80 FARM ACCOUNTING 



Feb. 24, Received $24 interest on note receivable (credit interest 

 account). 



Feb. 28, Disposed of all hogs for $400 cash and sold all the 

 poultry for $55 cash. 



Feb. 28, Loaned a neighbor, James Lewis, $1000, takini: tin* 

 Jailer's promissory note as security. (Dr. Notes receivable, 

 Cr. Cash $1000.) 



(Note. The balances of Hog and Poultry accounts in the prob- 

 lem above are incomes.) 



3. After completing the work of the year as outlined in prob- 

 lem 2, Mr. Frank Rodgers asks you to record his transactions 

 for the succeeding fiscal year and to follow the same instruc- 

 tions at the close of the year as were given for the year ended 

 Feb. 28, 1!)17. 



His transactions are as follows: 



Mar. 10, 1917, Sells some corn for $200 cash. 



Mar. 15, Pays cash for insurance $60. 



Mar. 31, Pays $25 for wages. 



Apr. 1, Buys some poultry for $24. 



Apr. 7, Spends $40 for miscellaneous items. 



Apr. 10, Sells eggs for $5. 



Apr. 17, Among the miscellaneous items purchased on April 

 7 was some cement tinu r $15. It was found to be caked so 

 is returned and the money refunded. (The same account should 

 be credited now that was debited at the time of purchase, Why?) 



Apr. 26, Pays $120 interest on mortgage note. 



Apr. 30, Pays $35 for labor. 



May 16, Sells eggs for $8. 



May 31, Pays $32 for labor. 



June 20, Sells fruit for $10. 



June 30, Receives cash from Walter Rodgers to balance his 

 account. 



July 3, Sells hay to W. L. Brown $120 on account. 



July 24, Receives $18 from sale of fruit and garden truck. 



July 25, Mr. W. L. Brown, to whom the hay was sold on- 

 July 3, calls attention to an error in calculating the amount. It 

 should have been $102. He gives his check for $102 to settle 

 the account. (What is to be done with the $18 difference?) 



