

CHAPTER VII 

 SPECIAL ACCOUNTS AND ENTRIES (CONTINUED) 



Fair Exhibits. Considerable expense is incurred, and 

 some income derived by some farmers as a result of ex- 

 hibits of livestock and farm products at fairs. If a farmer 

 has an exhibit of several commodities or groups, it would 

 be advisable to open an account called "Fair Exhibits," 

 to which is debited all expenses incurred in preparing and 

 transporting exhibits, together with any entrance fees and 

 cost of protection while at the fair. The account is cred- 

 ited with any income from the exhibits, except that income 

 from the sale of the articles exhibited is credited direct to 

 the livestock or farm produce accounts representing the 

 articles sold. Any balance in the Fair Exhibits account 

 is closed into Loss and Gain account, at the close of the 

 year. 



If One deals in one specialty that he exhibits largely 

 at fairs, such an account would be opened as described 

 above, but the balance would be transferred into the ac- 

 count representing the specialty. For example, a farmer 

 specializing in Poland Chinas and exhibiting them, but 

 nothing else, at fairs, keeps an account called "Poland 

 China Exhibit." After all expenses and incomes of the 

 exhibit are entered he transfers the balance to Swine ac- 

 count before finding the loss or gain on the latter. 



Consignments. Produce or livestock shipped or placed 

 in the hand of someone else for sale on commission are 

 known as consignments. The title in the goods remains 

 with the consignor, who is the original possessor. The 



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