30. We borrow $1,000.00 from our bank on our note @ 30 days, interest @ 6%. What is the exact entry?
31. When a draft has been accepted how should it be treated on the books?
32. What is the proper entry when a customer pays our sight draft?
33. We draw on George Johnson for $650.00 @ 60 days sight. He accepts the draft, which we discount at our bank 3 days later, the bank charging us 7% interest. What entries are necessary?
34. We accept a draft from John V. Farwell & Co. for $416.00 payable in 90 days. What is the entry on our books? What is the entry on the books of Farwell & Co.?
35. We pay a sight draft drawn by Cable Piano Co. What entry?
REVIEW QUESTIONS
ON THE SUBJECT OF
SINGLE PROPRIETORS' AND PARTNERS' ACCOUNTS
1. What books are generally used in a small retail business? What is a blotter, and how is it used?
2. What is the special feature of the journal ruled ledger, and of what advantage is such a ledger in a retail business?