Fundamentals of accounting; principles and practice of bookkeeping Volume 1

 
9781236467607: Fundamentals of accounting; principles and practice of bookkeeping Volume 1
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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. 1921 edition. Excerpt: ...in which Wright does not receive his interest income until after he has allowed the use of his money for the agreed time, the entire $10 is an income item and must be so treated. Except in the case of banks, it is not customary to book an interest income item until after the service has been rendered to the borrower. Usual Methods of Obtaining Money.--The principal sources from which one may obtain the use of other people's money are as follows: 1. From a bank. 2. From a money-lender. 3. From creditors who extend time of payment on condition that interest be paid. 4. From friends. The usual practice is to obtain the necessary money from the first three sources. The methods of obtaining the money are: 1. By giving a promissory note without interest for the exact amount of the money borrowed. 2. By giving a promissory note with interest. This may be with or without security, i.e., the one giving the note may mortgage all or part of his property or give collateral security for the payment of the note, or he may merely sign the note and not pledge property which may be sold upon failure to pay the note. 3. By paying interest on overdue accounts payable. 4. By selling (discounting)--(a) His own note without interest. (b) Another's note (note receivable) without interest. (c) Another's note with interest. 5. By giving his own note with interest included in the face of the note. Calculating Interest.--Since most interest problems occur in connection with notes, we shall explain the methods of calculating interest under various conditions. 1. Finding the Date of Maturity of Notes.--If the time is given in months, a calendar month is understood, and the note will be due the corresponding date in one of the succeeding months. For example, a 3-months' note...

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