High School Department

172D EXAMINATION

BOOKKEEPING

Wednesday, January 29, 1902-1.15 to 4.15 p. m., only

Answer the first five questions and five of the others but no more. If more than five of the others are answered only the first five answers will be considered. Division of groups is not allowed. Each complete answer will receive 10 credits. Papers entitled to 75 or more credits will be accepted.

1-3 Make entries in cashbook and journal of the following transactions for posting to a double entry ledger:

Jan. 2, 1902. Opened a seed business with an investment of cash $4500, merchandise $3800, store and lot $8400.

Jan. 3. Bought office furniture and books for cash $48. Jan. 4. Bought of Dodge & Hanford 100 bu. millet @ $1.25, 75 bu. timothy @ $1.25. Paid them $150 by check.

Jan. 6. Sold James Winne 25 bu. timothy @ $1.50, 15 bu. red clover @ $7.50, 25 bu. wheat @ $1.10. He gave me his note at 90 days $130, payable at Commercial national bank, and cash $47.5°.

Jan. 8. Bought of William Barker 250 bu. corn @ 604, 200 bu. wheat @ 954. Accepted his draft on me at 10 days, favor of Wilson & Wilson, payable at Commercial national bank, for amount of bill.

Jan. 11. Sold Charles Millerton, Albany, N. Y., 200 bu. oats @50, 25 bu. Alsike clover @ $7.

Jan. 13.

Charles Millerton remitted the amount of his bill by a draft of Traders' national bank, Albany, signed Philip Anderson, cashier, on Tenth national bank, New York. Jan. 14. Cash sales for the day $185.

Jan. 16.

Had James Winne's note of Jan. 6 discounted at bank and proceeds placed to my credit.

Jan. 18. Paid my acceptance of Jan. 8. for two weeks $50.

Paid clerk's salary

4 Post and close the merchandise account of the transactions in questions 1-3, assuming that merchandise on hand is worth $4500.

5 Give directions in full for closing a double entry ledger.

6 Write the New York draft mentioned in the transaction of Jan. 13

7 Write a) the note mentioned in the transaction of Jan. 6, b) the draft mentioned in the transaction of Jan. 8, properly accepted.

8 On a promissory note for $1500, dated Jan. 11, 1901 and bearing interest at 5%, the following payments have been made: Feb. 26, $175, May 16, $10, July 16, $210. How much was due Jan. 11, 1902?

9 A broker buys 500 shares C. & O. R. R. stock Sep. 7, 1901 @42 and sells it Sep. 21 @ 47. He charges brokerage 1 each way and interest at 6% on cost of stock. Show the account properly closed in the broker's ledger.

10-11 Give ruling and headings for a folio of a bill book and enter in the proper columns all necessary details regarding the commercial paper mentioned in the transactions of Jan. 6, 8, 16 and 18.

12 You wish to retire from the wholesale provision business. Write a letter to Thomas Wolverton, Poughkeepsie, N. Y., as a possible purchaser, giving necessary details as to stock on hand, volume of business and gain during past year. Mention the price for which you are willing to sell.

13-14 From the following ledger balances and inventories. make a balance sheet showing resources and liabilities, the proprietor's net capital (present worth) and net gain or loss:

Inventories: merchandise $6400; furniture and fixtures $450.

15 Define indorsement, statement, acceptance, consignment, assignment.

High School Department

173D EXAMINATION

BOOKKEEPING

Monday, March 24, 1902—1.15 to 4.15 p. m., only

Answer questions 1-4 and six of the others but no more. If more than six of the others are answered only the first six answers will be considered. Division of groups is not allowed. Each complete answer will receive 10 credits. Papers entitled to 75 or more credits will be accepted.

1-4 Make entries in cashbook and journal of the following transactions for posting to a double entry ledger:

Feb. 1, 1902. Began a wholesale and retail carpet business with an investment of cash $3600, merchandise $4600. James Porter on my note at 30 days from Jan. 11, 1902, $525. Bought office books and furniture for cash $83.

Feb. 3.

Bought of Holding Brothers, Boston, 700 yards ingrain @ 554, 500 yards Wilton @ $2.30.

Feb. 4. Accepted Holding Brothers' draft at 10 days for amount of bill of Feb. 3. Cash sales $140.

