BOOKKEEPING FOR GRAIN ELEVATORS. 

 J. GRAIN ACCOUNTS. 



Wheat (Jl). 



25 



Debit: 



Credit: 



1. With the inventory carried over 



1. 



With the total net proceeds from 



from the previous fiscal period as 





sales as shown by the Record of 



shown in the Inventory account at 





Grain Shipments and Sales, and 



the time of opening the books and 





the local sales column in the Cash 



at the beginning of each fiscal 





Journal at the end of each month. 



period. 



2. 



With the profits made on hedging 



2. With the total cost' of purchases 





transactions. (Debit Commission 



as shown by the Record of Grain 





accounts.) 



Purchases at the end of each 



3. 



With claims filed for losses due to 



month 





leakage in transit. (Debit Rail- 



3. With the losses on hedging trans- 





road Claims.) 



actions. (Credit Commission ac- 



4. 



With the inventory of wheat on 



counts.) 





hand and in transit at the end of 



4. With the credit balance at the end 





the fiscal period. (Debit Inven- 



of the fiscal period. (Credit Loss 





tory account.) 



and Gain.) 



5. 



With any shortage due to shrinkage 

 and scale loss at the end of the 

 fiscal period. (Debit Shrinkage 

 and Scale Loss.) 





6. 



With any debit balance at the end of 

 the fiscal period. (Debit Ldss 

 and Gain.) 



Oats {J2). 

 (See account No. Jl.) 



Barley (J3). 

 (See account No. Jl.) 



Rye {J4). 

 (See account No. Jl.) 



Flax{J5). 

 (See account No. Jl.) 



Com {J6). 

 (See account No. Jl.) 



K. MERCHANDISE ACCOUNTS. 



It will be found, where there are returned sales of merchandise, that it will be 

 much moro satisfactory to open separate accounts for purchases and sales. Returned 

 sales will then be charged to the sales accounts, and returned purchases will be 

 credited to the purchase accounts. This procedure will greatly facilitate the work 

 of preparing income tax returns and can be appUed to the grain accounts with equal 

 advantage. 



134432°— 19 4 



