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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 Excerpt: ...31, 1903, the second annual reserve is made in the amount of $5,000, less the net income of the sinking fund for the expired current year as shown by the sinking fund books, and a corresponding deposit is made in the special fund, while the proper entries of the receipt thereof are also made and posted in the sinking fund books. March 1, 1904, two 6$ bonds of the same issue as purchased in the previous year are bought for the sinking fund at 116 and accrued interest, one of the 5$ bonds is sold at 103 and accrued interest, and a first mortgage for $3,500 at 5$, March 1 and September 1, is purchased. The 6$ bond bought in 1903 and held at 120 is written down to 116, and the remaining 5$ bond held at par is written up to 103 by crosoentry between the principal account and the Revenue from Investments account. December 31, 1904, the third instalment is reserved and deposited in the same manner, and on the same principle as the preceding ones. Frame the necessary Journal Entries on both the general and the sinking fund books to give expression to the foregoing transactions; also the Accounts affected in both ledgers showing the status of Sinking Fund at the beginning of 1905. Discussion of Problem No. 17 In prinoiple, this problem is so similar to Problem No. 16, that the reason for including it in this book may very properly be asked. The purpose is twofold: 1. To give an example of the technique of journaliz ing as applying to the recording of the same facts in two journals, one of which is general, and the other subsidiary. 2. By carrying out the requirements of the problem to their fullest extent, to serve notice on the candidate that the physical labor involved is so extensive, as to debar the problem from con-sideration at an examination where only one ho...
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