Corporation accounting and corporation law; Accounting in theory and practice. Banking, with special reference to the national banking system, and a ... on the California examinations for C.P.A.

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. 1905 edition. Excerpt: ...See form on opposite page. way as the Invoice Record. The difference between the first two columns on the left, and the extreme right column being the balance due. The first three distributive columns are for items that do not belong to any one department--the third column being for items that become a Permanent Asset. 523. The names of all creditors are entered in the column headed "In favor of." If goods are purchased on time, and the amounts are to be credited to open accounts, the amount of the invoice is placed in the "Open Acocunts Payable" column, and the distribution made in the proper department columns. If the goods are to be paid for promptly the amount of invoice is entered in the "Audited Vouchers Payable" column, and the proper extensions made in the department columns. The total of "Open Accounts" is posted at the end of the month to a "Controlling Account" under that heading in the General Ledger, and the total of "Audited Vouchers" is posted also to a "Controlling Account" in the General Ledger. When a freight bill is paid it is entered in the "Freight Column" and distribution made in the department columns, and at the end of the month the total of this column is posted to the credit of Freight Account, and offsets and balances the total of the "freight" column posted from the Cash Book to the debit of Freight Account--this adds the freight to the cost of the goods.2 The totals of all department columns are posted to department merchandise accounts in the General Ledger, and as the totals of all department columns must equal the totals of the "Open Accounts," 'Audited Vouchers" and "Freight" columns, the General...