THE LEDGER 15 



August 16, received milk check $20. 



August 18, sold oats for $400. 



August 31, paid $30 for labor. 



September 10, paid for general expenses during threshing sea- 

 son, $25. 



September 16, received milk check $25 and paid $40 for general 

 expenses. 



September 30, paid $30 for labor for September. 



October 7, sold some garden truck and fruit for $60. 



October 16, received milk check, $25. 



October 31, paid $30 for labor in October and paid $25 for gen- 

 eral expenses. 



November 16, received milk check for $15. 



November 18, sold garden truck for $20 cash. 



November 30, paid $30 for labor in November. 



December 6, sold corn for $12 cash. 



December 10, paid off the $700 mortgage to Wade and Co., 

 and $42 interest. 



December 20, paid for sundry items $32. 



January 31, 1917, paid $20 for sundry items in January. 



February 20, paid $20 for sundry items in February. 



February 21, paid rent for year $400. 



We might say that the notations made above concern- 

 ing the business transactions of Mr. Arnold constituted 

 his record for the year, from which he could make his 

 principal statements, showing his Resources and Liabili- 

 ties and Losses or Gains. 



It is true that he could take the figures given and pre- 

 pare the statements. In order to do that, however, it would 

 be necessary to perform certain processes of addition and 

 subtraction, which would follow a separation of the trans- 

 actions into groups. 



Bookkeeping Abbreviations. Just what groups should 

 be formed and what titles these groups should bear are 

 points that involve the principles of bookkeeping and ac- 

 counting. 



