BOOKKEEPING FOR GRAIN ELEVATORS. 
39 
Administrative expenses: 
Telephone, telegraph, and postage 
Printing, stationery, and office 
supplies 
Interest 
Rent and taxes.... 
I nsurance 
Loss from bad accounts . 
Miscellaneous 
Total administrative expense . 
Total expense 
Net operating profit (or loss) . 
Miscellaneous income: 
Dockage sales 
Grinding 
Cleaning grain 
Storage 
Discount received 
Total net profit (or loss). 
OPENING ENTRIES. 
Upon completing the Income and Expense Statement, the books of the 
company should be reopened by the following journal entries: 
Credit. 
Debit. 
(1) 
000 
Wheat account 
000 
Oats account 
000 
Barley account 
000 
Rye account 
000 
Flax account 
000 
Corn account 
000 
Flour account 
000 
Feed account 
000 
Coal account 
Inventory account 000 
To close the inventory account by transferring the inventories to the various mer- 
chandise accounts. 
Debit. (2) Credit, 
000 Accrued Rent and Taxes 
Rent and Taxes 000 
To close the liability account and to show the expense charged to the previous 
period as a credit to the period in which it is paid. 
Debit. (3) Credit. 
000 Accrued Salaries and Labor 
Salaries and Labor 000 
(See entry No. 2.) 
Debit. (4) Credit. 
000 Storage account 
Accrued storage 000 
To close the asset account and to charge the income account with the storage credited 
to income in the previous period. 
