Feb. 15, 19___

Credit Balances

Debit Balances

Enter the above balances in the general balance ledger. Write the credit balances in red ink and the debit balances in black ink. When the accounts are properly opened ascertain if the footings of the debits and credits are equal. Present your work to your instructor for approval.

Write the balance of cash on hand, $238,995.66, in the general cash book. (See model, pages 52 and 53.)

In practice the general bookkeeper would have before him charge and credit tickets, letters, etc., from which to make entries in the general cash book. These entries are generally made when the day's transactions have been completed. Then all the tickets can be assorted so that they may be recorded conveniently.

The debits and credits for the general cash book March 1 are as follows:

1. From the discount register debit Bills Discounted for the total of the Amount of Paper column, and credit Collection and Exchange for the total of the Collection and Exchange column, and Interest and Discount for the total of the Interest and Discount column. Properly check these totals in the discount register.

2. From the discount tickler credit Bills Discounted for the total of the Amount to be Collected column. Properly check the item transferred.

3. From the remittance register credit the several banks for the amounts in the Credits column, and debit them for the amounts in the Charges column. Properly check the items transferred.

If there is more than one item in the debit or the credit column, short extend the amounts in the general cash book.

4. From the individual ledger credit Deposits for the total of the Deposits column, and debit Deposits for the total of the Total Checks column. Properly check.

5. From the collection tickler credit Collection and Exchange for our collection charges on Nos. 650 and 702.

6. From the receiving teller's daily check sheet credit Collection and Exchange for the total of the Collection and Exchange column. Properly check.

7. From the paying teller's daily check sheet debit Expense for the total of the Expense column, and credit Collection and Exchange for the totals of the Sundry Collection and Exchange and Exchange columns. Properly check.

Prove the cash. The amount of bills and coin on hand is $258,884.32. Clearing-house items on hand amount to $26,205. Cash items (city and foreign) on hand amount to $11,623.

Rule and foot the general cash book. Proceed carefully and make absolutely no errors. Study the model given on pages 52 and 53. Before bringing down your balance for Tuesday, March 2, present your general cash book to your instructor for approval and suggestions.

Post the general cash book to the general balance ledger. Post only the totals of the Collection and Exchange and Out-of-Town Banks columns. Debit Cash in the general balance ledger for the total receipts, and credit it for the total payments for the day.

Foot the Debit and Credit columns of the general balance ledger. If correct, they should agree. Determine the new balances in the general balance ledger. Foot these new balances. If correct, the red and black ink totals should agree.

Compare your balance ledger with the model given on page 51, and see if anything remains to be done. If not, present all your books to your instructor for criticism.

Transactions for the Discount Clerk, March 2

The following paper has been offered and accepted for discount. Make proper records for it in the discount register. Deduct the discount for the time notes have to run.

No. 925. Note of Boyd Bros., at 60 days from Jan. 31, discounted for F. E. Sherman, payable at Manufacturers and Traders Bank, Philadelphia, for $17,250. Collection and exchange, $17.50. Proceeds credited.

No. 926. Note of Peterson Bros. & Co., at three months from Jan. 1, discounted for D. B. Roberts, payable at Fourth National Bank, Chicago, for $11,390. Collection and exchange, $11.50. Proceeds credited.

No. 927. Note of C. P. Jameson, at 15 days from March 1, indorsed by Janis, Cooper & Tremper, discounted for D. E. Avery, payable at our bank, for $9275.80. Proceeds credited.

No. 928. Note of A. P. Little & Co., at 30 days from Feb. 23, indorsed by Merrill & Co., discounted for Fields Milling Co., payable at First National Bank, Worcester, for $6290. Collection and exchange, $6.30. Proceeds credited.

No. 929. Note of W. I. Pratt, at 30 days from March 2, payable at Merchants Bank, Torrington, Conn., indorsed by Wells, Osborn & Co., discounted for Charles J. Kennedy, for $12,795. Collection and exchange, $12.75. Proceeds credited.

No. 930. Note of Powers and Sprague, at 30 days from Feb. 24, discounted for Thomas Bennett & Co., payable at our bank, for $3275. Proceeds credited.

No. 931. Note of W. V. Brown, at 30 days from Feb. 27, discounted for Spencer, Mead & Co., payable at our bank, for $1500. Proceeds credited.

Rule and foot the discount register. Prove the footings as explained at the close of discount clerk's work March 1.

Post the entries from the discount register to the discount tickler. Follow instructions to the discount clerk March 1. Be sure to properly check all items transferred.

Transactions for the Collection Clerk, March 2

The following is a list of paper received for collection to-day. Enter it in the collection register.

No. 806. Note signed by D. Appleton & Co., dated Feb. 8, at 30 days, indorsed by C. W. Ellis, payable at our bank, for $7200. To be collected for Ninth National Bank, Hartford.

No. 807. Note signed by Scott & Lucas, payable two months from Jan. 4, at Park Square National Bank, City, for $5162.50. To be collected for Fourth National Bank, Chicago.

No. 808. Note signed by Fanning & Cook, payable in 60 days from Jan. 4, at Union Trust Co., City, for $2750. To be collected for Bank of Commerce, Baltimore.