The School News and Practical Educator Volume 22

The School News and Practical Educator Volume 22

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1908 edition. Excerpt: ...the two days labor in the expense account. Why? A separate expense account may be kept with labor. All money or produce given employers is debited and the value of the work done credited. The labor of the family should be charged and in this way there might be a profit balance. In a family expense account everything that is bought for family use and everything that is used that is raised on the farm should be debited. What should be credited? If the labor expense and family expense are not kept it is not possible' to show the real net gain or the cost of living. Write the following expense account: Jan. 1, paid rent of telephone $2; Ian. 5, bought stamps $3; Jan. 6, paid rent $25; Jan. 8, paid insurance $12 for I yr.; Jan. 12, fuel $5; Jan. 15, wages paid $20; Jan. 20, paid drayage $2.25; Jan. 30, paid wages, $20. The account has a total debit of $89.25 and a credit of $11 when closed Jan. 31. As the insurance was paid for a year there would be a credit of $11. The account should be ruled in closing as is the cash, personal, etc. The balance (loss) on the credit side will be written in red ink, being $78.25. Is the $11 an inventory? Why? Proprietor's Account. The purpose of a Proprietor's account (stock account) is to show what the business owes the owner or what the owner owes the business. In starting the account the amount invested is credited and all liabilities are debited. The difference between these amounts is the present worth (net capital) at the beginning of the business for the year. Any future investments are credited and all money or goods taken for private use are debited. If there is a profit at the end of the year it should be entered on the credit side and the account closed. The balance will show the net more

Product details

  • Paperback | 350 pages
  • 189 x 246 x 19mm | 626g
  • United States
  • English
  • black & white illustrations
  • 1236874889
  • 9781236874887