53 (a). Exercises on Opening Journal Entries.
Make the Opening Journal entries for the following (see Section 59) :
S. Campbell commences business with the following Assets : Cash on hand, $1000 ; Mdse. on hand, $1500; other persons' notes on hand, $375 ; Office Furniture on hand, $125 ; Store and Lot on hand, $1950.
W. Price opens up business with the following Assets : Cash, $1500 ; Mdse., $2400 ; note against R. Swanson, $75 ; K. Parkman owes on account, $80. Liabilities : note in favor of M. Parker, $125 ; amount due T. Kellog, $220.
C. Waters commences business with the following Assets and Liabilities : Cash on hand, $3000 ; other persons' notes on hand, $275 ; his own notes outstanding, $560 ; amount due L. Gleason, $300 ; J. Varco owes on account, $45 ; Mdse. on hand, $2750 ; Shop Furniture on hand, $160.
(b) Exercises on Financial Statements.
Make a Statement of Losses and Gains, a Summary of the Proprietor's Account, and a Statement of Assets and Liabilities from the following Trial Balances and Inventories :