this note and yourself the maker. Find when the note is due.

REVIEW

Exercise 65

1. A piece of cloth 20 yd. long shrank 20% of its length; how long was it then?

2. A fowl that weighed 123 lb., weighed when dressed only 66% as much; what was its dressed weight?

3. What is 1% of $2745?

4. $100 is 1% of what sum?

5. A dealer sold goods for 80% of the asking price; if he received $160 for them, what was the asking price?

6. A dealer that bought spices for 40 per pound and sold them for 5 per ounce gained what per cent?

7. When $12.50 is gained on $100, what is the gain per cent?

8. Find 12% of a long ton.

9. A dealer asked $12 for an article, but sold it for $9; what was the rate per cent of reduction?

10. A merchant was able to collect only 70% of outstanding bills amounting to $275.60; how much did he lose ?

II. Find the interest on $275 from June 1 to Decem ber 15 at 4%.

12. The population of a certain town was 15,000. It it increased 1% during the next ten years, what was it then?

13. Wood ashes are about 5% potash; find the weight of the potash in a ton (2000 lb.) of wood ashes.

14. An agent bought 1000 bu. of corn at $0.60 per bushel, charging a commission of 2%. What was the entire cost of the corn?

15. If a customer paid 20% of the amount of his bill by paying $18.50, how much was his bill?

16. If a merchant buys cloth at $1.20 per yard, at what price aust he sell it to gain 12%?

17. A clerk was receiving a salary of $800 per year; if it was increased 8%, what was it then?

18. A dealer sold a house for $3000 that cost him $2500; what was his gain per cent?

19. What is the per cent of gain on goods that cost $12 and which were marked $20, but sold at a discount of 25% from the marked price?

20. Find the selling price of shoes marked $3.60, but sold at a discount of 20% and 10% from the marked price.

GENERAL REVIEW

1. Write 7 million in figures.

2. How much has a man left out of $1000 after ing two bills, one of $275.50 and the other of $185?

pay

3. A man bought 20 cows at $40 a head and sold 10 of them at $45 a head; what average price must he receive for the remainder of them to gain $250 on the transaction?

4. What is the dividend if the divisor is 25, the quotient 25, and the remainder 20?

5. What is the least number that any of the numbers, 2, 3, 4, 5, or 6 will exactly divide?

6. Find the wages due for six days' work of 121 hours per day, if the wages paid were $0.37 per hour. 7. What number multiplied by 1.2 will produce 17.28?

8. What time elapses from 7.30 P.M. Thursday till 1 P.M. Friday?

9. What is the least sum that can be paid either in $10 bills, $20 bills, or $50 bills?

10. The wage rate of men on farms in Michigan, in a recent year, was $29.37 per month without board, and $21.57 per month with board; what was the estimated value of board per year?

11. How many acres are there in a tract of land 2 mi square?