I 



324 FARM ACCOUNTING 



In Field No. 1 consider that 30% of the original $90 rent 

 from 1914 was absorbed by the crop of tin- current year and that 

 the straw manure was applied after harvesting in the current 

 year. 



In Field No. 3, consider as absorbed during the year 40% 

 of the manure applied in the preceding fall. This means that 

 60% or $12 is to be carried down. All of the value of clover 

 sown is treated as a deferred char 



In Field No. 5, the $180 rent during the year the land lay fal- 

 low, is to be distributed over the several succeeding years in 

 the same way as an application of manure would be. The 

 current year bears 40%, then, leaving 60% to carry down. 

 The $20 worth of manure was applied after harvesting the 

 crop. 



After crediting the inventories as siu_'-t.,l ah.\-e. com- 

 plete the entries in the several field and crop accounts to 

 show the total and unit costs of producing the crops in 

 the fields. Bring the inventories of fields down below the 

 rulings. 



14. Transfer the balances of Equipment Expense, Labor and 

 Exchange Labor into General Expense account, ruling off the 

 accounts closed. 



15. Distribute by journal entry the general expenses over 

 the productive elements, using the following percentages for the 

 purpose of obtaining uniformity: cattle. 'JO^ ; swine, 15%; poul- 

 try, 1%; corn, 15%; oats, 15%; wheat, 12%; soy beans, 10%; 

 hay, 12%. Post the entry. 



16. Make entries for the following inventories of livestock 

 and commodities on hand at the close of the year, transferring 

 by journal entry to Loss and Gain account, the balances of all 

 accounts open on the books that show either a loss or a gain. 

 Post the entries, making sure that all necessary accounts are ruled 

 off and balances or inventories brought down. Inventories Feb. 

 28, 1917: Horses (12), $1500; cattle (17), $610; swine (52), 

 $990; poultry (110), $55; corn, 1100 bu. at 32c. (cost), f 

 oats, 40 bu. at 35c (cost), $14.00; wheat, 175 bu. at 61c ( 

 $106.75; soy beans, 235 bu. at O'Jc (cost), $216.20; hay 7."> 

 tons at $6.07 (cost), $455.25; straw, 120 tons at $3, $360; 





