32 BULLETIN 811, U. S. DEPAKTMENT OF AGEICULTURE. 



Insurance premiums unexpired at the end 

 of the period ' List by policy number, date, property 



covered, time, and amount of premium 



unexpired. 



Unused stationery and printing List by quantity, kind, and value. 



Accrued salaries and wages List by name, time, and wage rate. 



Accrued rent and taxes List by name, time, and rate. 



Accrued interest on notes payable List by name of payee, date, time to run, 



interest rate, amount of note. 



Great care must be exercised in iaventoryiiig grain and merchandise, 

 and the liability for stored grain as the value of the income and ex- 

 pense statement and the balance sheet depend upon the accuracy of 

 the inventories. This work should always be conducted, or at least 

 directly supervised, by a competent committee of the board of 

 directors. 



When the above schedules have been completed, and the extensions made and 

 verified, the following Journal entries should be constructed: 



Debit. (1) Credit. 



000 Inventory account -- 



T\nheat account 000 



Oats account 000 



Barley account 000 



Rye account 000 



Flax account 000 



Corn account 000 

 To plan the inventories on the books' as an asset. (This is a neeessary step in clos- 

 ing the various grain accounts.) 



Debit. (2) Credits. 

 000 Inventory account 



Flour account 000 



Fuel account " 000 



Coal account 000 

 To place the inventories on the books as an asset. 



Debit. (3) Credit. 



000 Shrinkage and Scale Loss 



^\Tieat 000 



Oats 000 



Barley 000 



Rye 000 



Flax 000 



Corn 000 



To account for all the grain received into the ele^/ator and to show this loss as an 

 expense of operation. 



Debit. (4) Credit. 



000 Shrinkage and Scale Loss 



Flour 000 



Feed 000 



Coal 000 



