introduction to books and records
TRANSCRIPT
• , .
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Introduction to Books and
Records
FEDERAL BUREAU OF INVESTIGATION UNITED STATES DEPARTMENT OF JUSTICE
FBI/DOJ
If you have issues viewing or accessing this file, please contact us at NCJRS.gov.
I
II
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INTRODUCTION TO BOOKS AND RECORDS
BY
ECONOMIC AND FINANCIAL CRIMES TRAINING UNIT
TRAINING DIVISION
FEDERAL BUREAU OF INVESTIGATION
NCJRS
11\\ ? 3 1980
AC~<u;S'n-IONS
..
CONTENTS
History of Accounting ................. " .. 6 •••• It • • • • • • • • • 3
Accounting and the Fundan1ental Equation •.•••••......•••. 4
Example Problem Number I ..•.•....•••....••.....•..••. 5
Analysis of William West's Balance Sheet· ..•••..... • . . . • • 8
Example Problem Number II •••••••..•..•••• ~ . . • . • • . . . .. 13
Debits and Credit Entries ••••••••• • . • • • . • . • . • . . . • • . . . . .. 16
The General Ledger ........ " .......... " ..... Q ••••••••• ID 19
The Subsidiary Ledger CI ••••••••••••••••••••••••• 0 • 0 •• D •• 19
blCreases and Decreases in the Ledger. • • • • • • • . • • . . • . • • • •• 20
Equality of Debits and Credits. • • . • • • • • • • • • . • • • . . • . • • • • •• 21
Example Problem Number Ill. • • • . • • • • . . • . . . • • • • . . . • • • • •• 22
................................. Journal Entries ...••..
The General Journal .o., ............ ~ ................. . 24
26
Example Problem Number IV· . . . . . . . . . • . • . . . • . . • . . . . . . •. 28
Special Journals ........... " ... ~ ............... It • • • • • •• 30
Analysis of Elliott Distributing Company's Income Statement 33
Example Problem Number V •....••.••...•.......•.....• 37
Adj usting Entries ...................................... 44
The Work Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 45
Closing Entries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 49
The Voucher System· ............. · .... o. • • • • • • • • • • • • • •• 56
Merchandise Inventory Methods· . • • . . • • . • • . . • • • • • • • • . • . •• 65
Business Organizations • . . • . . . . . • • . . . • . . • . • • . . • • . . . . • . .• 69
The Partne r ship .................................. 0 • • •• 69
The Corporation ••• III ••• III ••• e III •••• " •••••••••••••••••••• III •••
Glossary ............... . • III ............................... III
Fraud Problem Number 1 " ••••••••••••••• III •••••• " •••• 01 •••
74
77
82
Fraud Problem Number 2 ••••••••••• II II " •• III •••••••••••••• " • . . 107
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FORWARD
Introduction to books and records has been pre
pared for state and local law enforcement officersw The
purpose of this document is to assist the student in under
standing how a transaction flows through an accounting system
and what financial statements are generated by a business
enterprise at the end of an accounting period.
The scope of this text is necessarily limited in
view of the fact that it is being written for the investigator
and not for an auditor. In the majority of white collar
crime cases wbere a set of books and records has been
maintained by the subject, it may be necessary to conduct
a detailed examination of the particular records which
relate to the offense being investigated. In such a case it
may be necessary for the investigator to utilize the ex
pertise of an accountant. The non-accountant investigato~
should not even attempt such a review without expert
assistance.
The investigator, however; needs a basic under
standing of accounting concepts and terminology to assist
him in conducting a thorough and meaningful interview of
the white collar criminal. Further, he must be in a position
to present the facts of the case to the prosecutor. This
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presentation must coordinate the accounting analysis done
by the auditor and the investigation pe1cfonned by the officer.
The auditor's workpapers will, for the most part, stand by
themselves, but an over.view of their relationship to the
business-related crime is needed.
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History of Accounting
Ac~ounting is more than three thousand years old.
Stone and clay tablets containing financial records have been
discovered by archeologists in several locations throughout
the world. The Roman Empire developed methods of recording
and summarizing numerical information. The Romans kept
elaborate records for such purposes as keeping track of their
military personnel and their military payroll. The American
Indian used notches on sticks and strings of beads to denote
the accumulation of data.
The art of accounting evolved slowly over thousands
of years until trade and business reached the complexity
which required something more sophisticated. During the
Industrial Revolution in Europe large pools of capital were
needed to finance the purchase of machinery and equipment.
Partnerships; joint-stock companies, and corporations evolved
to meet this need. New accounting procedures had to be
developed to meet the needs of these new business organizations.
While the art of accounting is very old, the
profession of Accounting, in comparison to other professions,
is extremely young.
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ACCOUNTING AND THE ~TJND'AMENTAL EQUATION . \
Accountlng has been ~efined as the process of
recording, classifying, summarizing, and analyzing business
transactions and determining to what extent these transactions
affect the earnings of a business.
To understand the complete accounting cycle it is
logical to begin by analyzing one of the financial statements,
the Balance Sheet. The BALANCE SHEET is a financial statement
depicting at a specific time and in a systematic manner the
assets, liabilities and capital of a business organization.
The concept of the Balance Sheet can best be
described through the Fundamental Accounting Equation which
states that assets are equal to liabilities plus capital or
assets m~nus liabilities is eqval to capital.
FUNDAMENTAL EQUATION
Assets = liabilities + capital
or
Assets - liabilities = capital
The ASSETS are the economic resources which are owned
by the business. LIABILITIES are the debts or obligations of the
business, and capital, proprietorship, net worth, and owners'
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equity are all used interchangibly to mean the difference
between the assets and liabilities. These terms indicate
what the business is worth.
EXAMPLE PROBLEM I
J. Smith decides to organize a laundry business on
June 30, 197X. Smith takes $2500 from his personal bank
account and invests it into his business. Smith purchases
$1200 worth of laundry equipment paying $700 in cash
and charging the balance (Accounts Payable). Smith also
purchases a delivery truck for $4,000, paying $1500 in cash
and giving a note (Note Payable) for the remaining balance.
What is Joe Smith's Capital?
ACCOUNT FORM
Joe Smith's Laundry
Balance Sheet
June 30, 197X
ASSETS
Cash $ 300
Laundry Equipment 1,200
Delivery Truck 4,000
Total Assets
LIABILITIES
Accounts Payable
Note Payable
Total Liabilities
Capi~al
Joe Smith's Capital
Total Liabilities and Capital
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$ 500
~500
$3,000
$2,500
$5,500
If we take another look at our fundamental equation
it is easy to see we are following the equation Assets=
Liauilities + Capital. When this equation is applied to the
format of the Balance Sheet it is said to be in ACCOUNT FORM.
If we follow the equation Assets - Liabilities =
Capital in our preparation of the balance sheet it is said
to be in REPORT FORM, as illustrated as follows:
ASSETS
Cash
Laundry Equipment
Delivery Truck
Total Assets
'LTABILITIES
Accounts Payable
Notes Payable
Total Liabilities
CAPITAL
Joe Smith's Capital
$
$
RE'PORT FORM
Joe Smith's Laundry
Balance Sheet
June 30, 197X
300
1,200
42000
$5,500
500
2 2 500
3.1 000
$2,500
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On the, follm·Iing pages we have an. example of
William West's Balance Sheet. Let us take the Balance
Sheet section by section and see how it is constructed and
exactly what appears on the Balance Sheet. It follows the
fundamental equation, only it is set out in more detail.
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WILLIAf1 WEST COlVIPANY
Balance Sheet
December 31, 1974
CURRENT ASSETS
Cash
Notes Receivable
Accounts Receivable
Less: Allowance for Bad Debts
Estimated Recovery Value
Merchandise Inventory
Prepaid Expenses
Total Current Assets
FIXED ASSETS
Furniture and Fixtures
Less: Allowance for Depreciation
Depreciated Cost
Delivery Equipment
Less: Allowance for Depreciation
Depreciated Cost
Building
Less: Allowance for Depreciation
Depreciated Cost
Total Fixed Assets
Total Assets
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$75,000
6,250
$15,000
3,000
8,000
1~500
60,000
7,500
$10,000
12,000
68,750
20,000
3,000
$12,000
6,500
52,500
$113,750
71,000
$184,750
WILLIAM "lEST COMPANY
BALANCE SHEET (CONTINUED)
DECEMBER 31, 1974
CURRENT LIABILITIES
Notes Payable
Accounts Payable
Accrued Expenses Payable
Total Current Liabilities
LONG-TERM LIABILITIES
Mortgage Payable (20 - years)
Total Long-term Liabilities
Total Liabilities
CAPITAL
William West, Capital 1-1-74
Net Profit for year
Less Withdrawls for year
Net Increase to Capital
William West, Capital 12-31-74
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$15,000
32,000
600
$32,,150
15,000
35,000
$85,000
17,150
$4'7,600
35~OOO
$82,600
102,150
$184,750
The Balance Sheet, as well as all other financial
statements, begins with a heading. The heading consists of
the company name, the name of the financial statement
and the date. The balance sheet represents the financial
picture as it stood on one particular day, December 31, 1974.
The balance sheet is divided into three major categories:
assets, liabilities and capital. Let us now look at the
balance sheet section by section and explain what each
account is and what it is comprised of.
T.. CURRENT ASSETS
Current Assets include cash and all other assets
which could be converted into cash within one year.
CASH
The bills and coins in the business as well as
the money on deposit in a bank. These deposits may
take the form of savings accounts or checking accounts.
NOTES RECEIVABLE
A formal written promise by a debtor to pay a speci
fied amount of money usually with interest, at a definite
time.
ACCOUNTS RE'CE'IVA"BLE
Claims against customers arising from the sale
of merchandise or services on credit.
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ALLOWANCE FOR BAD DEBTS
An estimated amount of accounts receivable which
will probably be uncollectable due to non-payment by a
customer of a sale for credit.
MERCHANDISE INVENTORY
Goods purchased or produced for the purpose of sale
to customers.
PREPAID EXPENSES
Expenses paid in advance such as rent} insurance, etc.
II. FIXED ASSETS
Those assets not intended for sale and which are
used over and over again in order to manufacture the pro-
duct, display it, warehouse it, or transport it.
FURNITURE AND FIXTURES
The furnishings and fixtures which are owned by the
business.
ALLOWANCE FOR DEPRECIATION
The decline in the useful value of the fixed assets
due to wear and tear from usage and the passage of time.
DELIVERY EQUIPMENT
The vehicles used to get the goods from the business
to the customer.
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BUILDING
The physical structure which houses the company.
Ill. CURRENT LIABILITIES
All debts of the company which fall due within
a twelve month period.
NOTES PAYABLE
A promissory note given by the business to a bank,
individual, or other business entity evidencing a debt
owed for the purchase of merchandise or some other assets
and usually due in less than one year.
ACCOUNTS PAYABLE
A short-term liability usually arising from the
purchase of merchandise for credit. Unlike the note
payable no formal written promise to pay is issued.
ACCRUED EXPENSES PAYABLE
Expenses which are owed but not yet pai.d. Conunon
example is salaries owed to the employees but not paid
until the end of the pay period.
IV. LONG-TERM LIABILITIES
Debts of a business with distant maturity dates.
Common examples are mortgages and bends payable.
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MORTGAGE PAYABLE
Debts secured by mortgages on specific assets of the
business. Failure by the business to pay this obligation
would give the creditor a legal right to force the sale
of the pledged asset as a means of obtaining payment.
V. CAPITAL
What the business is worth. The difference between
the assets and the liabilities.
As we have just seen, the assets and liabilities
shown on the balance sheet are arranged in a definite order.
In most commercial enterprises this arrangement of assets is
in the order of liquidity. L~quidity of assets is the quickness
in which an asset can be converted into cash in the ordinary
course of business. With regard to liabilities, liquidity is
the liability which fall due or matures first, are generally
listed first. Those which mature later are listed later.
Again it is worthwhile to mention that balance sheet
only reflects the assets, liabilities, and capital for one
business entity on a given day.
EXAMPLE PROBLEM II
Robert Jordan organized a trucking business on
September 1, 1974, by investing $5,000 in cash into the business.
On September 2, 1974, Jordan purchased a truck
from OK Motors for $3,000 in cash.
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On September 5, Jordan purchased $1500 of office
equipment from the Harris Office Supply Company on credit.
On September 9, Jordan sent a-check to the Harris
Office Supply Company for $500 to reduce his liability.
On September 15, Jordan withdrew $300 from the
business for his personal living expenses.
On September 16, Jordan paid an employee $150 for
his first weeks salary.
On September 27, Jordan pays rent in the amount of
$200 for office space.
On September 28, Jordan does a trucking job for
Albert Smith. Jordan charges Smith $300 to be paid by Smith
in 30 days.
On September 30, Jordan changed his liability
to Harris Office Supply Company by giving Harris a non-interest
bearing note for $500.
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What are Jordan's assets, liabilities, and capital
on September 30, 1974?
ASSETS = LIABILITIES + CAPITAL
Sept. 1 $ +5,000 = 0 + $+5,000
Sept. 2 +3,000
8,000
-L.Q.00
5,000 = 0 + 5,000
Sept. 5 +1,500 +1,500 0
6,500 = 1,500 + 5,000
Sept. 9 500 500 0 ----6,000 = 1,000 + 5,000
Sept. 15 -300 0 - .300
5,700 = 1,000 + 4,700
Sept. 16 150 0 -150
5,550 = 1:,000 + 4,550
Sept. 27 - 200 = 0 200 --5,350 = 1,000 + 4,350
Sept. 28 + 300 0 + 300
5,650 = 1,000 + 4,650
Sept. 30 + 500
1,500
Sept. 30 0 = 500 + a
$ 5,650 $1,000 + $ 4,650
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From the foregoing transactions it is quite easy
to see that the following Changes may occur within the
categories of our assets, liabilities, and capital.
