SPECIAL ACCOUNTS AND ENTRIES 161 



Jan. 16, 1917. Pays fire insurance premium on one-year policy, 



$15. 



Jan. 31. Pays taxes for the year, $130. 



Jan. 31. Pays $6.50 for barrel of gasoline for automobile. 



Jan. 31. Pays $24 for new tile * to replace similar ones in the 

 field. 



Jan. 31. The proprietor values his labor for year at $600. 



Jan. 31. The inventories of properties requiring an inventory 

 at the close of the year are indicated by the following facts and 

 figures: Buildings depreciated 5% during the year (diminish- 

 ing value method). Equipment and Dairy Equipment depre- 

 ciated 10% during the year (diminishing value method). All 

 of the articles of equipmenifc are on hand at the close of the year 

 except the old hay rake, one scoop shovel, 3 grain sacks, pair of 

 sheep shears and a jack screw, the latter two being located 

 at the farm of a neighbor to whom they had been loaned. 



Livestock Inventory: Cattle 20 milch cows at $60 each; 5 

 calves at $28 each; 1 two-year-old $35. Swine: 1 boar, $50; 17 

 sows at $37; 35 pigs at $15. Horses: 12 at $150 each; 3 colts at 

 $85 each. Poultry : 120 chickens, all kinds averaging $0.90 each ; 

 12 turkeys, averaging $1.70 each. 



Products Inventory: 500 bushels corn at $1.25; 350 bushels 

 oats at $0.45; 15 tons timothy at $12; 22 tons silage at $3.75; 

 20 tons straw at $3.80; 4 cwt. mill feed at $1.40; 100 bushels 

 wheat at $1.70. 



Miscellaneous Supplies Inventory: 2 reels barbed wire for 

 repairs to fences at $4.50; % keg staples at $5; one barrel 

 gasoline, $6.50. 



Household Inventory: Furnishings complete valued at $900. 



2. Using the same journal, cash book, ledger and comparative 

 inventory record as in problem 1 above, continue keeping the 

 books of W. L. Miller for the fiscal year Feb. 1, 1917, to Jan. 

 31, 1918, inclusive. The inventory record already contains the 

 quantities and necessary values as of Feb. 1, 1917. If your 

 trial balance after closing, as in problem 1 (e) above, was cor- 



1 No depreciation is recorded for tile, hence replacements are 

 charged to General Expense. 



