Over the years you have become friendly with a farmer, Jack Russell, who raises crops, which he sells, and has small herds of beef cattle and sheep. Russell maintains his basic herds and markets the calves and lambs each fall. His accounting system is quite simple; all his transactions are in cash. Russell pays tax each year on his income, which he estimates. He indicated to you once that he must be doing it right because Canada Revenue Agency audited him recently and assessed no additional tax.
You are taking your first accounting course and are quite impressed with the information one can gain from a formal accounting system.
Required
Explain to Russell why it would be to his advantage to have a more formal accounting system with accounts, ledgers, and journals.
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