20. What is meant by the _turnover_? How can the amount of the turnover be shown in the trading account? 21. What is a _manufacturing account_, and of what items is it made up? What does the balance of the manufacturing account represent? 22. What is a _merchandise inventory account_, and when and for what purpose is it used? When are the books said to be closed? 23. What is a _balance sheet_? In what order should the asset and liability accounts be listed on the balance sheet? 24. From the following trial balance prepare trading account, profit and loss account, and balance sheet. TRIAL BALANCE Proprietor (Investment) $7,500.00 Bill Payable 3,000.00 Accounts Payable 1,550.00 Bank $1,254.84 Accounts Receivable 2,685.11 Bills Receivable 3,860.00 Merchandise Inventory 6,277.76 Furniture and Fixtures 750.00 Purchases 7,605.78 Expense 1,416.30 Discount on Sales 112.65 Interest 44.20 Sales 11,990.70 Cash 122.46 ---------- ---------- $24,084.90 $24,084.90 Inventory at end of period $6,807.09. 25. Give examples of the proper journal entries when the following transactions occur in respect to notes receivable: When a note is received; When a note is paid; When a note is collected by the bank. 26. Complete the explanations of the following entries, and state under what circumstances they would be made: Bank $199.00 Interest 1.00 Bills Discounted $200.00 Bills Discounted 200.00 Bank 200.00 Bills Receivable 5.00 Bills Discounted 1,000.00 Bank 1,005.00 27. Make the proper journal entries under the following circumstances: When a note is past due; When a note is renewed; When a renewed note has been discounted. 28. We buy from Marshall Field & Company a bill of dry goods, amounting to $978.40, and give them our note @ 60 days in payment. What entry? 29. Marshall Field & Company discount our note, and it is presented for payment by the Continental National Bank. We give our check in payment of the note, with interest @ 5%. How much do we pay, and what is the entry? 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?