This section is from the book "Elementary Banking", by John Franklin Ebersole. Also available from Amazon: Elementary Banking.
To illustrate a transaction showing the purchase of these stamps, which are used largely for time paper where the customer has not attached the stamps required, assume the bank purchases $500 worth of stamps. The transactions would be as follows:
Debit: Internal Revenue Stamps (17).....
Credit: Cash (11)....................
Then suppose 40 cents in stamps are attached to a $2,000 note collected for a customer. The following entries show that transaction:
Debit: Due to Depositors (37) (and customer's account) .............
Credit: Internal Revenue Stamps (17)