Increase in Assets
Decrease in Assets
Increase in Liabilities
Decrease in Liabilities
Increase in Capital
Decrease in Capital
DEBITS AND CREDITS
Many businesses have thousands of transactions
occurring each day. It is not practical to prepare a balance
sheet after each transaction or even at the end of each day.
Instead, the thousands of transactions are recorded in the
accounting record, and, at the end of the month, specific
period, or year, a balance sheet is prepared from these
accounting records.
An ACCOUNT is a systematic arrangement of increases
and decreases affecting the same person or thing. There is
a separate account prepared for each different asset, liability,
and capital account.
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Two specimen forms of accounts are illustrated
below, but the words appearing in parenthesis are placed there
only to indicate the purpose of each column, and in many cases
are not used in actual accounts.
(Debit) (Credit)
Year E,xpla- Year Expla-Mos. Day nation L.F. Amount Mos. Day nation L.F. Amount
liT If ACCOUNT FORM
Year Mos. Day Explanation L.F. Debit Credit Balance
BALANCE ACCOUNT FORM
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An account is divided into two sides: The DEBIT
side or left-hand side and the CREDIT side or right-hand side.
In illustration number 1, the first blO columns are
used to record the date. The month is written in the extreme
left column and the day appears in the column to the right of
the month. The ¥ear is written above the month in the extreme
left-hand col'umn. It is not necesBary to repeat the year and
month for each transaction. Instead they are written only
when they change.
The explanation column is used to provide information
regarding the nature of the transaction. The L.F. (Ledger
Folio) is used to show where the information appearing in this
transaction has come from. It is an important reference for
investigators in following a transaction through the books
and records of a business. The amount columns indicates
the dollar and cents value of the transaction.
In illuGtration number 2 the date, explanation,
and L.F. columns are indentical to illustration #1. The
debit column is used for recording all debits to that parti
cular account and the credit column is used to record all
credits to that particular account. The effects of debiting
and crediting an account will be discussed later in this
section. The balance c'olumn gives us a running total of
this particular account.
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~----------------- ---
It is important to remember that we have a
separate account for each different asset, liability,
capital, income and expense account. When each of these
accounts are grouped together, usually in a loose leaf
binder, it is known as a LEDGER. A LEDGER is a book
in which accounts are kept.
In accounting we have two different categories
of ledgers. We have the GENERAL LEDGER which consists of
all assets, liability, capital, income and expense accounts.
We also have SUBSIDIARY LEDGER which is a group of accounts
which are contained in a separate ledger and which support
a single account in the General Ledger.
In the General Ledger we have an Account Receivable
Control account which is an aggregate of all money owed to
our business. This total dollar value is comprised of many
different individuals and companies. The total dollar value
appears in the General Ledger in the Accounts Receivable
Account while we have an individual dollar breakdown by
customer in the the Accounts Receivable Subsidiary Ledger.
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EXAMPLE:
GENERAL LEDGER
ACCOUNTS RECEIVABLE
1,500
ACC. REC. SUBSIDIARY LEDGER
T. Albert
R. Brown
R. Clark
E. Drew
Total
100
500
300
600
1,500
From the example we can more clearly see that the
Accounts Receivable Control Account in the General Ledger
reflects that $1,500 is owed to us. The Subsidiary
Ledger breaks down the $1,500 by customer and shows us how
much each customer owes us. At the end of any accounting
period the Subsidiary Ledger and the Control Account must
be in balance.
INCREASES AND DECREASES IN THE LEDGER ACCOUNT
ASSETS = LIABILITIES +CAPITAL
Debit Credit Debit Credit Debit Credit
(Increase) (Decrease) (Decrease) (Increase) (Decrease) (Increase)
Normal Normal Normal
Balance Balance Balance
Assets appear on the left side of our Account Form
Balance Sheet. It is convenient to remember that an increase
in an asset is recorded on the left (Debit) side. The normal
balance of an asset account is a debit.
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'.,
Liabilities and Capital appear on the right side
of the balance sheet, therei'ore we increase Liabilities and
Capital accounts by recording on the right (Credit) side.
The normal balance of a Liability or Capital account is a credit.
EQUALITY OF DEBITS AND CREDITS
DOUBLE ENTRY METHOD
For every debit we must have a corresponding credit
or credits. Each Business transaction affects two or more
accounts.
At the completion of each transaction the total
dollar valuation of the debits and credits will be equal.
EXAMPLE:
Joe' Smith purchases a building for $12,000 . Smith
paid $5,000 in cash and gave a note for $7,000.
BUILDING CASH
(Debit) (Credit) (Debit)
12,000
(Credit)
5,000
NOTES PAYABLE
(Debit) (Credit)
7,000
After analyzing the completed transaction,
note the Debit side of the Building Account has been affected
by a $12,000 entry and the credit side of Cash and the credit
side of Notes Payable has been affected by $5,000 and $7,000
respectively or a total of $12,000. As explained earlier
total dollar valuation of Debits and Credits must be
equal at the completion of each transaction.
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EXAMPLE NUMBER 3: Recording Transactions in the Ledger:
J. WEBSTER REAL ESTATE COMPANY
A. J. Webster invests $20,000 cash in the business on
September 1, 1974.
B. On September 3, Webster Real Estate Company purchased
land for cash in the amount of $7,000.
C. September 5, Webster Real Estate Co. purchased a building
from O.K. Construction Co. for $12,000. The terms of
the purchase required a cash payment of $5,000 with the
remaining $7,000 payable in 90 days.
D. On September 10, Webster Real Estate sold a portion of
its land on credit (Accounts Receivable) to Carter
Drugstore for $2,000. The land was sold at cost so no
gain or loss resulted.
E. On September 14, the Webster Real Estate Co. purchased
office equipment on credit from General Equipment, Inc.
in the amount of $1,800.
F. On September 20, cash of $500 was received as partial
collection of the Account Receivable-for Carter's
Drugstore.
G. A cash payment of $1,000 was made on September 30, in
partial settlement of the amount owing to General
Equipment, Inc.
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The following is an example of the balanced
accounts utilized in recording Example number 3 into the
ledger.
CASH ACCOUNTS RECEIVABLE OFFICE E UIPMENT
A 20,000 7,000 B
F 500 5,000 C
1,000 G
7,500
BUILDING
C 12,000
12,000
J. ROBERTS, CAPITAL
20,000 A
20,000
D 2,000 500 F
1,500
LAND
B 7,000 2,000 D
5,000
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E 1,800
1,800
ACCOUNTS PAYABLE
G 1,000 7,000 C
1,800 E
7,800
The process of determining what the current balance
of any particular account is referred to as BALANCING AN
ACCOUNT.
The Balance Sheet for the foregoing problem would
appear as follows:
J. Webster Real Estate
Balance Sheet
September 30, 1974
LIABILITIES ASSETS
Cash $7,500
1,500
1,800
5,000
Accounts Payable
CAPITAL
$ 7,800
Accounts Receivable
Office Equipment
Land
J. Webster Capital 20.000..,.
Building
Total Assets
12,000
$27,800 Total Liabilities & Capital $27~800
THE JOURNAL
TRANSACTION
A business event which can be expressed in money
and must be recorded in the accounting records.
JOURNAL
The book of original entry which is a chronological
record, showing for each day the debits and credits from
transactions.
.. 24 -
•
In our discussion of accounting procedures to
date we have been analyzing financial transactions in terms
of Debits and Credits in the ledger account. Although
transactions could be entered directly into the ledger it is
more feasible to initially record each transaction into the
journal. If we continued to record transactions into the
ledger we would not have a record of each transaction in its
entirety. The debit would be in one account and the credit
would be in another account. A second problem encountered
if we recorded directly into the ledger would be the absence
of a chronological listing of each transaction. If we
wanted to find what transaction occurred on a particular date
we would have to search through the entire General Ledger.
To alleviate these problems we initially record
our transactions into the book of original entry,the JOURNAL.
This process of recording the entry into the journal is
called JOURNALIZING.
The following is the sequence of steps by which
information flows through an accounting system.
Occurrence of a business transaction
Preparation of a business document
Information is recorded and summarized into the Journal
Information transferred from the Journal to the Ledger.
(This procedure is called "posting")
- 25 -
Adjusting entries
Financial Statements prepared from the Ledger.
Closing entries.
There are several types of Journals used by most
businesses. However, for the purpose of illustrating how entries
are first recorded into a journal we will use the GENERAL
JOURNAL.
GENERAL JOURNAL
Date Explanation L.F. Debit Credit
- 26 -
The first pair of columns of the General Journal
are for recording the date. The year is written across the
top of this column, the month appears in the left hand column
and day appears in the column to the right of the month.
The account and explanation column is used for
recording the account to be debited and the account to be
credited. The account debited appears on the first line
against the left hand explanation column. The account
credited will appear on the line following the debit and will
be indented approximately one inch. If we have a compound
entry where we .have more than one debit or credit, each
debit will be directly under the other debits and the credit
will be directly under the other credits.
The L.F. (Ledger Folio) Column gives the number of
the account in the General Ledger to which this account has
been posted.
The two remaining amount columns are used to record
the dollar valuation for the accounts affec'ted. The left
hand amount column or debit column is where the dollar
valuation of the debit account is recorded. The right hand
amount column (credit) is used for recording the dollar
valuation of the credit account. No dollar signs are
recorded in either the Journal or the Ledger. In the
Journals as well as in the Ledger the debits wil.l always
be equal to the credits. (See Example 4, Page 29 .)
- 27 -
EXAMp·LE PROBLEM # 4 •
JOURNALIZING ENTRIES
The transactions for this problem are taken from
Example Problem #3, Page 22 ----The following are the General Journal entries
for this problem:
- 28 -
GENERAL JOURNAL '1-----,---- - .. --.-.---.--.-_---. ....--------__ _
\-npa;..,;. t,...;:e;.-r--+,_o.._c_c_o_u_n_t __________ .+-L_. F_. -l-__ D_e_b_i_t __
pept. ]. Cash
J. Webster, Capital
Land
Cash
:: Building
Cash
Accounts Payable
OK Construction
IC Accounts Receivable-
Carter Drug Store
Land
It Office Equipment
Account Payable-General
Equip. Co.
2C Cash
Accounts Receivable-
Carter Drug Store
3C Accounts Payable-
General Equip. Co.
Cash
20,000
7,000
12,000
2,000
1,800
500
1,000
- 29 -
I
Credit
20,000
7,000
5,000
7,000
2,000
1,800
500
1,000
To this point, in our discussion of accounting
all transactions have been recorded in the General Journal.
We have seen that several accounts including cash have been
debited and credited frequently throughout the month.
In additon to recording each entry in the General
Journal we must also post each transaction from the General
Journal to the ledger. It would be more efficient if we could
group similar transactions together and combine them into
a single posting at the end of the month. Also, a great deal
of time and e~fort could be saved.
In addition to the above we are limited to one
person recording transactions into the General Journal.As we
shall see later, this is very poor internal control since we have
no provisions for a check on the accuracy of this employees
work. In a large operation it would be virtually impossible
for one individual to record all of the days transactions.
Since the majority of all business transactions
fall into one of four categories we generally set up a Special
Journal for each category.
1. Charge Sales
2. Credit Purchases
3. Cash Receipts
4. Cash Payments
Since we have expanded our Journals by the use of
Special Journals we now have five Journals:
- 30 -
SALES JOURNAL
All transactions involving a sale on credit.
PURCHASES JOURNAL
All transactions involving a purchase of merchcmdise
on credit.
CASH RECEIPTS JOURNAL
All transactions involving the receipt of cash.
CASH PAYMENTS JOURNAL
All transactions involving the payment of cash.
GENERAL JOURNAL
Any transaction which cannot be recorded in one of
the other four Journals.
Special Journals are time saving, labor saving devices
which allows several people to work on the journalizing of
transactions at the same time. Special Journals are also
important from an investigators standpoint since they enhance
internal control by segregating duties and thus reduce the
possibility of fraud.
To this point in our discussion of accounting we
have only been concerned with the Assets, Liabilities and
Capital Accounts. We should now take a look at the accounts
which makes up our profit or loss. The Income Statement shows
the result of the company's operations for a specified period
and indicates to what extent net income has been earned or
a loss sustained. The Income Statement contains
- 31 -
two primary categories. These categories are Income and
Expense. INCOME represents monies received by a business
entity for the goods they have sold or the services they
have rendered. Income increases the owners equity in a
business. EXPENSES are the costs of the goods and services
used up in the process of obtaining revenue. Expenses cause
the owners equity to decrease.
The equation utilized in the preparation of the
Income Statement is: Income-Expenses = Net Income or Net
Loss.
INCOME
Debit
(Decrease)
Credit
(Increase)
Normal
Balance
EXPENSES
Debit Credit
(Increase) (Decrease)
Normal
Balance
On the following page we have an illustration of an
Income Statement of the Elliott Distributing Company.
