The journal sheet should have debit and credit columns for each ledger used for customers, and a general ledger column as shown in Fig. 17. Entries from the orders are carried into the proper ledger column. If a man buys stock, he is debited in the stock ledger column; if he buys grain he is debited in the grain ledger column; and if he sells either, he is credited in the proper column.
In making a statement to the customer of purchase and sale, the profit or loss together with the commission charged is shown.
ILLUSTRATION
CHECK REGISTER
34. Most brokers have accounts with several banks; it is therefore necessary that a check register be kept with each bank, showing the date, number, to whom issued, amount of each check drawn, the deposits, and the daily balance, as in Fig. 18.
Fig. 17. General Journal in Which All Orders are Entered
By using this register the account with each bank may be kept separately, and the necessity for filling out stubs in a check book entirely avoided. Many houses have given up the use of check books altogether, having their checks padded in numerical sequence and as the numbers follow consecutively on the check register, each numbered check must be accounted for. In case a check is spoiled, the line should be voided in red ink, and the spoiled check filed with returned checks.
In case the office cash carries an account for itself from which checks are made, a separate check register should be kept for this account, as its balance does not enter into the general cash balance of the firm.