The transactions given in this exercise are a continuation of the business referred in to the preceding articles. During the month of April the following transactions are recorded. Material purchases $2,670.00 Supplies purchases 127.50 Patterns and tools purchases 150.00 Cash received on subscriptions 25,000.00 Deposited in Bank 25,000.00 Checks drawn Purchase accounts 5,500.00 Salaries 375.00 Pay-rolls 1,670.20 distributed as follows: Labor $1,652.70 Machinery repairs 17.50 David Snow 10,000.00 (Stock purchased at par by Company) The following data is obtained from the reports of foremen and inventories taken at the end of the month: Material issued to factory to be used in manufacturing goods. 2,261.00 Material used in machinery repairs 16.70 Inventories, April 30 Supplies 147.00 Rent (unexpired) 150.00 Power, heat, and light (Coal) 75.00 Office supplies 118.40 Goods in process--material 615.00 Labor 410.00 1,025.00 ------ 1. Find value of goods in process, using the same percentages in estimating expense items as shown for material and labor. 2. Make journal entries closing accounts into manufacturing account to show cost of goods completed during the month. NOTE:--To find total cost of material and labor, used and partly used, add to the amounts shown for one month the inventory of the same items at end of preceding month. 3. Make trial balance of general ledger after books are closed as shown in model set. [Illustration: GENERAL OFFICES OF THE A. B. DICK COMPANY, CHICAGO, ILL.] THE VOUCHER SYSTEM AND ACCOUNTING CHARTS VOUCHER SYSTEM OF ACCOUNTING 1. _Voucher._ A document which vouches the truth of accounts. _Receipt._ An acknowledgment of money paid. The voucher system is sometimes referred to as a modern system of accounting, but a study of the above standard definitions indicates that it is modern only in respect to forms of records and routine. In the nomenclature of accounting the term voucher is quite commonly used in the same sense as the term receipt. The only distinction appears to be that a voucher is usually understood to be an acknowledgment of the payment of a particular item on account, while a receipt may be an acknowledgment of the payment of money without reference to the item or items covered.