CREAMERY BOOKKEEPING 349 



FORM XLII 



Ice Cream 



Cr. 



Ice cream sales $ 2,421.00 



Ice cream on hand, June ist 108.00 



Milk and cream on hand, June ist 85.00 



Supplies on hand, June ist 260.00 



$ 2,874.00 



Dr. 



Ice cream on hand, May ist $ 63.00 



Milk and cream on hand, May ist 76.00 



SuppUes on hand, May ist 40.76 



Milk and cream purchased 1,619.80 



Factory supplies purchased 284.24 



Office supplies 15.00 



Power 10.00 



Drayage 60.00 



Rent 15.00 



Labor 150.00 



Ice 101.20 



Repairs 10.00 



Insurance and interest 10.20 



Depreciation 25.00 



Steam from butter department 20.00 



Profit for May 373.8o 



$ 2,874.00 



The total monthly profit or loss should be entered in the 

 general ledger, which will serve as a permanent record. A se- 

 parate ledger leaf is used for each year. The monthly profit and 

 loss report, the same as other important records, should, be filed 

 so it may be available for future reference. For this purpose a 

 loose-leaf binder is most satisfactory. 



n. Financial Statement. — The financial statement is a 

 summary of the firm's resources and liabilities and as such it 

 shows the financial condition of the firm. The monthly state- 

 ment of profit and loss should be checked against the financial 

 statement. The monthly statement may be considered correct 



