This section is from the book "Elementary Banking", by John Franklin Ebersole. Also available from Amazon: Elementary Banking.
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.
 
Continue to: