BUSINESS PKACTICE AND ACCOUISTTS FOR COOPERATIVE STORES. 33 



Form 19.— JOURNAL. 



SAMPLE ENTRIES. 

 June 15, 1915. 



L. F. 



Pursuant to Articles of Association and Minutes of June 1st, 

 and 8th, the Farmers' Cooperative Association began business 

 with the following resources and liabilities: 



Dr. 





Cr. 





C. B. 



Cash 



2,500 



00 







7 



Stock Notes 



3,500 



00 







1 



Capital Stock 



Being 60% of the authorized capital stock, as per stock sub- 

 scription agreements 1-145 







6,000 



00 



4 



January 31, 1915, 

 Accounts Receivable 



2,600 



00 



Page 



se 



3 



Merchandise Sales 



Credit sales for January. For details see J. 30. 







2,600 



00 



3 



January 31, 1915. 

 Merchandise Sales 



6 



00 







4 



Accounts Receivable 



Returns and Allowances for Januar}'. For details, see J. 40. 







6 



00 



2 



December 31, 1915. 

 Cash 



86, 628 



00 







3 



Merchandise Sales 



30 



00 







6 



Coupons (Redeemed) 



19, 600 



00 







6 



Coupons (Issued) 







12,390 



00 



3 



Merchandise Sales 







34,900 



00 



4 



Accounts Receivable 







35, 475 



00 " 



5 



Bills Receivable 







4,560 



00 



8 



Bills Payable 







13,000 



00 



9 



Interest 







180 



00 



1 



Capital Stock 







2,050 



00 



7 



Stock Notes 







3,400 



00 



10 



Furniture & Fixtures 







125 



00 



11 



Commission 



Cash Receipts for the year, as per Summary C. B. 16. 



Posting authorized, 



J. B. Doe, 

 Manager. 







178 



00 



Journal. 



The use of the Journal is very restricted in modern bookkeeping. 

 It is confined practically to four classes of entries — opening entries, 

 correction o^ adjusting entries, periodical summary entries, and 

 closing entries. These several entries are made in the Journal, with 

 suitable explanations, with a view to finally posting them into the 

 General Ledger. An illustration of opening entries is the fu'st above. 