- 32 -
ELLIOTT DISTRIBUTING OOMPANY INCGr1E STATEr1ENT
FOR YEAR ENDED DECEMBER 31, 19XX Revenue:
Gross Sales Less: Sales Returns and
Allowances Net Sales
Cost of Goods Sold: Merchandise Inventory
January 1, 19XX Purchases
Less: Purchase Returns And Allowances
Net Purchases Add: Freight-In
Net Cost Purchases Goods Available for Sale Merchandise Inventory
December 31, 19XX Cost of Goods Sold Gross Profit From
Sales Operating Expenses:
Selling Expenses: Sales Salaries Rent Expense, Selling
Space Advertising Expense Freight-Out And
Delivery Expense Store Supplies Used Depreciation Expense
Store Equipment Total Selling
Expenses
$49,400
275 $49,125
1,100
$6,200
$4,800 900
$1,350 425
775
General And Administrative Office Salaries Rent Expense, Office
Expenses: $3,100
600 Space
Expired Insurance Office Supplies Used Depreciation Expense,
Office Equipment Total General and Administrative Expenses
65 125
110
Total Operating Expenses Net Income
- 33 -
7,750
50,225 $57,975
8,950
$14,450
4,000
$83,300
650 82,650
49, 02~
$33,625
18,450 ~175
Let1s take a look at the preceding Income Statement
and determine what accounts have affected our company making
a profit of $15,175.00.
HEADING
As in the Balance Sheet the Income Statement also
has a heading which consists of the name of the company, the
name of the financial statement and the date. As opposed to
the Balance Sheet the Income statement date is preceded by the
term "for the year, period, or month ended." The Income Statement
reflects the net income or loss for the entire period stated
in the heading.
GROSS SALES
Total revenue received from the sale of our
merchandise.
SALES RETURNS AND ALLOWANCES
The sale price of all merchandise returned to our
company for which we have given an allowance.
NET SALES
The net dollar valuation of all merchandise sold.
MERCHANDISE INVENTORY l-1-7X
The dollar valuation of the goods we have available
to sellon l-I-7X.
PURCHASES
The cost of the merchandise which we have purchased
for the purpose of resale.
- 34 -
PURCHASE RETURNS AND ALLOWANCES
The goods we have returned, for any reason for which
we have received an allowance.
NET PURCHASES
The net dollar valuation of merchandise we have
purchased for the purpose of resale.
FREIGHT-IN
The transportation costs charged to us to get the
merchandise to our place of business. Freight-In is added
to purchases in determining the cost of the goods we have
purchased for resale.
NET COST OF PUR.CHASES -- -----The total of net purchases and freight in. The
cost of the merchandise plus additional costs of getting the
merchandise to our place of business.
GOODS AVAILABLE FOR SALE
The total goods we have available to sell. The
total of our beginning merchandise inventory and cost of
purchases.
MERCHANDISE INVENTORY l2-31-7X
The dollar valuation of the merchandise on hand
and not sold at the end of the year.
- 35 -
COST OF' 'GOODS SOLD
The difference between the goods we have available
to sell and the ending merchandise inventory which is the
merchandise we did not sell.
GROSS'PROFIT
The difference between the dollar valuation of goods
sold and the cost of these same goods.
OPERATING EXPENSES
The expenses incurred in the process of operating
the business. Operating Expenses are generally broken into
sub-groups of selling and administrative expenses.
SELLING EXPENSES
The expenses allocated to the selling of merchandise.
ADMINISTRATIVE' EXPENSES
The expenses allocated to the management and
administration of the business.
TOTAL O'PERATING EXPENSES
Total of all expenses incurred in the sale of our
merchandise.
NET 'INCOME
The profit earned. The difference between the
Gross Profit and Total Operating Expenses.
- 36 -
EXAMPLE NUMBER 5
The following is a list of transactions for the
J. Webster Real Estate Company for the month of October, 197X.
On October 1, 19TX, Webster makes an initial in
vestment of $5,000 into the business.
On October 1, Webster paid $120 for newspaper
advertising describing houses for sale.
On October 6, Webster earned and collected a
commission of $750 by selling a residence previously listed
by a client.
On October 16, Webster ordered newspaper advertising
at a price of $90, payment was to be made in 90 days.
On October 20, a commission of $1,130 was earned
by selling a client's residence. The sale agreement provided
that the commission would be paid in 60 days.
On October 30, Webster paid $700 in salaries to
his office employees for services rendered during October.
On October 30, a telephone bill for October amounting
to $48 was received. Payment I'Tas requested by November 10.
On October 30, Webster withdrew $600 in cash for
his own personal use.
- 37 -
DATE ACCOUNT CREDIT 197X Octobe. Cash 100 5,000
J< Webster, Capital 301 5,000
1 Advertising 500 120 Cash 100 120
6 Cash 100 750 Sales Commissions 400 750 Earned
16 Advertising Expense 500 90 Account Payable 200 90
20 Accounts Receivable 103 1,130 Sales Commissions 400 1,130
Earned
30 Office Salaried Expense 501 700 Cash 00 700
30 Telephone Expense 48 Accounts Payable 48
30 J. Webster, Drawing 600 Cash 600
- 38 -I
'"~!':I~..,.)U. .. ~.a-tM"" -- ,
QA~H 100 !
DATE ~~_~~_'II.o~ _ LF. DEBIT CREDIT BALANCE .----.
197X I Oct. 1 GJ-1 5000 5000 ]
. 1 9J-1 120 4880 6 GJ-l 750 5630 I
3C j PJ-1 700 4930 30 ,
PJ-l ~-
- 600 4330 ! ! ,
.< -
ACCOUNTS RECEIVABLE 103 --------r-----------------~~~--~~--------------------~~
_~§.:t~ Explanation LF. Deb±t Credit Balance L 197X Oct. 20 ~J-l 1130 1130
AQCQ_UNTS PAYABLE ?nf')
Da.te Exn1a.nation 3"8' _DEbit Credit Balance 197X Oct 16 GJ-l 90 90
30 GJ-l 48 138
-.- WEBSTER, DRAWING 300 ..J •
iJate iExnlanation LF~ Debit Credit RAlp.np.p
193X Oct. 30 GJ-1 600 600 - •
i -~- --- .. - --~'-~---" --
.. _- .- --------_._- - '- -_. ""- -" -- "-- -'--
--- ---- -_.-1
- -_. -
----- -"--'--I
----I - 39 -
'",.....-~~1r.:~I!>-~_.--..._~_
\ I
J. WEBSTER,CAPITAL'
CRED
oct. 1 -1 5000
SALES CGr.1MISSIONS EARNED
D_ate EXDlanation LF. Debit Credit Balance -.,.~
.-. ".. ... ... . 197X Oct. 6 GJ-l 750 750
20 GJ ·1 1136 1880
ADVERTISING EXPENSE 2.Q.1.
Date EXDlanation LF. D.ebi t Credi t: .-- Balan_<:.,,~ 197X o :t 1 GJ ·1 120 .-. .. , . +.20 . _.
16 GJ-l 90 ~lU -'" - . ~ .... ~ ~. -=- •• _ • H • --
. '---' •... , ...
OFFICE SALARIES EXPENSE 501"
_. ,.-.-- ...•. . -"'--Date Explanation LF. Debit Credit Bal
197X Oct. 30 ~J-l 700 700
- 40 -
DATE EXfJ,ANATION LFot .DEBIT CREDI'r ~J:.~NCE ~
lQ7X Oct. 30 GJ-l ~8 48
~
A
!
-
I
,
'-~ -- --
-,
-~
'T
- : . ~ I -- --- - - - --~
-
--~-
--~ ---- -- - -- - ------- - -- - -
---- - -T-- --
-- -
I - -.
I -
1 - 41 -
kvenue
J. \'lEBSTER REAL ESTATE CO.
INCor~E STATEMENT
FOR THE MONTH ENDED
OCTOBER 30, 1975
Sales Commissions Earned
Expenses
Advertising Expense
Office Salaries
Expense
Telephone Expense
Total Expenses
Net Income
$210
700
- 42 -
$1,880
958
$ 922
J. WEBSTER REAL ESTATE CO.
ASSETS
Cash
Accounts Receivable
Total Assets
LIABILITIES
Accounts Payable
CAPITAL
BALANCE SHEET
OCTOBER 30, 1974
$4,330
1,130
J. Webster, Cap. Oct. 1, 1974 $5,000
Net Income for Oct. $922
Less J. Webster Drawing 600 322
J. Webster Capital Oct. 3D, 1974
Total Liabilities and Capital
- 43 -
$5,460
$ 138
5,322
$5,460
ADJUS7ING ENTRIES
At the end of any particular period we want our
financial statements (Income Statement and Balance Sheet)
to be accurate. Due to the changes in the value of accounts
such as insurance, the records do not always reflect the
correct value. Before the financial Statements can be
prepared accurately consideration must be given to those
accounts which do not appear, or are not correctly stated
in the variou~ accounts.
EXAMPLE
We purchase a 6 year Insurance Policy for $360.
on 1-1-7X. This transaction would be recorded in the General
Journal at the date of purchase as follows.
Prepaid Insurance 360
Cash 360
At the end of the first year 1/6 of 360 or $60 of
insurance is used up. The transaction to record this using
up of insurance over the course of the year is recorded as
follows.
- 44 -
6)
INSURANCE EXPENSE 60
PREPAID INSURANCE 60
PREPAID INSURANCE CASH INSURANCE EXPENSE
360 6@ 360 CD W 60
300 360 60
The transaction recording the Insurance Expense
of $60. is an Adjusting Entry. From the use of T Accounts
we can see our Insurance Expense for $60. reduces the asset
Prepaid Insurance to $300. for the remaining five years.
Since it is not our intention to attempt to make
each investigator an Accountant we feel the above information
regarding Adjusting entries is sufficient. It should be kept
in mind that this is but one example of many forms of Adjusting
entries. It should also be remembered that Adjusting Entries
will be recorded in the General Journal at the end of any
accounting period.
Work Sheet
On the following page we have an illustration
of a work sheet for the Webster Real Estate Company. It is
sometimes referred to as a "Working Trial Balance."
- 45 -
CASH ACCOUNTS RECEIVABLE
UNEXPIRED INSURANCE
OFFICE SUPPLIES
OFFICE EQUIPMENT ACCUM. DEP.: OFFICE EQUIP
NOTES PAYABLE
ACCOUNTS PAYABLE
UNEARNED COMMISSIONS
J. WEBSTER CAPITAL MAY 31,1~
J. WEBSTER, DRAW~NG COMMISSIONS EARNED
RENT EXPENSE SALARIES EXPENSE
INSURANCE EXPENSE OFFICE SUPPLIES EXPENSE
DEP. EXP.: OFFICE EQUIP.
INTEREST EXPENSE
INTEREST PAYABLE
SALARIES PAYA,BLE
NET INCOME
WEBSTER REAL ESTATE COMPANY WORK SHEET
FOR PERIOD ENDED MAY 31, 1974
TRIAL ADJUSTED BALANCE ADJUSTMENTS TRIAL
BALANCE DEBIT CREDrr DEBIT CREDIT DEBIT iCREDIT
5 100 5 100 17,300 17 300
360 A 60 300 900 B 650 250
4 800 4 800 5.60 C 40 600
8 000 8 000 1 800 1 800 1,500 E 800 700
16 000 16 000 1 000 1 000
15 000 E 800 15 800 2,400 2 400
, . 11, 000 F 200 11 200
42,.860 42 860 A 60 60 B 650 650 C 40 40
D 50 50
n 50 50 F. 200 200
. 1800 1_800 4~ 1 fiO 4~ 1 fiO
INCOME BALANCE STATEMENT SHEET
IDEBIT 'C.K.I:!;UJ' '~BIT I'RRnT'T'
5 100 17,300
300 250
4,800 600
_8 000 I 1800_
700
16 00'0 1,000
15 800 2,400
11 200
60 650 40
50 50
21l~
14 400 1 fi ROO
1 400 1 400 15,800 15 800 28,750 28,750
The work sheet is a working paper prepared in
pencil by the Accountant for his use in preparing the financial
statements. It is utilized as a means of organizing accounting
data.
The heading appearing on the work sheet is similar
to the heading appearing on the Income Statement since it also
contains the company's name, the name of the working paper,
and the statement for the month, period, or year ended followed
by the date.
In the extreme left-hand column we record all
accounts which have a balance. If an account has a zero
balance it is not recorded on the work sheet. The accounts
are listed in order of liquidity and are taken directly from
the Trial Balance. The Trial Balance was prepared after all
Journal and adjusting entries have been posted to the General
Ledger. The Trial Balance is prepared for the purpose of
assuring that the debits and credits in the General Ledger
are equal at this point in time. The amounts recorded in
the Trial Balance column is also taken from the completed
Trial Balance. As you have probably noticed each amount
column is divided into the debit and credit side. As we
complete our discussion of the work sheet you will see how
all columns come into balance when the work sheet is completed.
- 47 -
The Adjustment column is the recording of all
adjustments which have been recorded in the General Journal
for the purpose of bringing each account to its correct
balance.
The Adjust,ed Trial Balance column is the balance
of the Trial Balance and adj ustr:1ent columns. This column
reflects the correct valuation of each account at the end of
the period.
The Income Statement columns contains all Revenue
and Expense Accounts. The Balance Sheet Columns contain the
balances of all Asset, Liabilj.ty and Capital Accounts.
You will notice that when totaled the Debits are
equal to the Credits in both the Trial Balance, Adjustment,
and Adjusted Trial Balance columns. The totals of the Debits
and Credits in the Income Statement columns of the work sheet
are not in balance initially. We subtract the smaller amount
(Debit side) from the larger amount (Credit side) and place
the difference on the smaller side (Debit side). Remembering
our double entry rule which states for every debit we need a
corresponding credit. We must now take our balancing amount
of $1400 and transfer it to the credit side of the Balance
Sheet colunm. This difference of $1400 represents our net
income and when transferred to the credit side of the
- 48 -
Balance Sheet has the effect of increasing our capital. As
you will remember income increases our capital and also causes
the debits and credits on our Income Statement and Balance
Sheet to be in balance.
