BOOKKEEPING FOE GRAIN ELEVATORS. 
J. GRAIN ACCOUNTS. 
Wheat (Jl). 
25 
Debit: 
Credit: 
1. 
With the inventory carried over 
1. 
With the total net proceeds from 
from the previous fiscal period as 
sales as shown by the Record of 
shown in the Inventory account at 
Grain Shipments and Sales, and 
the time of opening the books and 
the local sales column in the Cash 
at the beginning of each fiscal 
Journal at the end of each month. 
period. 
2. 
With the profits made on hedging 
2. 
With the total cost of purchases 
transactions. (Debit Commission 
as shown by the Record of Grain 
accounts.) 
Purchases at the end of each 
3. 
With claims filed for losses due to 
month. 
leakage in transit. (Debit Rail- 
3. 
With the losses on hedging trans- 
road Claims.) 
actions. (Credit Commission ac- 
4. 
With the inventory of wheat on 
counts.) 
hand and in transit at the end of 
4. 
With the credit balance at the end 
the fiscal period. (Debit Inven- 
of the fiscal period. (Credit Loss 
tory account.) 
and Gain.) 
5. 
With any shortage due to shrinkage 
and scale loss at the end of the 
fiscal period. (Debit Shrinkage 
and Scale Loss.) 
6. 
With any debit balance at the end of 
the fiscal period. (Debit Loss 
and Gain.) 
0ats(J2). 
(See account No. Jl.) 
Barley (J3). 
(See account No. Jl.) 
Rye(J4). 
(See account No. Jl.) 
Flax{J5). 
(See account No. Jl.) 
Corn(J6). 
(See account No. Jl.) 
K. MERCHANDISE ACCOUNTS. 
It will be found, where there are returned sales of merchandise, that it will be 
much more satisfactory to open separate accounts for purchases and sales. Returned 
sales will then be charged to the sales accounts, and returned purchases will be 
credited to the purchase accounts. This procedure will greatly facilitate the work 
of preparing income tax returns and can be applied to the grain accounts with equal 
advantage. 
134432°— 19 4 
