BUSINESS PRACTICE AND ACCOUNTS FOR COOPERATIVE STORES. 47 

 Accounts Receivable. 



The original entries of all time sales are made by the salesmen on 

 tripHcating sales slips (Form 22). One copy is given to the cus- 

 tomer, and two are retained by the salesman, and rung up on the cash 

 register under Credit Sales. The time sales are carefully listed and 

 checked by each salesman at the end of the day, each ticket being 

 accounted for. When thus checked and proved, they are handed to 

 the bookkeeper, who arranges the shps in alphabetical order, binds 

 each day's slips together, and lists them, preferably on an adding 

 machine. The daily total is entered on a special page in the journal 

 under the general heading — 



CREDIT SALES FOR JUNE, 1915. 



June 1 $126. 40 



2 92.80 



******* 



Total 2, 600. 00 



At the end of the month a journal entry is made for the total of 

 the month's sales. 



The individual charges are posted daUy as debits under the indi- 

 vidual accoimts in the Customers' Ledger (Form 23). The duphcat- 

 ing statement ledger is used, and entries are made with a sharp indel- 

 ible pencil over a pencil carbon. The original of the ledger account 

 is sent to the customer as a statement at the end of each month, or 

 as often as desired, the duphcate being retained as the permanent record. 



Bills Receivable. 



Occasionally, in a credit business, accounts are settled temporarily 

 by note, time draft, or other signed obligation. Such papers are 

 listed on Form 24, and at the end of the month a journal entry is made 

 and posted into the General Ledger as follows : 



Bills receivable $500. 00 



Accounts receivable $500. 00 



The individual notes are credited to the several accounts in the 



Customers' Ledger. 



Goods Returned. 



Goods returned are entered on a credit memorandum, which is 

 printed on a slip the same size as the sales ticket, but usually in red. 

 The best practice is to use but one book of credit memoranda, to be 

 kept in the office; but if the memorandum is written by the sales- 

 person the slips must be rung up on the cash register in the same man- 

 ner as the sales slips, except that instead of being a Credit Sale it 

 would be entered as a Returned Sale. The goods returned memoranda 

 are then listed on aseparatepage under an appropriate heading thesame 

 as the sales, and at the end of the month posted through the Journal. 



