Negotiable, definition of, 30 Net, definition of, 30 Net profit, transfer of, 99 Nominal, definition of, 30 Nominal account, 70 Nominal partners, 164 Non-cumulative preferred stock, 200 Notes, journalizing, 107 O Obligation, definition of, 30 Open account, definition of, 30 Opening entries, definition of, 30 Option, definition of, 30 Order book, 43 Orders, definition of, 30 Original entry, definition of, 30 Ostensible partners, 164 Overdraw, definition of, 30 P Par, definition of, 30 Partnership, definition of, 30 Partnership accounts, 164-193 capital and personal accounts, 165 closing the books, 166 division of profits, 191 illustration of closing entries, 166 interest on investment, 165 kinds of partners, 164 opening the books, 166 participation in profits, 165 partnership, defined, 164 partnership agreements, 164 sale of partnership, 189 sample transaction, 167-175 Pass book, 57 Passive assets, examples of, 73 goodwill, 78 patents, 78 speculative, 78 Pay-roll records, 248 Payee, definition of, 30 Per annum, definition of, 30 Per cent, definition of, 30 Per diem, 30 Personal accounts, 69 definition of, 30 Personal property, definition of, 30 Petty cash definition of, 30 treatment of, 58 Post, definition of, 30 Postdate, definition of, 30 Posting, 46 from cash book, 89 from journal, 88 routine, 88 Power of attorney, definition of, 30 Preferred stock, definition of, 30, 200 Premium, definition of, 31 Present worth, definition of, 31 Private ledger, 304 advantages of, 304 how operated, 305 manufacturing accounts in, 306 Proceeds, definition of, 31 Profit and loss, definition of, 31 Profit and loss account, 97 manufacturing, 98 trading, 97 transfer of gross profit, 99 transfer of net profit, 99 turnover, 98 Promissory notes, 54 acceptance, 56 bill book, 54 bills payable, 54 bills receivable, 54 definition of, 31 discount and exchange, 56 Promotion, stock issued for, 221 Pro rata, definition of, 31 Protest, definition of, 31 Purchase account, 71 Purchase book, 45 Purchase ledger and invoice file combined, 301 Q Quotation, definition of, 31 R Ratify, definition of, 31 Raw material, definition of, 31 Real account, 69 Real estate, definition of, 31 Rebate, definition of, 31 Receipt, definition of, 31, 273 Receiver, definition of, 31 Recording transactions, 46 Remittance, definition of, 31 Renewal note, definition of, 33 Rent, definition of, 33 Representative account, 70 Reserves for bad debts, 236 Reserves for buildings in hazardous undertakings, 236 Reserves for depreciation, 236 Reserve funds, 237 Reserves for patents, franchise, goodwill, 236 Reserves for permanent improvements on leased property, 236