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PRINCIPLES OF FARM PRACTICE 



Bills payable and bills receivable. When there are many 

 business transactions that are not on a cash basis, a record 

 of the " bills I owe" and the " bills owed me " should be 

 kept. Whenever a bill is paid, the item in the record should 

 be so marked. The amount should be entered in the cash 

 record at the same time. The following examples will show 

 the details of making these records : 



What I owe BILLS PAYABLE 



What others owe me BILLS RECEIVABLE 



Labor records. If the amount of gain or loss in a par- 

 ticular enterprise is to be determined, a labor record must 

 be kept, so that the enterprise may be charged with the 

 labor expended upon it. The following is a convenient form 



of labor record: 



LABOR RECORD CORN 



