238 FARM ACCOUNTING 



and July 30, for the total of the column seems to be the 

 total of the three figures shown in the illustration. These 

 last named figures for exchange labor are not identified 

 by parentheses because they are sufficiently designated by 

 being placed in a special exchange labor column. 



Illustration 47 shows a labor record summary for the 

 year. It is prepared from the twelve monthly labor rec- 

 ords of the year. The method of preparing the yearly 

 summary can be studied by verifying the transfer of the 

 July totals, as given in Illustration 46, to the space used 

 for July results in Illustration 47. The figures for tho 

 other months in the yearly summary labor record are ob- 

 tained by a process similar to that used in obtaining the 

 July results. 



The labor record for the year has two totals, one for the 

 time worked expressed in hours, and the other for tho 

 value of the time expressed in dollars and cents. In Il- 

 lustration 47 the total value is obtained by considering one 

 hour's time as worth twenty cents, a fair average rate. 



The items in parentheses have been carried through to 

 the final total, which shows that $23 is the value of the 

 time worked by neighbors on the various farm operations 

 during the year. The yearly summary also shows that 

 we worked for neighbors 157 hours, which is charged at 

 a value of $31.40. 



The debits and credits expressed in the Labor Record 

 for the year, as presented in Illustration 47, may be ex- 

 pressed first in the cash journal, as shown in Illustration 

 48, or may be posted direct to the ledger accounts from 

 the labor record book. 



It may be concluded from the entry of Illustration 48 

 that the object in designating by parenthesis, or any other 

 device, the labor performed by the neighbors from day 

 to day and month to month, is to obtain the amount to 

 credit to Exchange Labor account at the close of the year, 



