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Mr. Dawson kept a "journal" and "ledger" for Beaufort
Leaf. He used bank statements, deposit slips, and checks
from Beaufort Leaf's bank account to post entries to the
journal. The record of these consolidated cases contains
the journal for 1991. It does not include the journal for
1990 or the ledger for 1990 or 1991. The journal for 1991
shows that the sales and purchases reported for Federal
income tax purposes on the partnership's 1991 return
include the sales and purchases booked in the journal on
a monthly basis, together with substantial yearend adjust-
ing entries. Beaufort Leaf's journal for 1991 shows the
following sales and purchases:
Month Sales Purchases
1/91 $25,336.74 $64,244.28
2/91 39,716.55 1,461.20
3/91 -0- 283.00
4/91 781.78 4,242.75
5/91 -0- 4,813.52
6/91 -0- 4,563.52
7/91 116,348.66 -0-
8/91 184,228.86 77,757.50
9/91 195,899.47 133,243.66
10/91 609,273.97 82,953.54
11/91 349,861.40 214,793.94
12/91 7,215.00 501,845.96
1,528,662.43 1,090,202.87
Adjusting entries 1,320,788.88 1,273,359.59
Adjusting entry -0- 350,000.00
Totals per journal 2,849,451.31 2,713,562.46
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Last modified: May 25, 2011