34 FARM ACCOUNTING 



April 1, Paid cash for labor $25. 



May 1, Paid $240 for six months' interest on mortgage. 



May 6, Received $100 from Thos. Carey in settlement of his 

 account. 



May 7, Sold eggs for $5 cash. 



May 8, Paid cash for labor $25. 



June 1, Paid cash for labor $25. 



June 8, Paid for General Expense items $15. 



June 10, Sold some fruit for cash $10. 



July 1, Sold some hay for $180 cash. 



July 3, Paid cash for labor $45. 



July 6, Paid $85 for some new equipment. 



July 21, Paid for General Expense items $25. 



Aug. 4, Paid cash for labor $60. 



Aug. 28, Received $500 cash for oats. 



Sept. 1, Paid cash for labor > 



Sept. 6, Received $25 from sale of fruit and vegetables. 



Sept. 20, Sold cabbage for $400 cash. 



Oct. 1, Paid cash for labor $25. 



Nov. 1, Paid cash for labor $25. 



Nov. 1, Paid for General Expense items $30. 



Nov. 1, Sold all the swine for $900. 



Nov. 1, Paid $240 for six months' interest on mortgage loan. 



Nov. 1, Paid $1800 as part payment on mortgage note. 



Nov. 28, Sold some corn for $700 cash. 



Dec. 1, Paid cash for labor $30. 



Jan. 3, 1917, Paid for General Expense items $35. 



Feb. 15, Paid for taxes $80. 



Feb. 21, Paid for fire insurance * premiums $20. 



3. From the ledger accounts created in problem 2 above, pre- 

 pare a Statement of Resources and Liabilities, as of February 

 28, 1917; and a Loss and Gain Statement for the year ended 

 February 28, 1917. 



1 When a premium is paid on a fire insurance policy, only the 

 amount of the premium enters into the accounts. The face of the 

 policy, the amount collectible in case of fire, does not affect the 

 accounts until a loss occurs. For such a transaction see ' ' Fire Loss, ' ' 

 Chapter VIL 