CLOSING ENTRIES
The owner wants to know the results of his business
for each business period, he also does not want to confuse
the results for one period with those of another. It is
necessary to develop a way of starting the INCOME and Expense
Accounts for each period with a clean slate. This is accomplished
by means of clo~ing the books at the end of each period.
The process of closing the books is accomplished
by transferring the balances of all income and Expense Accounts
to a summary account called P & L Summary or Income and
Expense Summary.
Closing the books can be accomplished by following
these FOUR steps.
1. Transferring all Income Accounts to the P & L Summary.
2. Transferring all Expense Accounts to P & L Summary.
3. Transferring the P & L Summary Balance to the Drawing
Account.
4. Transferring the balance of the Drawing Account to
the Capital Account.
- 49 -
At the completion of the closing entries, which
are recorded in the General Journal, the only Accounts ~Thich
remain open are the Assets, Liabilities and the owners
Capital Account.
At the completion of the closing entries an
after closing trial balance or post-closing trial balance
is prepared. This trial balance lists all Assets, Liabilities,
and Capital Accounts. The total debits of the trial balance
must be equal to the toal credits of the Trial Balance.
On the following pages we have illustrated the
journal entries necessary to close the books of the Webster
Real Estate Company which was previously discussed in example
problem number 4, Page 37. We have also taken the closing
entries from the General Journal and have posted them to the
General r...Je~ger and thereafter prepared a post closing Trial
Balance.
- 50
..
DATE ACCOUNT LF. DEBIT CREDIT pm Oct. 30 Sales Commissions Earnea 400 1880 P&L Summary 600 l8BO
30 P&L Summary 600 958 Advertising Expense 500 210 Office Salaries 501 700
Expense Telephone Expense 502 48
30 P&L Summary 600 922 J. Webster Drawing 300 922
30 J. Webster Drawing 300 322 J. Webster Capital 301 322
- 51 -I
CLOSING ENTRIES ,
CASH 100. DATE EXPLANATION LF. -oEBlf CREDIT BALAl'TCE
197X Oct. 1 GJ-l 5000 5000
1 GJ-l 120 4880 6 GlT -1 750 5630 . -
jO GJ·...!l 700 4930 30 GJ'-l 600 4'1iO
!II
ACCOUNTS RECETVART.F. 103
D Lte Explanation LF. Debit Credit Balance O~ -20 IGJ -1 1130 1130
ACCOUNTS PAYABLE 200
Date Explanation LF. Debit Credit Balance mx Oct. 16 PJ-l 90 90
30 DJ-l 48 li8
J. VlEBSTER DRAWING iOO
Date Explanation LF. Debit Credit 'RJ:l~J:lYl"'P
T97X
Oct. 30 GJ-l 600 600 30 GJ-2 922 322 30 GJ-2 322 0
, - 52 -
J. WEBSTER, CAPITAL ~~~ __ T __ ' ________________________________________ ' __ ~ ______________ __
301
GJ-l 5000 5000 J-2 322 5322
• SALES COMrUSSIONS EARNED 400
--------~~---------------=~~~~~~~~~~~--------------------
Date Explanation LF. Debit Credit Balance -~
I 121X I Oct. 6 1 GJ-] 750 1 750
20 GJ-; 1130 1880 ---30 GJ-2, 1880 a ,~
~
--- -- - --- --------.-~--
ADVERTISING EXPENSE 500
Date Explanation LF. Debit Credit Balance 197X ---Oct. 1 J-l 120 120 - p-----
.Lb )J-1 go 210 -. 30 [tJ -2 1 210 0
"'"
t .... ..- .. .---
OFFICE SALARIES EXPENSE 501 -. - -
Date Explanation LF. Debit Credit Balance ~ - --~- -------=------
1..9.7 X I I • -- -- -------
Oct. 30 GJ-li 700 700 --~
30 GJ-2 700 I 0 ---- --.-~-------.---
------ ----
---- --- -- --, -----
~---
-- -- --- ---------
- 53 -
~- -
TELEPHONE EXPENSE 502
• DATE EXPLANATION LF. _DEBIT CREDIT RAT,.t\NGE _o7X Oct. 30 _G_,r ,I' 48 Lltj
30 GJ-2 48 0
~
II
P&PSUMfIlARY 600
Date Explanation LF Deb-it Credit -13ala
197X Oct. 30 GJ-2 1880 1880
- -- -
GJ· ·2 958 30 922 - -- - - --- ---
30 GJ-2 922 0
- - -
-- ~ =-- ------ - -- -
~~ 1_= _____ L ___ '_
f ~ ____ _ -~ --~- --- - ----
- -~J_--____ c-I.I.,.-__ _
- 54 -
J. WEBSTER REAL ESTATE CO .. • POST-CLOSING TRIAL BALANCE
OCTOBER 30, 197x
Cash $4,330
Accounts Receivable 1,130
Accounts Payable $ 138
J. Webster, Capi,tal 5,322
$5,.460 $ 5 z460
-
- 55 -
VOUCHER SYSTEM
The VOUCHER SYSTEM is one method utilized in
establishing control over the making of expenditures and
the payment of liabilities. When we utilize the voucher
system we have eliminated the need for the Purchases Journal
and the Cash Disbursements Journal.
A voucher is prepared for each expenditure,
regardless of whether the expenditure covers a service, an
asset to be used by the business, or merchandise for resale.
The liability, when utilizing the voucher system, must be
recorded as soon as it is incurred.
EXAMPLE
A telephone bill is received on June 8 in the
amount of $50. This bill is paid on June 15th.
The recording of this transaction when utilizing
special journals would be as follows.
CASH DISBURSEMEN'rS JOURNAL
June 15 Telephone Expense 50
Cash
VOUCHER SYSTEM
As soon as bill is received.
June 8 Telephone Expense 50
Vouchers Payable
- 56 -
50
50
VOUCHER SYSTEM - When voucher paid.
June 15 Voucher Payable 50
Cash 50
SPECIAL JOURNALS
TELEPHONE EXPENSE CASH
50 I 50
VOUCHER SYSTEM
TELEPHONE EXPENSE VOUCHER PAYABLE
50 I 50 50
CASH
50
You can see from the preceding example that the end
result is exactly the same regardless 9f whether we utilize
special Journals or the Voucher System.
VOUCHER JACKET
Since invoices are normally received from creditors
in many different sizes it is common for a company to prepare
a voucher jacket for maintaining all invoices relative to one
particular transaction.
- 57 -
The vouche:r.' jacket is assigned a number and has'
blanks on both sides for information regarding the transaction.
When these blanks are filled in we know the accounts
which are to be debited and credited as well as the initials
of the individual authorized to record and approve the
transactions.
The following is an example of a voucher jacket
for the Westwood Corporation.
- 58 -
Front of 'Folder
'VTESTWOOD CORPORATION
SAN DIEGO, CALIFORNIA
PAY TO ... e , •••••••••••••••••••• VOUCHER NO ................. .
• • • • • • • 0 ••••• 101 ••••••••••• DATE •••••••• ,II ••••••••• ~ •••••••
• • • • • • • • • • ~ ••••••••• 0 •••• DATE DUE .......... It •• " ...... ..
DATE OF INVOICE ...•........ GROSS AMOUNT $ .... " .. 0 ••••••••••••••
INVOICE NUMBER ............. CASH DISCOUNT $ ••••••.••••••.••••.•••
NET DISCOUNT $ .. IIiII •••••••••••••• O ......
APPROVAL
DATES
EXTENSIONS AND FOOTINGS VERIFIED •••••• I1 •• ~ ••••••••• r
PRICES IN AGREEMENT WITH PURCHASE ORDER · .................. . QUANTITIES IN AGREEMENT WITH RECEIVING REPORT
CREDIT TERMS IN AGREEMENT WITH PURCHASE ORDER
· .................. . " •••••• • "# •••••• • ' ••••
ACCOUNT DISTRIBUTION & RECORDING APPROVED • •••••••• a , \i ••••••••
(FOR ACCOUNTING DEPT)
APPROVED FOR PAYMENT • ••••••••••••••• 6 ....
(FOR TREASURER'S DEPT)
1. A SEPARATE VOUCHER FOR EVERY INVOICE
2. CONSECUTIVE NUMBERING OF VOUCHERS
3 • NArIlE AND ADDRESS OF CREDITOR LISTED ON VOUCHER
4. DESCRIPTION OF THE LIABILITY, INCLUDING AMOUNT AND TERMS
OF PAYMENT
- 59 ~
Account Number ---------Account Distribution
Date --------------Purchases
Transportation In
Repairs
Heat, Light, and Power
Advertising
Deliver Expense
Misc. General Expense
Telephone and Telegraph
SalEB Salaries
Office Salaries
CredE Vouchers Payable (Total)
Accounting Distribution By
Amount
5. Approval Signatures f.or A. Verification of Invoice B. Recording in Accounts C. Payment of Liability
Back side of Folder
Voucher No.
Date
Date Due
Payee
Amount of Invoice
Cash Discount
Net Amount
Paid by Check No.
Date of Check
Amount of Check
Entered in Voucher Register By
6. Date of Check and Check Number Listed on Voucher.
- 60 -
VOUCHER REGISTER
When utilizing' special Journals the purchases
journal is used exclusively for entering purchases we have
made from our suppliers on account. Other assets of the
business were recorded in the Cash Disbursements Journal
only when they were actually paid for.
When utilizing the Voucher System the methods of
recording transactions are changed considerably. Under this
voucher system, vouchers are prepared immediately for all
purchases and expenses incurred and are immediately entered
into the voucher register. When entered into the voucher
register the appropriate account is debited and the liability
is always Vouchers Payable. When the voucher is paid the
l~ability (Voucher Payable) is decreased.
- 61 -
~A::r~".6W.\ltd"mnn'tM·"JiIU]fA,. . , ) \
·~~..at~'iI6.1I ... ~'N~rJNiI6!JI VOUCHlTH PEGISTEP
PAYi"1ENT " . . ! OTHER GENERAL
VOJCHEI DATE CREDITOR DATE l CHECl! VOUC- PUR- Tl~ANS ADVER SUP- RE- ACCRD LEDGER ACCT. NO. (19_)1 NO: HER bHASES POT(TAJ TISING PLIES PAIRS PAY- ACCT. LP DBT.
JAYABI ~ DR TIOH DR DR DR ROLL NAME CRD I
I CH IN" Dr DR - .. ' 1M? e< "e da"
241 HAY 1 BLACK CO. -- MAY ~O' 632 1,000 1,000 242 2 MIl)\,/EST
FREIGI-IT 3 627 I 50 50 243 4 IJ-lES CO, 4 628 125 125
244 j 5 1ST NATL. DANK 5 629 8,080 NOTES
PAYABLE 24 8,000 INTEREST
~9 EXP. 80 . 245 5 RATHCO, INC 6 631 1,200 1,200 ----z'46-·· ~-- ....... ".- '-S-- ~rrDf.rES'l'- - '
-.~~~:.~ 6 630 110 110
.. "
286 ~Q..JZ....:_ ~~~r:J-. .x. rci' 70 70 . .......-.- -- 30 -287 J. J6NE§ 665 210 ?10 2g-g- - -- ~t'ACrCo. -r,T/6 1,176
~, . 289 31 MID\~EST
FREIGHT 31 666 90 90 -290- --.-. 3Y- PAYROLL 31 667 1,865 1 R(;5 "-
25,875 9,220 640 510 .~7rL .335 3,800 0,900
(21) (51) (52) (61) (14) (74) (24) (\I')
~------~----~------------------------------------
CHECK REGISTER
The check register is nothing more than a simplified
cash disbursements journal. A check is written, when using
the voucher system, only after a voucher has been approved
and recorded in the voucher register. At the point whereby
the check is prepared a notation is made in the "Payment"
Section of the Voucher Register. This is done by recording
the date of the check as well as the check number, which was
prepared for the payment of the voucher, in the payment column.
This procedure allows the Voucher Register to reflect at all
times the vouchers which remain unpaid.
In the general ledger the control account "Vouchers
Payable" should reflect the difference between the debit
balance of Vouchers Payable contained in the check register
and the credit balance of Voucher Payable from the Voucher
Register. The balance of the Vouchers Payable Control Account
should be the total of the unpaid vouchers.
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===-==- . ..-..... - CHECK REGISTER - .--VOUCHERS PURCHASE
CHECK NO. DATE PAYEE VOUCHER PAYABLE, DISCOUNT, CASH
(19_) NO. DR CR CR
--- ~ 627 MAY 3 MIDI.fEST FREIGHT 242 50 50
628 4 AMES COl1P ANY 243 125 125
629 5 1ST NATIONAL BANK 244 8,080 8,080
630 6 HIDWEST FREIGHT 246 110 110
631 6 RATRCO, INC. 245 1,200 1,200
632 10 BLACK COMPANY 241 1,000 20 980
0' .j>
665 30 J. JONES 287 210 210
666 3,1 MIDWEST FREIGHT 289 90 90
667 31 PAYROLL 290 1,865 1,865
23,600 240 23,420
(21) (1)
•
MERCHANDISE I~NENTORY
The MERCHANDISE INVENTORY is the amount of available
merchandise you have to sell in the ordinary course of your
business. A major objective of accounting for inventories
is the matching of cost~'against revenues,from the sale of
merchandise, so that there may be a proper determination of
the income which has been realized.
The inventory of merchandise on hand at any
particular time may be determined by either a physical or
a perpetual inventory. A PHYSICAL INVENTORY is an actual
count of the merchandise which is on hand and available for
resale. A PERPETUAL INVENTORY is a record showing a running
count of the merchandise o~ hand and available. Generally a
perpetual inventory is maintained throughout th.e period and a
physical inventory is taken at the end of the period to deter~
mine the actual inventory. At this point the perpetual inventory
is adjusted to reflect the actual count of merchandise on hand.
