58 FARM ACCOUNTING 



March 10, 1917, Paid cash for miscellaneous items $16. 



April 1, Paid cash for labor $25. 



May 1, Paid $186 for six months' interest on mortgage note, 



May 16, Sold eggs for cash $8. 



June 1, Paid cash for labor $40. 



June 25, Sold fruit and garden truck for $17 cash. 



July 2, Sold some hay for $16C cash. 



July 5, Bought a draft horse for $200 cash. 



Aug. 1, Paid $45 for labor. 



Aug. 26, Received $600 cash for oats. 



Sept. 1, Paid $48 for labor. 



Sept. 22, Received $27 from the sale of fruit and vegetables. 



Sept. 30, Sold cabbage to Theodore Wheat on account for 

 $520. 



Note. "On account" means that no cash passed hands. Ac- 

 cordingly Mr. Wheat is to be debited with the $520. He will be 

 credited when he pays. 



Nov. 1, Paid cash for labor $28. 



Nov. 1, Paid $186 for six months' interest on mortgage note. 



Nov. 1, Paid $500 as part payment on mortgage n<> 



Nov. 25, Received $300 cash from Theodore Wheat to apply 

 on his account. 



Dec. 16, Sold some corn for $530 in cash. 



Dec. 17, Taid $48 for labor. 



Dec. 20, Bought some shotes for $800 cash. 



Jan. 6, 1918, Paid for miscellaneous items $40. 



Jan. 22, Received $100 cash from Theodore Wheat to apply 

 on account. 



Feb. 16, Paid taxes $88. 



Feb. 21, Sold some hay for $150 cash. 



4. From the accounts prepared as directed in problem 3 above, 



(a) Close the nominal accounts into Loss and Gain account. 



(b) Close Loss and Gain account into Capital account. 



(c) Bring down the balance of Capital and Cash accounts on 

 March 1. 1918. 



(d) Prepare a Statement of Resources and Liabilities as of 

 February 28, 1918. 



(e) Compare the Loss and Gain account and the Statement of 



