A satisfactory card record is one showing for each item, in fact, in the larger banks for each order of each item, the following data:

Name and description of item

Price

Date

Purchased from

Cost

Quantity ordered

Quantity received

Quantity issued

Balance on hand

Dollar value of balance The total balance money value of all cards must show at any time the inventory value of the stationery and supplies on hand. Under an accrual system which will be explained in succeeding paragraphs this figure would equal the balance of the prepaid expense account after all departments had been charged for the stationery issued to them during the period. This would not be true, however, if prepaid expense included other items such as insurance, rent and the like.