BILLS.

80. A Bill is a paper, given by merchants, containing a statement of goods sold, and their prices.

An Invoice is a bill of merchandise shipped or forwarded to a purchaser, or selling agent.

The Date of a bill is the time and place of the transaction.

The bill is against the party owing, and in favor of the party who is to receive the amount due.

A bill is receipted when the receiving of the amount due is acknowledged by the party in whose favor it is. A clerk, or any other authorized person, may, in his stead, receipt for him, as in bill 2.

When the bill is in the form of an account, containing items of debt and credit in its settlement, it is required to find the difference due, or balance, as in bill 5.

What is the cost of each article in, and the amount due of, each of the following bills?

What is an invoice? When is a bill against, and

How is a bill receipted?

80. What is a bill? when in favor, of a party?

LEDGER ACCOUNTS.

81. A Ledger is the principal book of accounts among merchants. In it are brought together scattered items of account, often making long columns. As a rapid way of finding the amount of each, accountants generally add more than one column at a single operation. (Art. 24.)

The examples below may be added both by the usual method and by that which is more rapid.

81. What is a ledger? How may ledger columns be added rapidly?

2 3 5.8 3

REDUCTION.

82. A Simple Number is a unit or a collection of units, either abstract, or concrete of a single denomination; thus, 1 dollar, 9 apples, 12, are simple numbers.

A Compound Number is a collection of concrete units of several denominations, taken collectively; thus, 12£ 18s. 9d. is a compound number.

A Denominate Number is any concrete number which may be changed to a different denomination.

NOTE. A Scale denotes the relations, between the different units of a number. Simple numbers have a uniform scale of 10, but compound numbers generally have a varying scale.

83. Reduction is the changing of a number into one of a different denomination, but of equal value.

It is of two kinds, Reduction Descending and Reduction Ascending.

Reduction Descending is the changing of a number of a higher denomination into one of a lower denomination; as pounds to shillings, &c. It is performed by multiplication.

Reduction Ascending is the changing of a number of a lower denomination into one of a higher denomination; as farthings to pence, &c. It is the reverse of Reduction Descending, and is performed by division.

ENGLISH MONEY.

84. English or Sterling Money is the Currency of England.

82. What is a simple number? A compound number? -83. What is reduction? How many kinds of reduction? What are they? What is reduction descending? Reduction ascending? 84. What is English money? Repeat the table.

NOTE 1. £ stands for the Latin word libra, signifying a pound; s. for solidus, a shilling; d. for denarius, a penny; qr. for quadrans, a quarter. NOTE 2. Farthings are sometimes expressed in a fraction of a penny: thus, 1 far. 4 d.; 2 far. d.; 3 far.

=

=

=

å d.

NOTE 3. The usual current value in United States money of the sovereign, the gold coin representing a pound sterling, is $4.84. The guinea, or 21 shilling gold piece, is no longer coined.

NOTE 4. The term sterling is probably from Easterling, the popular name of certain early German traders in England.

MENTAL EXERCISES.

1. How many farthings in 3 pence? In 9 pence?
2. How many pence in 2 shillings? In 6 shillings?
3. How many shillings in 7 pounds? In 10 pounds?
4. How many pence in 8 farthings? In 24 farthings?
5. How many shillings in 24 pence? In 60 pence?
6. How many pounds in 40 shillings?

In 80 shillings?

EXERCISES FOR THE SLATE.

85. To reduce from a higher to a lower denomination.

Ex. 1. How many farthings in 17£ 8s. 9d. 3far. ?

OPERATION.

17£ 8s. 9d. 3far.
20

348 shillings.
12

4185 pence.
4

Ans. 167 43 farthings.

RULE.

We multiply the 17 by 20, because 20 shillings make 1 pound, and to this product we add the 8 shillings. We then multiply by 12, because 12 pence make 1 shilling, and to the product we add the 9d. Again, we multiply by 4, because 4 farthings make 1 penny, and to this product we add the 3 far., and obtain 16743 farthings.

Multiply the highest denomination given by the number required of the next lower denomination to make one in the denomination multiplied. To this product add the corresponding denomination of the multiplicand, if there be any. Proceed in like manner, till the reduction is brought to the denomination required.

85. How do you reduce pounds to shillings? Why multiply by 20? How do you reduce shillings to pence? Why? Pence to farthings? Why? Sovereigns to shillings? The general rule for reduction descending ?