Key to the Elementary Set Budget 121 of Rowes Bookkeeping And Accountancy

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Key to the Elementary Set Budget 121 of Rowes Bookkeeping And Accountancy
Harry Marc Rowe
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M. Grace, Personal % 25 60 J. A. Amsbaugh 317 80 Tulsa Milling Co 926 18 Total accounts payable 1243 98 Total liabilities 1 2585 78 Net resources 5065 35 Represented by H. M. Grace's Capital % 4140 19 Add net profit for month 925 16 506535 ELEMENTARY SET.
COMPLEMENTARY WORK.
Nov. 30 Continued.
No. 2.
Trading and Profit and Loss Statement, April 30, 19 John B. Arnold.
35 Returns.
Gross sales 4942 97 Less, - Goods returned 22 13 Net returns from sales 4920 84 Costs.
Inventory, Mar. 31, 19 1025 13
... Purchases 3679 85 Less, - Rebates and allowances 18 54 Personal use J. B. A 10 45 28 99 3650 86 Total cost of purchases 4675 99 Less - Inventory, April 30, 19 721 43 Cost of merchandise sold 3954 56 Gross trading profit 966 28 Farm Income 56 84 Total Profits 1023 12 Expense 159 45 Store and Lot Expense 115 42 Interest 14 41 Farm Expense 79 49 Total losses ~ 368 77 Net profit for the month 654 35 Closing Entry.
Inventory %.. 721 43 Sales % 4920 84 Inventory % 1025 13 Purchases % 3650 86 Expense % 159 45 Store and Lot Expense 115 42 Farm Expense and Income 22 65 Interest 14 41 John B.


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