200 FARM ACCOUNTING 



follows : Honsehold Dr., Cash Dr., Sundry Dr., Sundry Cr., Cash 

 Cr. 



He values his possessions at that time and finds them to con- 

 sist of the following: Equipment, $800; horses, $750; cattle, 

 $230; hogs, $480; corn, $1260; oats, $333; rye, $93; hay, $256; 

 straw, $225; a note signed by J. M. Walsh for $150; lot 2, 

 block 6, original town of Sumter, $1400; 3 shares of stock in 

 the Home Telephone Co., at $92 a share; and cash on hand 

 and in the bank, $.'120. He owes $500 on a note in favor of the 

 Norton Farm Machinery Company, and $20 to James White for 

 wag 



Make the neewsary entries for the opening of the books and 

 also for the interpretation of the following transactions in the 

 books. 



Note. Debit Home Telephone Co. Stock and Lot 2, Block 6, 

 Town of Sumter accounts, with the value of these resp< 

 properties. 



March 17. Paid cash for repairs to machinery $6. 



March 20. Paid Norton Machinery Company $250 on account 

 of note. 



March 20. A contract is made whereby thirty acres of sugar 

 beets soon to be planted are to be sold to Johns & Jordan at 

 $8 a ton when harvested. Johns & Jordan are to furnish all 

 the labor for cultivating and harvesting the beets and deduct >!"> 

 per acre for such services from the value of the beets at time of 

 settlement. 



March 21. Paid taxes on lot 2, block 6, $8.46; and personal 

 property taxes. >J">.10. (Debit General Expense $33.56.) 



March 24. Sold some hay for $105 cash. 



April 10. Paid special assessment tax on lot 2, block 6, for 

 paving the street, $5.30. (This is considered as increasing the 

 value of the lot.) 



April 20. Paid James White, $20. 



May 1. Received cash from J. M. Walsh to redeem his note, 

 and to pay $2.25 interest thereon. 



May 31. Paid for labor, $25.50. 



May 31. Sold some corn for $260 cash. 



June 25. Sold some rye for $69 cash. 



