Practice Data
The following schedules support their respective titles found among the assets and liabilities taken over and appraised by the Acme Office Furnishings Co.:
| Accounts Receivable | |
| Smith Brooks Stationery Co., June 24, $750; July 7, $100; | |
| August 22, $113.14; 2/10 | $963.14 |
| The Brush Co., May 20, $825; August 15, $216.69; 2/10, 1/30 | 1,041.69 |
| The Kistler Stationery Co., April 18, $1,000; June 15, $250; | |
| August 20, $317.40; 2/10 | 1,567.40 |
| C. F. Hoeckle Office Supply Co., March 12, $1,000; | |
| July 18,$123.90 | 1,123.90 |
| John Bach & Sons, June 13, $300; July 30, $119.36 | 419.36 |
| T. J. Stewart Office Specialties Co., July 20, $319.45; | |
| August 12, $523.12 | 842.57 |
| Saxon Edwards, February 10, $585; May 23, $206.75 | 791.75 |
| T. C. Macie & Co., May 11, $115.10; June 21, $210.15; | |
| July 8, $450; August 25, $465.15; 2/10, n/30 | 1,240.40 |
| The Alexander Jacobs Co., August 28, $362.25; 3/5, 2/10 | 362.25 |
| Field & Co., June 15, $1,015.05; July 6, $250; | |
| August 24, $508.10; 2/10, n/30 | 1,773.15 |
| Accounts Payable | |
| The P. J. Johnson Mills Co., January 15, $1,895.60; | |
| August 5, $736.15; 1/30 | $2,631.75 |
| B. F. Brainard & Co., April 18, $590.10; | |
| July 11, $802.15 | 1,392.25 |
| Jackson City Supply Co., June 10, $512.60; | |
| June 25, $428.20; July 18, $622 | 1,562.80 |
| F. C. Good Rubber Co., July 1, $175.19; | |
| August 13, $300; 2/10, 1/30 | 475.19 |
| B. A. Franklin Press, May 2, $850; June 22, $262.15 | 1,112.15 |
| Brickley Desk Co., March 8, $912.50; May 6, $1,500; | |
| August 16, $540.09; 2/10, 1/30 | 2,952.59 |
| Notes Receivable | |
| John Bach & Sons, dated July 3, for 3 months with interest | |
| at 6% and discounted at the Drew National Bank, | |
| August 16, at 8%. Face of note $250. | |
| Andrew Jackson, dated August 25 for 60 days, without interest. | |
| Face $750. | |
| The Brush Co., dated July 29, for 2 months, with interest | |
| at 6%. Face $500. | |
| Notes Payable | |
| No. 91, favor Second National Bank for $2,500, dated July 15, | |
| at 3 months, discounted at 6%. | |
| No. 95, favor Brickley Desk Co. for $1,261.40, dated August 20, | |
| at 4 months, interest 6%. | |
| No. 96, favor B. F. Brainard & Co., for $930.78, dated | |
| August 25, at 60 days, interest 6%. | |
| The new system provides for a voucher register, but due to | |
| delay on the part of the printer, a creditors ledger will | |
| have to be opened temporarily. Open the sales and purchase | |
| ledgers according to the data given. | |
Instructions
Record the above data directly (i.e., not via journal) in the various ledgers. The details of the various sales and purchases should be shown, and not just the total to be charged or credited to each account.
VII
Practice Data
The board, having completed negotiations with T. J. Noble, authorizes the purchase from him of the whole of his right, title, and interest in a patent device known as Knoxfraud to be used for the purpose of preventing the raising of the amounts of commercial paper. The transfer is made, including the trade-mark covering “Knoxfraud,” and payment to Noble is made by the cancellation of 90 shares on his subscription contract and full-paid stock is issued him therefor. Make the entry under date of September 20.
In order to avoid detail, all additional customers will be handled under a collective account in the sales ledger called “Sundry Customers.” Transactions will be grouped and summarized wherever possible. Make record under proper dates. (Figures at beginning of paragraphs signify September dates.)
September 1. Received check for $311.05 from Kistler Stationery Co. in payment of their bill of August 20, $317.40, less $6.35 discount.