This section is from the book "Elementary Banking", by John Franklin Ebersole. Also available from Amazon: Elementary Banking.
An account is such an arrangement of increase and decrease figures of an item of loss, of gain, or of property, or of a debt, as will show at any time the balance thereof. Each account has two sides, a left or debit side, and a right or credit side. The following are illustrations of "cash" and "liberty bonds" accounts:
Cash | |
Debit | Credit |
$400 | $200 |
Liberty Bonds | |
Debit | Credit |
$6,000 | $3,000 |
 
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