BOOKKEEPING. ;J'OB,,QliAiIN ELEVATORS. 



39 



Administrative expenses: 



Telephone, telegraph, and postajip- 



Printing, stationery, and office 

 supplies 



Interest 



Rent and taxes 



Insurance 



Loss from bad accounts 

 Miscellaneous 



Total administrative expense. 



Total expense. 



Net operating profit (or loss) . 

 Miscellaneous income: 



Dockage sales 



Grinding 



Cleaning grain 



Storage : 



Discount received 



Total net profit (or loss). 



OPENING ENTRIES. 



Upon completing the Income and Expense Statement, the books of the 

 company should be reopened by the following journal entries: 



Debit. (1) Credit. 



000 Wheat account 



000 Oats account 



000 Barley account 



000 . Rye account 



, 000 Flax account 



000 Corn account 



000 Flour account 



000 Feed account 



000 Coal account 



Inventory account 000 



To close the inventory account by transferring the inventories to the various mer- 

 chandise accounts. 



Debit. 

 000 



Credit. 



•(2) 



Accrued Rent and Taxes 



Rent and Taxes 000 



To close the liability accoimt and to show the expense charged to the previous 

 period as a credit to the period in which it is paid. 



Debit. (3) Credit. 



000 Accrued Salaries and Lal)or 



Salaries and Ijabor 000 



(See entry No. 2.) 

 Debit. (-1) Credit. 



000 Storage account 



Accrued storage 000 



To close the asset account and to charge the income account with the storage credited 

 to income in the previous period. 



