Jefferson County Online
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How to Keep Accounts

The following is a chapter from "The History of Jefferson County, Iowa", Pages 288-289, published by the Western Historical Company of Chicago in 1879.



Every farmer and mechanic, whether he does much or little business, should keep a record of his transactions in a clear and systematic manner. For the benefit of those who have not had the opportunity of acquiring a primary knowledge of the principles of book-keeping, we here present a simple form of keeping accounts which is easily comprehended, and well adapted to record the business transactions of farmers, mechanics and laborers.


A Simple Rule for Accurately Computing Interest at any Given Per Cent. for Any Length of Time.

Multiply the principal (amount of money at interest) by the time reduced to days; then divide this product by the quotient obtained by dividing 360 (the number of days in the interest year) by the per cent. of interest, and the quotient thus obtained will be the required interest.


Require the interest of $462.50 for one month and eighteen days at 6 per cent. An interest month is 30 days; one month and eighteen days equals 48 days. $462.50 multiplied by .48 gives $222.0000; 360 divided by 6 (the per cent. of interest) gives 60, and $222.0000 divided by 60 will give you the exact interest, which is $3.70. If the rate of interest in the above example were 12 per cent., we would divide the $222.0000 by 30 (because 360 divided by 12 gives 30); if 4 per cent., we would divide by 90; if 8 per cent., by 45; and in like manner for any other per cent.


12 units or things, 1 Dozen. 196 pounds, 1 Barrel of Flour. 24 sheets of paper, 1 Quire.
12 dozen, 1 Gross. 200 pounds, 1 Barrel of Pork. 20 quires paper, 1 Ream.
20 things, 1 Score. 56 pounds, 1 Firkin of Butter. 4 ft. wide, 4 ft. high, and 8 ft. long, 1 Cord Wood.

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