. Rowe's bookkeeping and accountancy : complete text, presenting the art of bookkeeping in accordance with the principles of modern accountancy . - charged to general expense accounts,lar character. 316. Observe that in every instance the 317. Observe that in every instance the account is debited for the cost of a use or account is credited for the returns from service received. a use or service previously charged to the account. 318. Separate accounts may be kept for any one or more of the items shown initalics in ^314a. 319. Transactions Illustrating the Various Applications of the Rule(1131
. Rowe's bookkeeping and accountancy : complete text, presenting the art of bookkeeping in accordance with the principles of modern accountancy . - charged to general expense accounts,lar character. 316. Observe that in every instance the 317. Observe that in every instance the account is debited for the cost of a use or account is credited for the returns from service received. a use or service previously charged to the account. 318. Separate accounts may be kept for any one or more of the items shown initalics in ^314a. 319. Transactions Illustrating the Various Applications of the Rule(11312) FOR Debiting and Crediting General Expense Accounts. The following are the general expenses paid for the month: exercise. Jan. 10. Coal, SI (T314a) - - Jan. 14. Team License, - -Jan. 18. Letter Box, - Jan. 31. Electric light, $; rent, S90; rentedspace, sub-let, (^3156). What are the total general expenses for the month? (1(322). 320. Prepare a ledger account for the preceding transaction like illustration53, and present for approval. QENEliAL EXPENSE ACCOUNTS 93 Illdstbation 53. ^jS^ym^^^ C^<?^/yi^^/y. Qxaa4. 7-^JZ^h^zz^ To Close General Expense Account. 321. The object of this account is to show the cost of the different generalexpenses incurred in conducting the business. 322. The difference between the two sides of a general expense account showsthe net cost of the general expenses for the period, which is a loss that should appearas a separate item (or items) in the profit and loss statement. 323. To close. After the profit and loss statement has been prepared, generalexpense accounts are closed by a journal entry made up from the profit and lossstatement. When the closing item to any general expense account has been posted,which should balance the account, rule the closing lines in red ink, as shown inillustration 53, and enter the footings in black ink. 323a. When insurance premiums are charged to general expense account forpolicies
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