—9th— Deposited in 1st Nat. Bank 252.50 —9th— Received from bank, check of Clayton & Co., protested for non-payment. Amount of check 200.00 Protest fees 2.50 —10th— Sold to Harris & Landis 10 men's overcoats 7.75 77.50 —10th— Sold to Frank Weitz 12 men's corduroy coats 3.75 45.00 —10th— Paid Carson & Scott Check No. 7 147.00 Discount 2% 3.00 —10th— Paid electric light bill Check No. 8 3.75 —10th— Received from Clayton & Co. Cash to redeem protested check $202.50 —10th— Inventory at close of business, Feb. 10 Men's clothing 1,898.75 Boy's clothing 1,247.75 Journal entries are to be made to get the accounts, as shown on Feb. 1st, recorded on the books. The transactions are properly entered in journal, cash book, sales book, and invoice register, and posted to ledger. The accounts in the general ledger are closed into trading, and profit and loss—the net profit is credited to proprietor's account—a trial balance is taken after the ledger is closed, and a balance sheet is made. Statements are prepared from sales and purchase ledgers, which agree with the balances of their controlling accounts. All accounts in the general ledger are properly ruled and balances carried forward. [Illustration: Opening Entry in Journal ] [Illustration: Adjusting Journal Entries ] [Illustration: Sales Book and Invoice Register ] [Illustration: SCENE IN SOUTH WATER STREET, WHERE THE COMMISSION HOUSES OF CHICAGO'S GREAT PRODUCE MARKETS ARE LOCATED ] [Illustration: Columnar Cash Journal ] [Illustration: Columnar Cash Journal ] [Illustration: Sales Ledger ] [Illustration: Sales Ledger ] [Illustration: Sales and Purchase Ledgers ] [Illustration: Purchase and General Ledgers ] [Illustration: General Ledger ] [Illustration: General Ledger ] [Illustration: General Ledger ] [Illustration: Statement of Sales and Purchase Ledger ] [Illustration: Balance Sheet and Trial Balance of General Ledger ] EXERCISES =16.= The following transactions are recorded on the books of Parker and Hoadley, Omaha, Neb., wholesale dealers in tea and coffee. In recording these transactions use is made of the books and forms illustrated in this section.