24 BULLETIN 865, TJ. S. DEPARTMENT OF AGRICULTUKE. 



BUTTERMILK SALES (J 5). 



Debit: 



Credit: 



1. With the sale value of any butter- 



1. At the close of the period, with the 



milk that may be returned by a 



total sales during the period. 



customer. 





2. With the balance at the close of the 





fiscal year. (Credit Loss and 





Gain.) 





K. MISCELLANEOUS INCOME. 



Merchandise Sales (K 1). 



Debit: 



Credit: 



1. With the sale value of any merchan- 



1. At the close of the period, with the 



dise that may be returned by a 



total sales during the period. 



customer. 





2. With the balance at the close of fis- 





cal year. < Credit Loss and Gain.) 





This account is to take care of sales of miscellaneous merchandise, such as eggs, 

 grain, etc. 



The credit balances of all Sales accounts should be credited to Loss and Gain at the 

 close of the fiscal year, thus closing the Sales accounts. 



Any sales to patrons of supplies, packages and liners, salt, ice, or other merchandise, 

 which are used in the manufacture, packing, or shipping of products should be cred- 

 ited to the Inventory accounts affected, and debited to Patrons' Accounts Receivable. 



Discount Received (K 2). 



Debit: 



Credit: 



1. With the credit balance at the close 



1. With any income arising from cash 



of the fiscal year. (Credit Loss 



discounts deducted from invoices 



and Gain.) 



paid. 



EXPENSE ACCOUNTS. 

 L. raw material. 



Butter Fat Purchases (L 1). 



Debit: 



Credit: 



1. With the amount to be paid to the 



1. With the amount of undistributed 



patrons for butter fat delivered 



balance. 



during the period. 



2. With the debit balance at the close 





of the fiscal year. (Debit Loss 





and Gain.) 



