Post to the ledger; allow ten lines for each account. Take a trial balance. Make the statements and the verification. Pass all work to the instructor. INTRODUCTION TO BUSINESS PRACTICE THE BANK ACCOUNT A Bank, primarily, is an institution chartered by the state or the national government, to deal in credits and to provide for the safekeeping of money. A Commercial Bank renders important and diversified services to business men, among which are the following: 1. It grants credit to business men who wish to borrow money. 2. It is a safe place to keep money, securities, and valuables. 3. It facilitates the payment of money by allowing deposits to be drawn out on an order called a check. It does away with the necessity of sending money from one place to another. 4. It is especially helpful to business men in making collections, such as notes, checks, and drafts. A person opens an account with a commercial bank by being identified if he is not known to the bank. After identification he writes his name in a signature book or on a signature card. He then makes out a deposit ticket for all items deposited, as cash, checks, etc. The bank furnishes deposit tickets and a check book, a book of blank checks and stubs, without charge. |