

SPECIAL ACCOUNTS AND ENTRIES 203 



$40; 1 harrow, $1; 1 14-disc harrow with truck, $12; 1 2-sec. 

 steel spike-tooth harrow, $5; 2 double shovel plows, $2.50; dairy 

 tools, $7; 1 wagon, $10; 1 road cart, $10; 1 wagon, $25; 1 car- 

 riage, $50; 1 single top buggy, $40; 1 four-cylinder automo- 

 bile, $400; 1 feed grinder, $12; miscellaneous equipment, $15; 

 1 Fairbanks stock and wagon scales, $25; 1 road drag, $1; 1 

 lawn mower, $4.50; 1 wheelbarrow, $1; 1 small galvanized tank, 

 $1.50; 1 pr. dehorning clippers, $3.50; 3 sets double work har- 

 ness, $45; 1 set double carriage harness, $18; 2 sets single buggy 

 harness, $18; 2 saddles, $18; robes and dusters, $2; halters, $12; 

 fencing tools, $2; garden tools, $4) ditching tools, $0.75; barn 

 tools, $7; shop and repair tools, $10; miscellaneous tools, $10; 

 8 head horses $1165 and 6 head mules, $810 ; 15 head cattle, $585 ; 

 35 hogs, $580; 70 chickens, $50; 60 T. ground limestone, $120; 

 miscellaneous supplies, $2 (Charge General Expense) ; notes re- 

 ceivable, $465; (John Pals' note without interest due March 1, 

 1917) ; 



His liabilities were as follows: 6% mortgage, $4000 interest 

 payable Jan. 1 ^ and July 1 ; note payable without interest to 

 Jake Dillon, $100; owing to Johnson Bros, on account, $25. 



He decides to keep a double entry set of books. Determine 

 his present worth and open his books, using cash journal, ledger, 

 and comparative inventory record. Cash journal columns are: 

 debits : Frank Anderson Drawing, Fred Anderson Drawing, Cash 

 and Sundry; credits: Sundry and Cash. 



His transactions are as follows: 



Jan. 1. Fred Anderson, the proprietor's married son, who has 

 saved some money while working in the city enters into partner- 

 ship with his father for the term of one year from today. The 

 terms of the copartnership agreement contain among others the 

 following provisions: 



(a) Fred is to invest $1000 in cash, 



(b) He is to rent the tenant house and garden plot for $60 

 for the term of one year, said rental to be an income of the 

 elder Anderson and not of the business. 



1 Frank Anderson has given his personal cheek to pay the interest 

 due today (January 1), so it is not necessary to consider interest in 

 the entry made at this time. 