There are a number of methods generally used in
determining the inventory cost.
Among these are First-in, First-out; Last-in-First
out; and Average cost.
FIRST-IN, FIRST-OUT (FIFO)
This method of inventory cost is based on the
assumption that the first goods purchased are the first to
be sold. An example of the FIFO method would be the sale
- 65 -
of perishable goods at a grocery store. The first goods
purchased should be the first goods sold.
This method has the effect of giving a relatively
high inventory valuation during a period of rising prices,
and a relatively low valuation in a period of falling prices.
We are selling the goods purchased or manufactured first
leaving the goods (inventory) we purchased last as inventory.
During a period of rising prices we are going to have a high
inventory valuation since the merchandise on hand are the
goods we purchas,ed most recently at the highest price.
Conversely during a period of declining prices the inventory
valuation will be low since our most···current prices will be
declining.
LAST-IN, FIRST-OUT - (LIFO)
The goods most recently acquired or manufactured
will be the goods issued or sold first. The inventory is
priced at the earliest invoice price instead of the latest
as in the FIFO method. The most current inventory is sold
or issued therefore our inventory consists of the oldest goods.
An example of the LIFO method could be the lumber on sale
at a lumber yard. As additional inventory is received it
is piled on top of the existing inventory, thus, the last-in
will be the first sold.
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AVERAGE COST
The inventory is recorded according to ~he average
price paid during the period.
The following is an illustration of inventory priced
according to each of the three previously described inventory
methods. It should be noted that the method used is a costing
concept. It is not necessary to actually move the goods in
accordance with the selected application.
- 67 -
0' <Xl
1975 MARCH 1
ES ISSUANCES LIFO METHOD
5 50 UNITS @ 50¢ 8 100 UNITS @ 60¢ $_6Q •. _0_0
11 50 UNITS Q 60¢
FIFO METHOD 1975 MARCH 1
5 50 UNITS G 50¢ 8 100 UNITS @ 60¢ $60.00
11 50 UNITS @ 50¢
AVERAGE COST 1975 l"U\RCH 1
5 50 UNITS @ SO¢ 8 100 UNITS @ 60¢ $60.00
11 50 UNITS @ 55¢
COST OF UNITS SOLD
$25.00
$30.00
$25.00
$25.00
$25.00
$27.50
BALANCE
150 UNITS @ 50¢ $75.00 100 UNITS @ 50~ $50.00 200 UNITS 100 l 50¢) ~ '1'1~0.00
100 @ 60¢ 150 UNITS 100 @ 50¢} $80.00
50 @ 60¢
150· UNITS (~ 50¢ $75. on lOr. UNITS <I 50¢ $50.0n 200' UNITS 100 Q SO¢1 $110.00
100 G 6n¢ 150 UNITS 50 G 50¢ $85.00
100 G! 60¢
150 UNITS @ 50¢ $75.00 100 UNITS @ 50¢ $50.00 200 UNITS @ 55¢ $110.00 150 UNITS @ 55¢ $82.50
TYPES OF BUSINESS ORGANIZATIONS
All of the previous discussion and examples have dealt
with the operation of a business owned by one individual,
typically we have three different types, of business:
1. SOLE PROPRIETORSHIP
A business owned by one individual.
2. PARTNERSHIP
A business owned by two or more individuals.
3. CORPORATION
An artificial person) invisible, intangible, and
existing only in contemplation of law.
PARTNERSHIP
As mentioned above a PARTNERSHIP is a business which
is owned by two or more individuQls. Since the partners
generally pool their funds, knowledge, skills, efforts,
and goodwill, they should be able to accomplish more by
working together than they could if each worked individually.
The written agreement between the partners is
referred to as THE ARTICLES OF CO-PARTNERSHIP and generally
cover the following:
1. Name of Partnership
2. The names and addresses of the partners.
3. Type of business established.
- 69 -
4. Amount invested by each partner.
5. Provision for dividing profits.
6. Duties and Responsibilities of cash partner.
7. Duration of the partnership.
A partnership has a limited life and legally ceases
to exist upon death of a partner, withdrawl of a partner,
bankruptcy of a partner, agreement between the partners,
judicial/decree, and illegal business activity.
There are three general types of partnerships~
1. GENERAL PARTNERSHIP
Each partner actively participate in the operation
of the business and is fully liable for all its
debts.
2. LIMITED PARTNERSHIP
A partnership in which some, but not· all, of the
partners have complied with the limited partnership
act and have, as a result, limited their personal
liability to the amounts which they have agreed to
contribute as capital. The limited partner, if he
has made contributions in accordance with the
limited partnership act, cannot be called upon for
further debts of the firm in the event the firm is
unable to meet its obligations. The limited partner
- 70 -
;, 1 mE ...,
may not act as an agent or participate in the
management of the business. A limited partnership
must have at least one general partner.
3. SPECIAL PARTNERSHIP
A partnership which is formed for one purpose and
ceases to exist when that purpose has been ac,complished.
The following are five types of partners who may be
associated with a partnership.
1. GENERAL OR ACTIVE PARTNERS
Participate in the management of the business and
are recognized as partners.
2. LIMITED PARTNERS
Partners whose liability is limited to the amount
of their capital contributions. They do not
actively participate in the management of the
business.
3. NOMINAL PARTNERS
Partners who have limited or no financial interest
in a firm but have permitted themselves to be
identified as partners. As a result, when persons
have relied on such representation, the nominal
partners may become just as liable for the debts of
the firm as are general partners.
- 71 -
,',
4. SILENT PARTNERS
Partners who have a financial interest in the firm,
but neither participate in its management nor are
known to be partners.
5. SECRET PARTNERS
Partners who have a financial interest in the firm and
actively participate in the management, but are .. not
known to be partners.
Generally the only difference between the financial
statements of a proprietorship and the financial statements
of a partnership is located in the owners equity section of
the Balance Sheet.
The following example illustrates the owners equity
section of a Balance Sheet assuming both partners beginning
capital balance was $20,000 and a profit of $17~OOO was
realized. Since there was no specific agreement as to how
profits would be divided, they are split equally between the
two partners.
- 72 -
CAPITAL SECTION OF BALANCE SHEET OF A PARTNERSHIP. PROFIT
FOR PERIOD IS $17,000.
CAPITAL
Benjamin Cahill, Capital (Beg. Bal.) 20,000.00
Share of Net Income for Period $8,500.00
Less: Withdrawals for Period 5,000.00
Net Increase to Capital
Benjamin Cahill, Capital (Ending Bal.)
Edward Jones, Capital (Beg. Bal.)
Share of Net Income for Period
Less: Withdrawal's for Period
Increase to Capital
Edward Jones, Capital (Ending Bal.)
TOTAL CAPITAL
- 73 -
8,500.00
3,850.30
$20,000.00
4,649.70
$23~500.00
24,649.7Q
$48,149.70
CORPORATIO~-i
A corporation is owned by the stockholders, but the
stockholders do not normally participate in the management
or operation of the business. The corporation is distinct
from the people who own it, but it possesses all of the rights
of a natural person except those obvious rights such as voting
and marriage which only a living person may exercise.
We generally have two types of corporations.
1. PUBLIC CORPORATION
A corporation formed for a government purpose. Eg.
utility companies, municipality, towns, state
universit-;ies etc.
2. PRIVATE CORPORATION
A corporation formed for private benefit and for
the eventual gain which may accrue to the stockholders.
A corporation is formed under the authority of a
state~ or as a result of state or Federal legislation. The
corporation will generally make application to the secretary
of state in the form of Articles of Incorporation, requesting
authority to operate as a business entity. -The Articles of
Incorporation generally contain the following:
1. Name and principal place of business of the
corporation.
- 74 -
. '
----------------------------------.~
2. The type of business activity to be conducted.
3. The expected life, in years, of the corporation.
4. Maximum numbers of shares 'of stock which may be issued.
5. The par or stated value of a share of stock.
6. The names and addresses of the incorporaters of the
corporation.
7. The names and addresses of the directors who will
serve until their successors are chosen.
8. Additional information required by the state.
The following is an illustration of a corporate
Balance Sheet.
- 75 -, "
".l:>rent .:'.ssets:
THE ~ORRIS MFG. CO., INC. BALANCE SHEET
DECEMBER 31, 19XX ASSETS
'::asi: ............................................... ' .. "fI'.'. ~ ... l ........ $ 17',400.00 .::l..ccoun:s Rece:tvable.................. $40,000.00
~ess: Allowance for Bad Debts ........... 800.00 :=:s~imat'ed Recovery Value .......................... 39,200.00
:nven~ory--Raw Mater1als ............... $15,000.00 !nven~ory--Work-In-Process ............. 32,000.00 :nven~ory--Finished Goods .............. 10,000.00
~otal Inventories ................ p •••••••••••••••••• 57,OOO.00 Prepaid Expenses .............................................. t. ........ e 1,500.00
Total Current Assets ........•...............•...............•... $115,100.00 "ixed Asset s :
Machinery and Equipment ................ $52,000.00 Less: Allowance for Depreciatton ..... 22,000.00
Depreciated Cost ............•................... $30,000.00 Furniture and Fixtures~ .•.........•.... $12;6oo.00
Less: Allowance for Depreciation .•... 5,000.00 Depreciated Cost .............................••... 7,600.00
Total Fixed Assets •••••••••••• O ••• fI •••••••••••• \r •• ~ •••••••••••••• • 37,600.00 Total Assets ................................... ',............... 00.0
LIABILITIES ;urrent Liabilities:
Accounts Payable ..............•.............. ~ •..•.. $46,500.00 Accrued Expenses Payable •.•.......................•• 2,400.00 -:'axes Payable ........................... 0 ....... iii.................................... 3,500.00 Federal Income Tax Payable ......•............•...... 1,920.0Q
Total Current Liabilities ................................ : ...• $ 54,320.00 STOCKHOLDERS' EQUITY
;a'Oital Contributed for Shares: Capital Stock--$lOO Par Value:
Authorized--l,OOO Shares ...••..................... $lOO,OOO.OO Unissued--- 250 Shares ................•......... 25,000.00
Issued--- 750 Shares ............................ 75,000.00 ~etained Earnings (Schedule A-l) ........................ 23,380.00
~otal Stockholders' Equity .....................•........... ..•.• Q§,389,QQ Total Liabilities And Stockholders' Equity •...................•................... $152,700.00
THE MORRIS ,f1FG. CO., INC. SCHEDULE A-I
RETAINED EARNINGS DECEMBER 31, 19XX
~a~ance January 1, 19XX ........•.............•.......... $18,~OO.00 Jet Incorr:e for 19XX ... ~ ....... 0............................ 4,ll80.o0
':o:'otal--December 31, 19XX ...............•........ ' ......... $23 2380.00
- 76 -
Glossary
ACCOUNT: Record of day-to-day changes in itemS that appear on the balance sheet or income statement. See also T -Account.
ACCOUNT, NOMINAL: Temporary account for an item appearing on an income statement and closed to a balance sheet account at the end of an accounting period.
ACCOUNT, REAL: Account for an item appearing on a balance sheet; distinguished from nominal account.
ACCOUNT PAYABLE: An obligation to pay an amount to a creditor.
ACCOUNT RECEIVABLE: An amount that is owed to the business, usually by one of its customers, as a result of the ordinary extension of credit.
ACCOUNTING, COST: The process of collecting material, labor, and overhead costs and attaching them to products.
ACCOUNTING PERIOD: The period of time over which an income statement summarizes the changes in the owners' equity.
ACCRUAL CONCEPT: Net income is measured as the difference between revenues and expenses rather than between cash receipts and expenditures.
ASSET: Prop~rty or property right owned by the business which is valuable either because it will be converted into cash or because it is expected to benfit future operations and which was acquired at a measurable cost.
ASSET, CURRENT: An asset which is either currently in the form of cash or is expected to be converted into cash within a short period, usually one year.
ASSET, FIXED: Tangible property of re1.:atively long life that generally is used in the production of goods and services.
BALANCE, BEGINNING: The amount in an account at the start of the accounting period.
BALANCE, NEW: The amount in an account at the end of the accounting period; the difference between the beginning balance plus the increases minus the decreases. The amount reported on the next balance sheet.
BALANCE SHEET: Afinancial statement that reports the 'assets and equities of a company as of a specified time.
BALANCE SHEET, CONSOLIDATED: Aggregate accounts for the various categories of assets and liabilities of a corporate family.
- 77 -
BANK RECONCILIATION: A comparison of the customer's records with the x-ecords of the bank.
CAPIT AL EXPENDITURE: Payment for an asset.
CORPORATION: An artificial being, or business entity, which is legally separate from the persons who own it.
CR: Abbreviation of Credit.
CREDIT ENTRY: An entry on the right-hand side of an account. The record of a decrease in any asset account. The record of an increase in an equity account.
CREDITOR: One who lends money.
DEBIT ENTRY: A left-hand entry. The record of an increase in any asset account. The record of a decrease in an equity account.
DRaT: Current and noncurrent liabilities; 1. e., equities of creditors.
DEPRECIATION: Portions of the cost of an asset ch.!U'ged off to expenses according to a predetermined plan; includes obsolescence.
DISCOUNT: Amount by which the face value of a financial instrument exceeds the sales price.
DIVIDEND: Portion of 'profits distributed to stockholders.
DIVIDEND, STOCK: Dividend paid in the form of shares of stock in the issuing corporation.
DOUBLE-ENTRY ACCOUNTING: The usual type of accounting in which two aspects of each event are recorded.
