208 FARM ACCOUNTING 



In order to reduce the details of the problem, the inventory 

 record of Mr. Fay is not to be used. 



Make the necassary entries in the book of original entry to 

 open the books of Mr. Fay; and then proceed to record his 

 transactions for the year, as detailed below: 



Jan. 2. Gave two promissory notes to landlord for $250 each 

 in payment of year's rent, one due Sept. 1 and one Dec. 15, 

 1916, without interest. (Debit Kent no-omit.) 



Jan. 9. Spent $10 for household supplies. 



Jan. 10. Sold corn for >U<> cash. 



Jan. 31. The household received during the month $5 worth of 

 dairy products and $1 worth of eggs. (Credit Tattle and Poultry 

 accounts re.-periively). 



Jan. ." 1. I'.utchered, for household use, four hogs valued at $50. 



Feb. 1. Paid interest on mortgage for six months, $60. (Keep 

 an interest account.) 



Feb. 11. Bouirht for cash two horses at $150, and two sets 

 of harness at .fl!>.">0. (Harness is considered as equipment.) 



Feb. 16. Received a Uo day note, bearing interest at G%, 

 from B. K. Adams to settle his account. 



Feb. L'S. The household received durinir Hie month, poultry 

 valued at 90c, eggs valued at $1.15, and dairy products valued 

 at $6. 



Mar. 4. Sold wheat for >17.~. rash. 



Mar. 4. Paid cash for groceries, $6. 



Mar. 4. Paid personal taxes, $35.67. 



Mar. 31. The household received during 1 the month, poultry 

 valued at 95c, eggs valued at $1.10, and dairy products valued at 

 $6.40. 



Apr. 3. Paid for repairs to wagon and corn planter, $2.25. 



Apr. 16. Received cash from B. E. Adams to redeem his 

 note of Feb. 16 l and to pay interest on same. 



Apr. 30. The household received during the month, poultry 

 valued at 80c, eggs valued at 90c, and dairy products valued at 

 $5.30. 



May 1. Arranged with Roy Wade to work by the month until 



*In figuring 60 days from February 16, it should be remembered 

 that 1916 was a leap year. 



