—15th—
Paid ½ month's salary to D. C. Hoadley, ck. No. 13, 75.00.
1st. Balance cash, first charging petty cash expenditures as a cash payment.
2nd. Post purchase book, sales book, journal, and cash book.
3rd. Take a trial balance.
4th. Credit interest to partner's accounts.
5th. Take an inventory of stock on hand. The records show quantities purchased and quantities sold. When the same goods have been purchased at different prices, use the last price paid in figuring inventory.
6th. Close accounts into trading and profit and loss accounts.
7th. Distribute net profits to partners' capital accounts.