This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1917 Excerpt: ...side, since it is impossible to credit an account of this kind with more than it contains. We either have stores or we do not have them. In the former case the ledger will have a balance to its debit, in the latter case it will have no balance at all. In the class of accounts we are now considering balances may occur ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1917 Excerpt: ...side, since it is impossible to credit an account of this kind with more than it contains. We either have stores or we do not have them. In the former case the ledger will have a balance to its debit, in the latter case it will have no balance at all. In the class of accounts we are now considering balances may occur on either side of a ledger account at various times, and it is advisable to fully understand the significance of this phenomenon. If, for example, we take the case of rent payable every 3 months, but not in advance. Then at the end of the first month, the Rents account will receive a credit from Manufacturing for the monthly amount calculated on the Rents Schedule and charged through Burden Journal as explained above. There will be no corresponding debit from any source, so that Rents account will contain a credit balance. The same thing will happen the next month, only the balance will, of course, now be larger. The third month, however, while a new credit is received from Manufacturing, a debit is also received through Cash or Purchases Journal representing the bill for the whole quarter's rent. This will equal the three credits received from Manufacturing, so that at the end of this third month, there will be no balance at all in the Rents Ledger account. Now if the rent was payable in advance, exactly the reverse behavior of balances would be observable. The first month there would be a large balance on the debit side, the second month this would be smaller, and at the end of the third month there would be no balance at all. How then are we to regard these balances in either case? Technically speaking, the first case is an example of a Reserve account and the second of a Suspense account. The first balance is a reserve against a future know...
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