Publisher's Synopsis
Excerpt from The Theory of Debit and Credit in Accounting
A. Deposits one thousand dollars with me. He is a creditor; I am a debtor. I open an account in his name and credit him one thousand dollars. To complete the record, I might open an account in my name and debit this account one thousand dollars. On my books, however, there is no object in opening the second account.* If A. Is cred ited on my books, the implication is that I am the debtor. The second account would give me no additional information. If money were the only thing by reason of which A. Could be credited, and with which I could be charged, there would never be any object in opening the second account.
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