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acceptance Accounts Payable Accounts Receivable Accrued on Notes adjusting entries Administrative Expense apply on account asset Balance Sheet bill of lading bookkeeping books of original Bought merchandise buys merchandise capital cash discount Cash sales charged Closing Entries controlling account creditors currency customers debit and credit Delivery Expense disbursements draft drawer drawn due today EXERCISE f.o.b. Chicago February February 28 fiscal period freight and hauling Furniture and Fixtures gross profit H. C. Baker Insurance Interest Accrued Interest on Notes Inventory investment invoice January January 18 January 20 ledger accounts liability Loss Statement merchandise for cash merchandise on account Mills Corporation month Mortgage Payable Notes Payable Notes Receivable Office Equipment original entry Paid petty cash book posting Prepaid Profit and Loss purchases journal Receive check record Reserve for Depreciation Returns and Allowances Richard Baker sales journal Selling Expense shown Sold merchandise Taxes trade transactions trial balance
Page 39 - Following the preparation of the Profit and Loss Statement and the Balance Sheet...
Page 9 - The person, firm, or corporation which issues the note is called the drawer or maker; the one in whose favor it is issued, the payee. A negotiable note is one so drawn that it may be transferred by the payee to...
Page 54 - Cashier's Check. — A cashier's check is a check drawn by the cashier of a bank upon the bank's own funds.
Page 52 - The purposes served by the trade acceptance are that open book accounts are converted into a liquid asset; the correctness of the account is acknowledged by the debtor; it reduces the expense of collecting and of loss from uncollectible accounts; it prevents the taking of a cash discount after the discount period has expired; it fixes dates of maturity; it helps the creditor to complete his contract, and thus improves his financial standing ; it relieves the seller of the possible necessity...
Page 115 - The balances may be struck daily or may be taken only at the end of the month.
Page 41 - ... a bill of lading. A bill of lading is a document issued by the carrier indicating to whom (or on whose order) the goods are to be delivered.
Page 54 - A. bank draft is a draft drawn by one bank upon another and made payable to a private individual or firm.
Page 19 - To obtain this proof a Trial Balance is taken, usually at the end of each month.