Farm Products Account 77 



to teams or stock or in the market but are on 

 hand when an inventory is taken, an account 

 is opened with Farm Products, that the ac- 

 count with Hay Field, Oat Field and the like may 

 receive due credit and be closed. The amount 

 of such property on hand is inventoried at the 

 market price at the time the accounting is made. 

 This account of farm products is simply one of 

 convenience. Incidentally it may show whether 

 there has been gain or loss in holding that 

 particular product for a higher price, in this 

 case, wheat. As the products are sold from 

 time to time, Farm Products receives credit and 

 the person or personified account receiving 

 value from farm products is debited. If sold 

 for cash, Cash is debited and Farm Products 

 credited. 



The wheat held over (see pages 10, 47 (2), 49, 

 51), as usual, has fallen short in measure. It was 

 inventoried at four hundred and twenty bushels, 

 but had shrunk, when sold, to four hundred and 

 ten, and although some of it was sold at a higher 

 price than was placed upon it in the inventory, 

 there was a loss of $10.50 sustained over what 

 would have been realized had it been sold on 

 the day it was inventoried. 



If the various cash transactions have all been 

 correct there should be enough cash on hand to 

 balance the account. If mistakes have been 



