BUSINESS PRACTICE AND ACCOUNTS FOB COOPEBATIVE STOEES. 47 
Accounts Receivable. 
The original entries of all time sales are made by the salesmen on 
triplicating 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 slips 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 daily as debits under the indi- 
vidual accounts in the Customers' Ledger (Form 23). The duplicat- 
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 duplicate 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 lis ted on a separate page under an appropriate heading the same 
as the sales, and at the end of the month posted through the Journal. 