DR: Abbreviation of Debit.
ENTRY, CLOSING: One step in transferring the balance of an account to another account; an entry' reducing one account to zero and offset by an entry increasing another account by the same amount.
ENTRY, LE FT -HAND: See Debit Entry.
ENTRY, RIGHT -HAND: See Credit Entry.
EQUITIES, OWNERS': Claims against assets by owners.
EXPENSE: A decrease in owners' equity resulting from the operation of the busines
EXPENSE, ACCRUED: A liability account arising from expenses that are incurred prior to the related expenditure; example, accrued wages.
- 78 -
EXPENSE, PREPAID: An expense recognized after a relevant expenditure; an expense for future benefits.
FIFO: The first-in-first:out method of inventory valuation; which assumes that the goods that enter inventory first are the first to be sold.
FISCAL YEAR: An accounting period of one year not starting on January 1, and ending December 31 ~
GOODWILL: An intangible asset representing the difference between the pruchase price and the value of the tangible assets purchased.
INCOME, NET: Excess of total revenues over total expenses in a given period. See also Accrual Concept.
INCOME STATEMENT: An accounting report of the extent to which the owners' equity has increased or decreased during a given period of time, and the specific factors responsible for the change; a statement of revenues and expenses for a given period.
INTEREST: Charge for the use of money.
INVENTORY: Goods being held for sale, and material and partly finished products which upon completion will be sold.
INVENTORY, PERPETUAL: Areocrd of the cost of each individual item.
INVOICE: Bill for goods delivered, or services rendered.
JOURNAL: Book of original entry; a chronological listing of transactionse
LEDGER: A group of accounts.
LIABILITY: The equity of a creditor.
LIABILITY, CURRENT: Obligation that becomes due within a short time, usually one year.
LIFO: The last-in-first-out method of inventory v~luation which assumes that the goods that enter inventory last are the first to be sold.
LIQUIDITY: Ability to meet current obligations.
LOSS, NET: Excess of total expenses over total revenues in a given period.
NET WORTH: The excess of asset value over creditor claims; Assets - Liabilities = Net Worth (Equity).
NOTE: A written promise to pay.
- 79 -
NOTE RE CEIV ABLE: A debt that is evidenced by a note or other written acknow ledgment.
PAR VALUE: A specified amOWlt printed on the face of a stock certificate; not to be confused with market value.
PARTNER: One of the owners of an unincorporated business.
PETTY CASH FUND: Established for a small payment (postage, etc.) to avoid writing cheeks for small amounts; flmd should contain cash and receipts for money spent.
PHYSICAL INVENTORY, TAKING OF: Counting all merchandise on hand, usually at the end of an accounting period.
POSTThlG: Transfer of an entry from the journal to a ledger account.
PROFIT AND LOSS ACCOUNT: A temporary account to which are transferred revenue and expense accounts at the end of an accounting period.
PROFIT, GROSS: .Sales minus cost of goods sold.
PROPRIETOR: The owner of an unincorporated business.
REVENUE: An increase in owners' equity arising from operations.
ST ATED VALUE: A specified amount usually set near the amount the corporation actually receives from the sale of stock; the amount at which stock is recorded on the balance sheet.
STOCK, AUTHORIZED: The number of share authorized by directors, for issuance to investors.
STOCK, ISSUED: The number of shares of stock actually sold or distributed by a corporation.
STOCK, OUTSTANDING: Issued stock less tresury stock.
STOCK, PREFERRED: A class of stock entitled to preferential treatment with regard to dividends or with regard to the distribution of assets in the event of liquidation.
STOCK CERTIFICATE: A document evidencing ownership in a corporation.
STOCK SPLIT: An exchange of the shares outstanding for two or more times their number.
STOCKHOLDER: An owner of an incorporated business, the ownership being evidenced by stock certificates.
- 80 -
SURPLUS, CAPITAL: An increase in owners' equity not generated through the company's earnings.
T-ACCOUNT: Fbrm for recording increases and dec:Leases on either side of vertical line, with account title on the top. See also Account.
TRANSACTION: Each business event that is recorded in the accounting records.
VOUCHER SYSTEM: A control system within a company for ca'sh payment.
WORK SHEET: Prepared by an accountant as a way of organizing accounting data.
- 81 -
FRAUD PROBLEM #1
On pages 83 through 106 we have a complete set
of books of the XYZ Company. You have been contacted by
William Padgett, president of the XYZ Company who advised
you that his company appears to be doing well but the profit
for the XYZ Company has been decreasing each month.
Mr. Padgett advised that he has an accountant,
Robert Williams, who is "responsible for handling all of the
accounting as well as making all deposits of cash. Mr. Padgett
advised that he is of the impression that Williams is living . beyond his means and may possibly be embezzling from the
XYZ Company.
Mr. Padgett provided all the bOOkS and records
of the XYZ Company for the month of March.
- 82 -
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-.. -I ;
FRAUD PROBLEM if.2
The investigators will be given the background of
this case by the instructor.
- 107 -
.. -.
LESSEE A. Suspect lYPE NAMES OF ALL LESSEES
DEPUTY TYPE NAMES OF ALL DEPUTIES
INTRODUCTIONS. AFFILIATIONS REMARKS, ETC.
Columbus lsI A. Suspect PASSWORD LESSEE
~
PASSWORD LESSEE
. BILLING DATE
6/15 PASSWORD LESSEE
DATE RENTED
·6/15/xx PASSWORD DEPUTY
R$~TAL 0.50 PASSWORD DEPUTY CHARGE ACCT.
i
!i3!1 ______ . _____ . ______ J~J:Bl:1":1~~t:t:l~u~T~E:J~C1N~vr: IDENTIFICATION
NAAlI NAMl NAME
~-. Suspect /:" . ./:,' oJ
flMbNCf1a inS t. -:':" '~;1 ~
Virginia ! Rt~O[NCf flESlDlNC~
4i'1!3564 !'HOllE !'HOrlE
"",. Wln, Place & Show fiRM flRU
~i!¥ax. Va • ADDIII!!!! "DOllt!I!! . . ,
P'HOH' 'jle;1fONE P'HONI
249-1939 .. rt;8j"~! MAID I'" 1'1 ... 1011 II ;:;"T"EII" ".AIDEN NAME I MOTHI"'S "''''OIN NAMI
'Y rowne ~
CO~OIl 0' !'AlII COLOl! O~ HAIR COlOl! 0' HAil'
Br.own COI.OJi 0' EYES COLOR OF IY£S COI.OR O~ ~HS
~lue ~l-I\:;N' HllGHr HEIIi"'
,._ .... , WIIGICT
~90 WEIGHr WIIGIfT
"EMAIIK! "'MAIIKS REMARKS
~OB 5/24/34 ,;)o~. ,;)e~. ff ~11-'I-.l::1't1
- 108 -
~lIIIIItWllIlllllllllllnIlIJIIIUI"IUIIIIIIIIIIIIIIIIJllIIlIJlIIlIIllIIlIIIIIIIIIIIIIIIIII\IUI\IIlIllIllIlIlIIllIlUIIIII1II1111l1l1lln1l1llUIIIIIIII\IIIIII,!g & §
§
80Je
-=
Record of Safe Deposit Box Entrance
ACCOMPANYING
PERSONS
== ~ ~
BOOTH NO. ~
I ;: § a
I I i
RKM ATTENOAN't I
SIGNATURE OF BOX RENTOR
lsI A. Suspect PASSWORD
Columbia BOOTH EXAMINEt} BY
5 RtII_IIIIItIl\!l;iIlUUnJUUIIIIlIIIIIIIJIIlIIIUllllllllllllllllllllllllllllllllllilIlIlIllIllUlUllllllllllwlllIllllllln1II1111111nllllllllllllllllllll\llllli
eo •••• 234 A. Suspect . ;. 4
RECOIlD 0' VISIT$ -SAFt: DEPOSIT CU. NO. I·UU I • =-= ••••• e ••• ••••. . .....
. - ,,;-.. _. 0. - '~t~l~O Ht ~ l .. (It. "'~~'J.~
6/1Sh3 AS '9/17/73 AS
1/8/74.AS 4/7h4 AS
6J3n~1. AS 6/10174 AS 7112n4 AS
- 109 -
A. Suspect lOOO'Ma;i:n St Springfield, "Va
UAI.ANCE TOTAL AMOUNT No, LA-57 STATU.IENT CHlCKS ChClcka
1,201.50 ·25,972"lE 11
CHECKS
200.00 27.50
58 .. 00
94.5'0 10.00,
223.52
312.07 14.50
14.79
25,000.0 ~
17.30
1 __
I I
No, TOTAL AMOUNT 0., DepOSITS
00111a
2 26,000.00
DEPOSITS
Balance
. 1,000.00
25,000.00
( ........ !~ "fa'" " - C·' n ,,.,.., '\" ,\. _ I "I- ,\" r; 41' kI .' ..... 6; .. ,,\Ii. ' .. , ~ I.!
ACCOUNT NUMBE.R 123-456-7
STATEMENT DATE Junp 24.. 19',7.:4
bALANCE TIiIS STAT£.MENT ------1,229.32 J
OATf. bALANCE
5-24 1,201.50
5-25 974.00
5-28 1,916.0()'
6-02 1,81J..5'O
'6-05 1,587.9'8
6-08 1,261.41'
0-10 2E;,246.62
6-15 1/246.62
6-20 1,223e32
PI.EASE COMPARE ffiTH YOUR HECORDS AND RC-90RT ANY ')IFFEr,ENCE F'nOMPTLY -,
- 110 -
.," ,"''I, "., ... . ' '-' .. .. ' ..
A SUSPECT 1000 ,MAIN STREET SPRINGFIELD, VIRGINIA
." ·_-·-,.,-.- ......... x·.·. =- "~"".l"'" .... P!:" . ..),].(!~I\J.IJ·"""·~r'''"'.'·:lJ'"r .. I , .. '~"'I't!" J ··~~'.I'-J.,·.·:;r:<.:.I~;' ··'f"" .. "'~;1-:1 ' .. l' \1-'-1 \,I.,~,~f ,.... • - • ~ "f~~ • .;.:'~: .. J 1!-.. /-1' 'I.~";: I, j " . ~'-1' ~;:-. • .!.;~ .... ~.\.:!.::. . .,-..... ~ ..... ~~ .. -' ~ .... -~' .. '~~ .. .:~~.""'~ ." .~;t;~~~;;~~ ~"f 30 f7~ 3--'-' -'-·7-1~~~'-='· .~7""'8-""""':· ~:.........-;
149.10 ~21 1173 7010.68 37.60 29.40 1~2i 4173 6943.68
174.00 200.00 11218173 6969.68 19.26 . ~2110173 6950.42
407.19 112115 173 6543.23 17 .18 112'16 173 6526.05 86.50 12\19\73 6439.55
110.15 32.60
130.60 164.50
./
; . 1.1.
'.
156.80
". '. t '
"155.10 12.120173 6594.65 12122173 6484.50 12124 173 6295.10 12126 173 6164.50 12130173 6000:00
I I ! .
, .," .. , '. .. / .. , "
- 111 -
NO. 0;: DEBITS
II! 1 1 I
. 1 I I I I I I
< I I I I 1 I I 1 1 1 I I 1 1 1 1 ! 1 1 i I I I I I 1 I I 1 1 i 1
I ! I 1 I 1
~--. "'7: ....
:_;~'(,:~'1i~2Yii~~i.1~: .
A SUSPECT I 1000 MAIN STREET
SPRINGFIELD, VIRGINIA
32.00 6.,07
2S.00 22S.00
15.00 7.S1
276.03
18.75 25.80 lS.00 10.00 12.01
):,'f .~~ i·.:'
26.05
20.00
130.10
, I I I I I
2508.44 2450.39 2444.32 2399.32 2174.32 2029.22 2021.71 1745.68' 2113.16 2062.81 2037.01 2022 .• 01 2012.01 2000.00
/., ,
" :" ::·::~~:~~,'~P~t~~,"~
•
... lit ~ CJ ... ... .. -til o .. III o
OI~OSITED 'IN
THE NORTHERNVU{OINIA BANK SP""otteld. Vlrglnl •
'''IU'C' 10'caNCI~'" "'16".0 .. 'Me .. ." .... IIDC .. 'MI' 'tIC."
NAM f.: A, ~UIDe,t
ADD-.I:SS Springfield. Va •
DAT f.:_--,_J ... u .... ";,;;e_' .... 10~ _____ -.-1 v 74
-113 -
L •• I·Y
~----~--~------~---
TOTAL $
,.toV "TO 0JHE DATE __ J_u ..... n~e-=..:15~ __ 19 ~ !,-150/5IO
OIlD~~ ~1F __ CASH I ...
l\'lenty fi ~:=~-~--~."""------- 2 . -;1.>' _ ve thoysand ~d ___ n_ S 5.0QO.OO
A. !';uspect Spr";ngfield, V a.
• r" '1. n....... ,------ . ' . ~(' ,JUI"U 118m out",,·'· bank'···J ,m, ---- .. --op/100 .~ ."' 'IJ H ltID11a
. .,. .... I'IIILD. YUlI!IIIM"
'DOLLARS
N' ........
- 114 -
•
, ,. .... "" .......
r:ARB-OUT MMUVAc::r\jU •• ., ClII.UIC. e,,_ "''1_ .....
For Deposit Only o'i National aank of Washington " .... :DO( B.ache .. Co. ,< ~S ctI
0 ~ 21" ::r ~
> 0' ~ r·, c: en
(I) ~ ,= :J: CI..
\ n 1 ~ - 1 en
111 I' ::r 1
::g 1
Nit'l Bank (I) of
Washington t- O ~ , 15-7 ...
