THE EXPLANATION OF THE JOURNAL. 713 



column for the amount. 409 to 416 posted to 724, 578, 737, 709, 7l6 r 

 738, 692, and 734. Paragraphs 411 and 414 are petty accounts referred 

 to in paragraph 327. 



417 and 418. Fisher's note was due on the 14th instant, but he 

 failed to pay it, and, as there seemed to be poor prospect of our collect 

 the account, we hand it over to our attorney, Richardson, for collection 

 This note was debited to Bills Receivable account, so we now credit Bills 

 Receivable, and debit Richardson. (See 262 and 2G4.) 417 posted to 

 684. 418 posted to 621. 



419 and 420. Russell, the fanner, sent to Armsby, the coiiinr 

 merchant, cheese to be sold on commission, with instructions to pay the 

 proceeds of the sales of same to us. As we are owing Armsby & Co., 

 they render to us an account sales, and request us to give Russell en 

 f<>r the amount of same. We then debit Armsby and credit RusselL 

 419 posted to 763. 420 posted to 712. 



Kx. 421 to 42."). Russell's note of November 18th, at 30 ds. for | 



MOW due. On December 3rd he paid 850 on this note. (See 488.) 



He is now unable to pay the balance, and wishes to give us two notes for 



the balance of the old ($150), and the interest on same to date ($1.27), 



and the balance of his account in the Ledger ($26.96). We take from him 



new notes (see 425), and surrender to him the old note. 421 posted 

 to 610 and 611. 422 posted to 624. 423 posted to 667. 421- posted to 

 7 1 :>. Another way of recording this transaction would be to debit Rus- 



s account for the balance due on the old note surrendered and inter 

 and then credit his account for the new notes he gives us. If this method 

 were adopted, the entry would then be as follows : 



1 :. 1 . 27 Ed Russell Dr. to Sundries, 



Hills Receivable, $150.00 



Interest, l.-T 



Surrendered note of Nov. 18-8230 ds. 



$200. Payment on same, x 

 178.23 Hi:' ibk Dr. to E. Russell, Iffi 



I following-described n< 

 Dec. 21-82 30 ds. $100.00 

 " " (>() " 



l-lll. Aft'T a CUstnliHT S milli' llMS !<. .Up' 



familiar to 08, and wr ha\ n.- jH-r->n by that simiaim 1 in our 



Ledger, W6 mit, tin- initials, as inthi- \ample. (See 332.) I' 

 'ssary to ditto the Sales !)., k j.a^.- ; l.ut we timlrrstand that 



