--Nov. 28-- Sold to Watkins Hotel Co., on account, 10 bu. potatoes .75 7.50 50# lard .10 5.00 20# ham .13½ 2.70 ------ 15.20 --Nov. 28-- Cash sales 9.45 --Nov. 29-- Bought from Lowell & Sons 500# sugar .04¾ 23.75 50 gal. molasses .30 15.00 ------ 38.75 --Nov. 29-- Bought from Star Salt Co. 10 bbls. salt .80 8.00 --Nov. 29-- Sold to R. H. Sherman on account, 1# coffee .25 1# chocolate .45 1 qt. olive oil 1.35 ¼# ginger .15 ¼# pepper .15 1 pkg. mince meat .10 2# lard .25 ------ 2.70 --Nov. 29-- Cash sales 14.35 --Nov. 30-- Received from F. W. Bradley Cash 1.60 --Nov. 30-- Paid Warsaw Milling Co. Cash 64.00 --Nov. 30-- Sold to John Smallwood on account, 1 bbl. salt 1.10 --Nov. 30-- Sold to D. E. Johnson on account, 10# lard .10 1.00 1# baking powder .50 1 pk. apples .35 ------ 1.85 --Nov. 30-- Bought for cash 5 bu. apples 1.00 5.00 --Nov. 30-- Cash sales 17.90 [Illustration: Journal Entrees Recording all Transactions] [Illustration: Journal Entries Recording all Transactions] [Illustration: Journal Entries Recording all Transactions] [Illustration: Cash Book] [Illustration: Journal Ruled Retail Ledger] [Illustration: Journal Ruled Retail Journal] [Illustration: Journal Ruled Retail Ledger] [Illustration: Journal Ruled Retail Ledger] [Illustration: Journal Ruled Retail Ledger] [Illustration: Journal Ruled Retail Ledger] At the close of business, Nov. 30, a trial balance of the ledger accounts is taken. No attention is paid to the accounts which are closed, the open accounts being only included in the trial balance. The proprietor wishes to know whether the business has made or lost money, and what the gross and net profits (or the losses) have been. To obtain this information the books are to be closed. Before this process can be completed, it is necessary to know the value of goods now in stock--that is, to _take an inventory_. INVENTORY