-Jun'. 23. 19xx 0 :r: Ln
fT1 ~ 0 0 I en 0 ;1\ "D -12 ::::I Ln Z
J 0 (j)
" i '- "1'1 ••
\ iii i , . j' p ~. I Th.· Nort"'rn I ! g. 1 ~ca Virginia hnk 1 :J ...... 1 G') ......
11-750 .a '" 1 z:l ...... 1 Jun. 24, 19xx ~ -m· D"J > • '.a I\)
-\1
~I I 0
" ~ .. c:
:::I :::I n 0 (1) ~ ....... en -' -' ::r 0 0 0\ .... 0 (1) U'I ~ . ., ..
0 • 0 0 -. ~ c 8 CII
,i 0 (,D ., r- Ift ....... .. r c.CD ,~ » I' S~ (,D
., :u 0 ~ tn
L.
- 115 -
for Deposit Only Natiomll Bank of Washington Bache & Company.
National Bank of
Washington 15.7
June 25, 19xx
The Nor~herri Virginia Bank
.68-750 . June 26, i9J9(
TICI ... D ... I. A
CARS-OUT M&NU .. ACTU8CO .v DIUU.1 eN tel "INYI8.. INC,
~~ .... '~~'-"':'.';1 'PIlI •• 1'=:.:;. ....... -. . . . .,.
';0" " , ,
21'< 1:-3 ~g
~ 0 :a .. rt 0% :7 :ti" 0 en c:: en
J: 01 n ;:l 01 0- m .... ::r
ITI I. I I
AJ rt .. en ~ () ~.
~ •• I 0 :t LI'I
JTI D'l 0 0 = III 0 ~ ." ~ :u ui Z
I 0 G) '1 - , ~
." I, •• iii i 2'
~ r .
,I, P $. s ' i 0 ;:5ca i
I
0 I . -.....: I ,~ --',.e m I ~z ~ ...... .. - 155' Q~ > . 'ell n II)
01 ;i -':1 'm ! ::r
1-" 0 III o,.~ 'it t'1
t I I ~ I
,I I I
;:l III
i ;:I,. I-' 0 0'\ ......
~ I-' 0 I-' ..... 0 0
• 0
I. 0 -0
~ • 0
0
~ 0 CIt ,I 0 (,,0 ., r Ot ~ " r tJlCD
~ (,,0 > en' :u oUf Cb
.! (J) 0 . L..
- 116 -
:=.
I I I Jl
J
~ ~ " f, , ,
ti p .,.
-:,J,
'.
fc,r Deposit Only l\;C;ltional" Sank of Wa'hiIl~ton !:lGiche & Co. '
National Bank of
Washington l5.7
June '27, 19xx,
The Northern Virg~ia Bank
68~7S0 June 30 t 19xx
to· •• 0 .." Ir' 0 -• 0 '"\2 Ln 0 -•• 0 0 .a'
IP '.a '"\2 I 0 'i
, I
J. " ., • 'I IJ ~! , L..
- 117 -
TN'. ,.0." .* A CAR e-o UT , ,
_"".~'o ." OCLu)lI c .. ~C1t ""IIITC"., INC.
.... ::: .. ".~. ..... tu: .... .:t~.·n , .
l-3 o~ ~ 21'<
0""
0 l-3 1'1 0 ::s' ~04 g ..
)- 0" en :'I fli III
m ::1 0-
X n III '- en
1"1' ::s' I
:tJ I' .. I m 0 ~ J: J11
Ii 0 ~
~ 0
i :I~ l'I,nti ... tI~ ,I ...... ij '" UI!' I -te' ::J Ii) M ..... ' •
........ ~~ en . . . ...e.
........ >U)
J ..
N n N ~. III § -' CJl
I ::s' 1-'- l.JI CTl ~ 1'1
§I , ' ::1 '~ I CTl'
~ I. I f-I I
ih '" I ::1 ,.." 0 f-I
........ 0 • f-I
·1 0 0 -0 0 <0 0
• I;;: c 0 GJ1 0 0 (0
" r- Io' ~ . UlCI .,.' CD tf > 01' oUf lJ 0
CD (J) I'
" . _ ........ ...1
-------- ---~-
For Tellers Uie Only Cash items _._u Counter Cosh Box Vault Description .. Amount
____ 0,
50-100 2 000 - 2 000 - Series E Bond Cashed -_._, -20 1 000 '7 500 - Savings Stamp BOok '--, , ~
10 500 - 300 - John Smith 2,000.00 _. 5 - - Jane Doe 1;500.00 -----------~
2 300 - 500 - 25 000 - A. Suspect 25,000.00 --1 - 8 000 - B. Jones 8,000.00 _.-_ ... MlJt B. Black 3,200.00
BOll:
Total
Silver 1
H~lv;i}s 50 - 50 ---_. Qu~:'te" 50 - 100 -----Dir"c~ 50 - 100 ---Nickl;1~1 20 - 50 ---Pe~nifJs 20 - 50 -
-
. .~
.
June 16, 19 74- 39,700.00
- 118 -
- -----~------ ~ -. -~~-~~~--~- -~~--~-----~------''------------~~---~---,- -.-,
nl
~~II'
I
I
.-.-co I
December 31, 1974,
DAlE QUANTIT'I QUANTITY ..... , ••• u .... ~ .... III." ••••
6 19 100
6 19
6 20 100
6 20 . 6 2·2 200
6 22
9 20
11 10
A. Suspect Springfield, Va.
D&5CRIPTION
AB~ Co:tporation
Check
ABC Corporation
Check
DEF Corporation
Check
ABC Corporation
DEE' Corporati.on
Position:
@ $1;.00
@ $0.25
200 Shares ABC Corporation
200 Shares DEF Coq.:-;:;ation
.,ou" .• eeOU'N~ NUMBER
23456'78
PR.CIt .Oll. .v .. aOL.
ioo
100
25
Div ..
DIV
IINDLY MENTIOII YOU. aCC:OUNt MIIMnl WilE • • ,FE •• IIIG '0 flU •. 11'''.111' 01 OtHUI hAII!ACTtOttI.
aIlOUII' .,1&,," . ICH'ItGID. '0 YOIHI i~cou.,
10',000.00
10,000.00
5,000.00
"rATC::WENl' OF VOUIt· StCUiut\> AceOI ~';Tnl
I 'A.CIIJ~ & Co ':uulleltd .879
...... , "fie ...... ,,,,1 •• 1,. .... 1 ...... ,,: .. \I10U rlcl "'~, ...... t.u .......... I"" u,",. " •• ..-. ,tcc. __ 1> (." •• ~'I
:". ,.- .\I.'.Sl', • NI!W Vou" :So
-ANOUNT CN':OITIlD ."LANCe TO ~R "CCOUNf ca,. TYfI. Of' "ce·
10,000.00
10,,000.00 -0-'
10,000.00
10,000.00 .0-
5,000.00'
5,000.00 -0-
~~OO.OO 200.00
50.00 250.00
.KINDI.Y DIRECT·INQUIRIES CONCERNING THIS STATEMENT TC> ,ttl' _ACHIE O,"TICE VlHIC .. SERVICES YOUR ACCOUNT. aEIE REVERSE IiIDE FOR ADDREa. AND TELIEPHi?"1E NUMUER.
INDIVIDUAL SAVINGS ACCOUNT . Th. und01'llgnad hereby 10\,_ 10 Ihe conditions printed on ttle rev.,..sI. of thll cMd.
Slgnhore-Mr. ()~ lama USA M'G., Cililen 01 .... • . .. ~ ... -------
·MiiiiT,;god~retf· S· t';'"" A ~ 2231°2:,, ___ _ 10QtLM~t...._p.rJ,.n~~L~ .. ~ Ij;i'ployment (firm nama or Gov t Agency) _________ ~
!!F" Place & Show c;c;u,p ion d SeJ. -employe
Home phone Offin PMon • .249-1939 Date Of birth .
~2~/34
DepotHor'. ContrIlCt
In making deposit, the depositor agrees with The iii"", Bank 01 Washington, Wa8hlngton. O. C., lhat II.ml r"ceived for d'POlit or collection are accepteo on tha following terml and condition.: This bank acta only as dapo.ltor', collecting Bg.nt and aSlumos no resPOn.lblllty 'beyond It. exercl .. 01 due cara. All IIams nra cradlted aubJect to IInal paymant lind to receipt of prOCeed. 01 IInal paym.nt In cash or solvent .credlls by thle bank " lIe own ollice. ThIs bank may lorward Hem, 10 corre'POndentl and ahall nOI be liable for delault or'negllg,nce 01 correspondenls lelected with due care nor for 10"'11 In tran.lt, and each correS]londenl shall not be lIabla except lor lis owr, negligence. Itema and Ihllr Proceeds may be hand lad by any Federal R ... rv, Bank In accordance wllh applicable Fldara1 R'.arv. rul .. , and bY Ihl. bank or any cO"lIpondenl, In .ccordlnca with any common bank Ullg., with any practice or prOOll. dure thai a Federal Rea.rve Blnk may use or permit anolher bank 10 use, or wllh Iny oth.r laWful mllnl. Thl. bank may chlrge back ai Iny' tim., any 110m drlwn on thla bank II, within thl bank'a normal handling p3rlod for luch item. It I. nol to, be honored Igllnlt the drawer'l ac~ounl. An Itlm recllVid aftar thlD bank', /lgular attarnoon clo.lng hour ahall bl dllmld recllved th. next bUllnlal day.
Wh.n IIams Iro lort.d and POItld ellctronlcally. III, bank "Iuma. no "ej)Onalblllty for damage or dillY du. to the d'PO.llor'l "!lure to UII properly cod'd ch.ck., drattl or Olhar Inatrumlnl. IIII/Id by tile bank, or due to the UII of Such checka or oth., Inalrument. by Inother with Ihl d8po.'lor', knowledg.,
The daPOlltor haa rlid the rul .. Ind rl/gullllon. at thl Savlnga' Oapertm.nt now In Illact and All,... ,thereto .. Notice of anY·lm.ndmtnlii 10 th .. e rut •• will be glllln bY PO.tlng lime In th. lobby of the bailk.
Accounf' on which no depOSit, or withdrawal. have btln mad. lor three yeara may be plaCId In 1M Inactive fedger, and Inactive Iccount. with balance. 01 III. ~n $10.00 will be .ub/act to • II/Vloe charge of '1.00 por annum, not 10 8lICIId .ny remaining balance.
- 120 -
.. 1161 • ···V. 2~91
tlfl RIGGS NATIONAL BA1UC
STATEMENT OF SAVINGS
PLeASE READ INSTRUCTIONS ON BAC!(
q WASUINGl'ON1 D. Co
A. Suspect Springfield, Vaa
Aca. NO. soc. SEC. NO. SA7-12~57 211-17- 3941
DATE DEPOSITS WITHDRAWALS
BALANCE FOWIA2£)
10-1 .. 73 11-1- 73 $400.00
12-10·7 50~00
. INTEREST - VEAR TO DATE ~
$185.00 W INTEREST PAID THIS QT~ •
$50.00
-.121 -
aoSf OF ~U~NeSS. 12-31... 3
BALANCE
$4,550000
4i950.00
5,000.00
Tko IDGGS N'j.:tJ,.'Ol\;f}\ y~ B .. 4.:N}~ e:} ~.vA.S31.\iGtol\t :0. Ii!
STATEMENT OF SAVINGS
PLEASE READ INSTRUCTiONS ON BACK
A. Suspect Springfield, Va,.
AceT. NO.
.SA1-12457
DATE
10-1- 74
11-15-74
12-11-74
soc. ~c. NO. 211-17- 394l
DEPOS~S ,-' ...... : L .
$375.0'0
125.00
--I ..
I .
~ -, ,_.,
m INTE.~ST· YEAR TO DATE ~ S S375 .. 0q t2 $125 .. 00
- 122 -
Cl.O:~·OF OlUSINESS
'J:2 ... :n-74 " '. ...... .,.,' .
WITHDRAWAlS ! ~AI.ANCE ., ,".. ..' ..
$~,ooo<>oo
,,', ~ 8 4 375000
--.~~~~ .. -.------...--~---------------- -~-~---- ---- ----- - -
CAR INVOIce ------
A. SUspect SprIngfield
UNO£AV CADILLAC COMPANY \525 KENWOOD AVENUE PHONE ~3~3S!)
IoLEU4.HDSUA. VA. 22102
DESC~1!p'rION
OP lmTOa vruUCLB
lAorOll H\.IMSeR as 246357
\Jr::IUJ\~ ~1m6£J1 1E 479137 MCDa 12-12
E02l'l "h'LI!; 2 Dr.
'(;>!I. ICtV 12345
YlOUlltt'l(itY 34%7
~£w 011 us£o Nl:M
ftJ'.U!$t!U:.l-J Ta.lr:Pltr~;:: CI,n 'i'~"'1)~\) 1965 k'tcmbla:
00483
/
' Ti:IeD·lli OF TI!;;; COW1£?ACT
"'~'l.~C!t crl.'.m.'l1N Riggs National. Bank
~V:~:::.Il'HW I 250.00
EI\CH P,"VAIlLE ON TH£ 4- ttl Ol<Y
OF EACH MONTH DEG111Nl)fO 1\ OV. 4, 1973 SUl-.iMARV (iF INSURA!~;:€ CO'lHiS.CE f'1il£ e '11':",:1
t/lEn- ~ tt(i;t.