Feb. 5. Sold Henry Cook on account 84 yards Brussels @ $1.15, 25 yards ingrain @ 65¢.

Feb. 6. Sold David Harris 175 yards Wilton @ $2.60, 75 yards oilcloth @ 344. Terms 2% off 5 days, net 60 days.

Feb. 7. Sold Henry Cook, 75 yards Brussels @ $1.10, 90 yards Wilton @ $2.55. Received in payment his note at 60 days, payable at Citizens' bank.

Feb. 8. David Harris paid his bill of Feb. 6, by check on Commercial national bank.

Feb. 10. Paid my note of Jan. 11 (transactions Feb. 1). Cash sales since last entry $794.80.

Feb. 11.

Bought of Harrison & Gould, New York, 1000 yards linoleum @ 454, 500 yards moquette @ $1.40.

Feb. 13.

Sent Harrison & Gould in full of account, a draft on West Side national bank, New York, bought at par at Citizens' bank, James Newcomb, cashier.

Feb. 14.

Feb. 17.

bank.

Paid acceptance of Feb. 4, favor Holding Brothers.

Had Henry Cook's note of Feb. 7 discounted at Cash sales since last entry $540.

5-6 Post to the double entry ledger the items given in questions 1-4. Assuming that the inventory is $5181, close the merchandise account.

7 Write a) the draft mentioned in the transaction of Feb. 4, including acceptance, b) the note mentioned in the transaction of Feb. 7.

8 Write a) the check mentioned in the transaction of Feb. 8, b) the New York draft mentioned in the transaction of Feb 13. 9 Show in the invoice book entries of all items in questions 1-4 that properly belong in that book.

10 You receive Mar. 20, 1902, 495 bushels wheat from John Brown, to be sold on commission. Mar. 24 you sell the entire lot @ 824 a bushel. Charges are freight 12 a 100 pounds, cartage $4.25, commission 24 a bushel. Make out account sales. 11 Give ruling and headings for a folio of a bill book (either bills receivable or bills payable).

12 Write in proper form two of the following: letter of guaranty, letter acknowledging remittance, letter of introduction.

13 Give the journal entry relating to the draft mentioned in the transaction of Feb. 4, as it would appear on the books of Holding Brothers.

14-15 The open accounts on Philip Minor's single entry ledger show the following footings:

The merchandise on hand amounts to $2984.40; cashbook .shows cash on hand $2377.66; bill book shows bills receivable

$3500, bills payable $1680.30.

after changing to double entry.

Show the face of the ledger

[Give all your work.]

High School Department

174TH EXAMINATION

BOOKKEEPING

Wednesday, June 18, 1902-1.15 to 4.15 p. m., only

Answer the first four questions and six of the others but no more. If more than six of the others are answered only the first six answers will be considered. Division of groups is not allowed. Each complete answer will receive 10 credits. Papers entitled to 75 or more credits will be accepted.

1-4 Make entries in cashbook and journal of the following transactions for posting by double entry. [Cash items are to be entered in cashbook only, and when posted, to be posted to the ledger direct]:

May 1, 1902. George Daskam, Buffalo N. Y. began a provision business with cash $4500, merchandise $2480. Bought books and furniture for cash $125. Paid rent of store for May $75.

May 1. Bought of Daniel Graham, Chicago, 50 barrels pork @ $10, 1500 pounds hams @ 104, 1000 pounds lard @ 74.

May 3. Accepted Graham's draft at 10 days for purchase of May 1, favor of Henry Johnson. Sold William Jackson, Le Roy, on account, 15 barrels beef @ $11, 10 barrels pork @ $14. May 5. Cash sales to date $498.80.

May 7. Bought of Hart & Holcomb, Cincinnati, 75 barrels beef @ $9, 1500 pounds hams @ 104. Terms, 2% off 5 days, net 60 days.

May 8. Received William Jackson's note at 60 days to apply on account $150. Paid personal bills $250.

May 10. Cash sales since last entry $749. Paid clerk's salary $15.

May 12. Sent Hart & Holcomb draft of Tenth National Bank, Buffalo (Ralph Phillips, cashier) on Merchants' Exchange Bank, New York, in settlement of their bill of May 7, less discount.

5-6 Post all the items given in questions 1-4. [Write in proper column of ledger the name and page number of book from which the item is posted, and write in the cashbook and journal the number of the ledger page to which the item is posted.]