240 FARM ACCOUNTING 



horses. A fair average rate for horses is ten cents an 

 hour. 



At the close of the year the proper accounts are debited 

 direct from the horse labor summary for the year, or 

 through journal entry, in a way exactly like that in Illus- 

 tration 48. The debits expressed are taken directly from 

 the totals of the several columns in the horse labor sum- 

 mary for the year. The credits, which should equal the 

 sum of the debits, are taken from the totals in the lower 

 right-hand corner of the summary. The amount of tin- 

 total in parenthesis is credited to Exchange Labor account 

 and the other total is credited to Horses account. 



Feed Record. The quantities of corn, oats, hay, barley, 

 mill feed or other crops or products fed to livestock are 

 recorded in a feed record in a way similar to the entries 

 in the labor record. It is not considered essential in prac- 

 tical farming to make a notation of the amount fed each 

 day to each class of animals. Tests can be made from 

 time to time to find the average per day. This can be 

 used as a basis for the month. 



However, the theory is the same, namely, to show the 

 value of each class of feed consumed by each class of ani- 

 mals so that an entry can be made in the cash journal and 

 ultimately in the ledger accounts before the accounts are 

 closed for the year. The value of all products fed to 

 animals is calculated at the average market price during 

 the month in which they are fed (See Appendix). 



It is not possible to make the feed record as condensed 

 as the labor record, unless only monthly entries are made. 

 In that case it is necessary to have two tables, one for 

 the livestock by months and one for the feed by months, 

 as in Illustrations 49 and 50. 



In these illustrations, the values only are recorded. The 

 quantities may be recorded in any convenient form in the 

 barns or in the house. 