Ctl·:,l";;.!il!!::l$r,;f. f£ tt:,;.1
cauls/oll-ups:::r S TERM ca.". a 1".1- II T~';;.l
=--=:-~T:.:;:~~=~~~;~:::iC:~ ;rr====
.:. .• ,:;.=._~:-=-:".,,-:;:::;.=.:' .. ~::' ::::=, .. -:==.~=,=:,:".=:_':=-.=-::===-:"=-::;~=::-~-=.,,,,,:=_-=--::f1.f~rJ,1-0-_g!:i l.l£g,Ff£i!l"flE,Y.. _ $!:LDe, 
CAR INVOrCE -- ._-
~ CAC ....... "·c
DATE 7/10/74.
SGLD TO
A. SUspect Springfield
sr.Lt':SMAn T~!.£PI-lOIJ[
LINDSAY CADIllAC COl1l1PANY lS2SKENWOOO AVE~
"'T!J ' . ,,', t' '/ ( '\ ' .... • ! , •• /., .... '],'1 • "-\)'/")'1\·' A"" '/'1) 'N'I,! J le .I'"\.J: .. _.;..,j:~) ,L'il~.l.l'.. J~"f· .. l..j.4;:...l .r~
"I \~'ASlll:-:Ci'I'():\. II. ~'.
.0.08180
Capital Furriers, Inc. :S. pJ fi ,000. C1J
Five Thousand and ......... .: ... - ~ --_ .... _ ... - ... .... _ .. u,,( .. ~ ...... "V d'<'Utl' ... t.IollO. ";;01'~ C~
-----,---- q~~It;,:" ._.-•• - _ .... -0-'" ..... __ ....... _ ... _ •••• _. , .•.• ___ _0 _ .. _. __ • _._ .. ___ .. ..
, I,. ., i ' '. ,. -.' • ( 'i) 8"'11']'''1' , .... ,r-j • ..,··· .. I' ... r/ ,,:,\... J. ) •• ,,"),,) ~.,.J 1 ... "-.,;,'-
... - - ... -- -- - - - ......... - -- - - - - .. -- - - ,- - - - - - - - - - - - - - - - -. -- - ... - .- - - ~ ---- ~- ----- - .. --- -.. ·r~U;:(:.iA$Ff: DETI\Cll Bt.:For~t ?RC:';·ENT1NG '1'0 PUi"<CHASER
--____ 0_ •• _____ ;_ '0 •
Decell~:- 23~ i~7-71 NQ 008180
5,000.00
Ff ve Thousand and ----------------- ~----- .. ~oD---.. ------.-i~,;;/i()O CJ\SlIIER'8 CIIEC1I
"-----------------~~--------------------- .. ----------------------~-. A. Suspect, Springfield p Va.
.,' ~-
- 125 -
C'} ,-.;'· .. · .. ·1""1\ ,--( ..-l·~,.· ... ,.. .. t/· \ \. .. ~. '_1 ~ .'. J \': ~_ - } •. : .'-\' ., .. : •. ~J ... ' ....... "...; .... ~ "._) ......... .:',' ~ _ .... ..,.l.. \.
--.. -. - - - - - - --.-. . .. - ... - -, - --... -.. - - .. - - ---- ~ .- :-- ---- - - ..... - - .... -- - - _ ..... -- - -- .... - - - -- - -- ....
nETt·.CII ~1r:FO~E pm~SENTING TO f'U~CHASEf\ .
. -.~' -... '-~"'''.-'''"",:, ... "-,,, ---... _--.. -
NQ 004302
Ci~_SI-IIER'S CILi~CI( _._. ______ V tJ /.J2_ .. __ ~1~. ___ _ GENERAL LEOGEH CHECK PAYMENT R£GlSTEH
------------ .. -----~~-----------~-------------------------------~~
. A. ~'M~, ~V"'t;lW~·~h,k~ -~---.--~'""--.......-...- ---- __ ._ .... ____ • __ .s.---_--.J_~_. ____ I_~_·_ .... ~
- 126 -
J
Capital FU17i~rs Vien/1j, Vii';;llnia
A. SUS~1
Spril'l~ieW, VD.. ~ ~ ~------------
~c.
11224
~2/23/ 74.
~~I------------~---------------*----------------------------
1 Black Mink ~, Soiin lined $5,000 00 $5,000 CO
Size 38
- 127 ..
Peerlc~s Jew'eler AlexandrIa, Va.
A. Suspact
SprinF,;1ield, Va. City & State __________ _
noo
5/2.4/73
5/26/73
~?~~»:.--------------------------------.------------------------------
1 Man's Diamond Ring
21/2 Carats, 18 Points
Southem Star Cut·Whlte G.old
=========================================-===== .~ .,.--=====
-----------------------------------.~---------------
- 128 -
THIS DEED.
made and entered into this 26th day of November, 19xx, between John L. Smi.th, and Mary D. Smith,
his wife, parties of the first part; and A. Suspect and Joyce Suspect, h'is wife, tenants by the entirety,
parties of the second part,
WITNESSETH,
that for and in consideration of the sum of $5.00 cash in hand paid and other good valuable considera
tions, the receipts of all of which is hereby acknowledged, the parties of the first part do hereby grant,
bargain, sell and convey with GENERAL WARRANTY OF TITLE, unto th,~ parties ?f the second part
liS tenants by the entirety with the common law right of survivorship expressly retained, that is, in case
of death of either of the parties of the second part, title to the land together with structures and appur
tenances thereon, hereby conveyed, shall vest in the survivor, in fee simple, all of that certain lot or parcel
of land located in the Backiick District, Fairfax County, Virginia, with all right;, easements, improve
.nents and appurtenances thereunto belonging bounded and described as follows:
"Beginning at a point 70 fel~t west of the center of Main Street, and 275 feet north of Broad Avenue, :hence in a northerly direction 175 feet to a point, thence westwardly 350 feet to a point, thence southwardly 175 feet to a point, thence eastwardly 350 feet to the point of beginning, having erected thereon a. two-story brick dwelling with attached garage known and numbered as 1000 Main Street. Springfield, Virginia." .
And being the same land which was conveyed to the parties of the first part by Paul Winf:low, wid··
owcr, by deed dated March 30, 1961, and recorded in Deed Book No. 162, page 871 of the land records
\)f said County.
REFERENCE is hereby made to said deed for a further and more detailed description of the realty
hereby conveyed.
The parties of the first part covenant that they have the right to convey the said land; that th~
parties of the second part 511al1 have quiet possession of the same, free from all encumbrances; and they,
the parties of the first part, will execute such further assurances as may be deemed appropriate.
- 129 -
WITNESS the following sisnature and seals:
/s/ Witness
State of Virginia, County of Fairfo, to-wit:
/s/ (SEAL) • John L. Smith ---
/sl (SEAL) Mary D. Smith
I, R. Blix, a Notary Public in IUld for the said State and County, dQ hereby certify that this day per
sonalty appeared before me in my said County, JOHN L. SMITH and MARY D. SMITl-I, his wife, whose
names are signed to the foregoing deed November 26, 19xx, and acknowledged the same before me in my
said County.
My commission expires: May 31, 19xx
GIVEN under m~ hand this 26 day of November, 19xx
$40.00 Commonwealth of Virginia real estate transfer stamps ..
/s/ Notary Public as aforesaid
- 130 -
I
• -! '8
J. I J ) .. .. i
s.~ il
. .5 '5 ~. ! .! .' ..
I t! .. I ! .. .. fi .... .:I
~ .1
~)
.~~ ,\~ !~ '\ '~ :. l1 .;.; .~
'J " ~.IoJ
iw f~ f ~
''',' ,.
j)jbtdct.Healt.y 'J.'ltlc lUl:;ul'tl.nCO COL"POl·UU<.;H 1030 lCHh B'J'Qa(. N. W, I WaAhlnlllon. D, C. 2000~ I iaOll_ oj 8ct·fjII OC,
A. Suspect --;';lO~O~1l Main Stieet
--:- Springti'eld. ya'gin~1!
In he Matw of l.!l~!.' Purehol\", Sale. L.ot
I'r'ce JoInt-t-n.-,,,,, EB ggs flIat.1"· 1ft 1 D,
Depotlt
Commission
Convel'ancln/J
Appr.isal Fell
Firat OGed of Trwt
Intet'''t
! Inlllrl'lIl1C!l
Second Tnat
Interest,
I>.!ferred i'syment.
Insurance
Wllter R<Jnt
Ta" ••
Front Foot Benefit Chrf!)3S
Ta.:oll f.r
Rent P,.ld to •• ... • a
~, t-:-
11 " .. - ...
Survey
.... --'
"
Caso No ......... O""O"'48 ...... 0 ___ -c-=-___ _ Dllte December 17, 197:: Addross 1000 Main Street, ,Spr1ngf1.ele
Subdivieion ,..It."'Uki;lie:.....lolj;,QIIl"I.O' ... ,fle'--_....;. __ _
Block ~1U.fe 12
~1 LO LOO -11 1'>
-
I
I
.- ... I ._---I
-,
per mo. -
, .
. .... . .. . ,
~ Title Insurance 80 Interim Blndar (Ownora·Mottgl9Hll
: Examination ,of Title
~ "" '"
~ ~ !i -2
Preliminary Report
TaJ( Cert ificate lind Report
Conveyancing . Recording t Noting ·:UIIVt:I¥tt.,,;,,· .. I I I
I .-ur:-· 't Notary Fee and NotBry Sorv!::el - , , Settlement Fee/Service Chlrgs I ,
" '1 Registering and ldent,jf>;ing Notel --" D.C. Recording Till 0 0
~ Maryland Recording TalC :
Marylanq State rransfer T,x
:I
I r--'
Maryland County Tranafe r T'l(
'- v--' Balance I , . • J ;.
~ ;(
I....-No r.eDonalblli,y 'e •• '''~d b¥ thll cOMoanv" to oorreelneu of 1"'01''.'0,·
"0" 'ur"I.~" I' Ul PtihGlpal. lltiatell. l"IVflRltI and' •• orow 'uRi, on ••• " ..... t."I"'~ wac.( f.nt~ t •••• Q, ...... ""nla •• DIPt •• ,.JKIit'IH 0,. 1M .. ,. •• ,lII •••• : twnlclD,1 ~iotilloftl DI .... UH ... 1""'",,0
- 131 -
..---.-. r r
"
o
t.thtf RIGGS NATIONAL BANK o/WASHINGTON,n.C. 1503 PENNSYLVAt-J1A AVE. •• N. W. WASHINGTON. O. C. 20013
fEY TO CODES
STAtEMENT OF MORTOAGE ACCOUNT
~. suspect ~ Anytown
i .... -
2.3 rNC~fA5r 'RIN~"'L 2.5 DECR[Ul 'RINCIPAL 2A\> PAVMfNlllvtR5AL 253 lA'f CHO. REVERUL' US C6N~.T. ADV"NCE AEVEISAl 2S9 FIRE illS. D:U. REV. 261 COUNlV TAX DISI. REV. 265 IOWN TAA DIU. AtV. 267 FHA MORTO. INS. Rev. ~71 MISC. :5CAOVI 0158. Rev. 273 REGUI.~ PAVMENT
2., CON51111.11:'101\1 "OV •. ~CE 2., ncliOw 'AYMENT. 289 \",! tHO. 'o\Yh'.!Nl 291 'RINCIPAL CUUAILME~I' 295 INf!HSI PAVMENT 197 FlU INS. 0151. 301 COUNlV TAX DISB. ~ TOWN TAX 01$1. . 307 FHA MOAIG. INS. 0151. 311 MISC, ESCROW 0158:
MCRTPo\GE LOAN 0"11 OF DATE U.iO INTEREST CURkENt .NI\IU.l TAX. • ANNUAL INTEW:-I ~ __ ~"'~C~(OU~N~T~N~U~MH==.~ __ 4-~S~T4~T~~~N~I~+-__ ~'"~.O~~~H~-+ __ ~R~A~Tf~_+~E~~Ro~w~e~"'L="'~N~c~e~ __ -=O~ls~aV~.~5fM~EN~T~~ ______ ~P~.~lb~ ______ ,
.f .... 'k ' hi' --.---.------, 1 ,110 I'/~; 12 :31 v4 ~ 30 :00 800 :00 2,500 100 I lB9406
I I I I ~ i
COllE J T .... NS ... CTION AMOUNT o_te P.,O PRINCIPAL 'AID INTERfST '.,0 ESCROW 'AID 'RINC_AL &AL~
I ! 12 :31 1.73 I , ! 20,000 100 I Balance I
I I , , ,
: '!7 • , , , lob 100 I
2/!5 I 4500 :00 ~! 2 ,. J. 3,000 1,200 300 iOO 17,000 i 00 2851
, I • , , I ! I I I I I I I • I I
, I
295'.j I I I I I
I I I , I I
10O> I
I I , 301 , 400 160 61 15 174 I
, (400 I
I I , I I I·
24.~> I I
9\ 2\74 1,300 I 00 ,
13,700 100 12,.000 JOO 400 joo 5,000 :00' 28S··t I
, , I I ,
I I
I ! I I I
295 .. 1 I , ,
301 / I I I 1
100 I
100 ) I
I '7A I ,
I 400 I (400 12,15: . I I I I I , I , I I
I I . I I I I
I I , . , , I I I : . I I I
121 31 174 I I I 5,000 100 Balance I I I I I : , I j I , ,
I I , I I I I I I I I , , I
I I I ., I
, , I I I I I
I . I
I • I
, I , I I
f I I ! I I
I I I I I
I \. I 1 I , , I , \
! I I I I· I , I I I I ; I I I I r
'OAM 11.12 A ICONl'.1 REV. IWf . IITAIN 'HIS STATIMINT '01 YOUt .EtORS
- 132 -
--.,--------------------~
.. I