Account rendered -- An account presented by a creditor to
his debtor ; it shows the obligation of the debtor to the creditor
and in the absence of dissent from the debtor he is considered
to have assented to its correctness. It is the practise in business for the creditor to render to the
debtor on the first of each month an account for the preceding
month that is, to present to the debtor on the first of
the month a statement of the items entered against him in the
preceding month. If the account has not been settled when the first of the succeeding
month arrives the debit and credit items are not repeated
in detail, but instead a statement is sent to the debtor
reading "To account rendered" and naming the amount due.
If in the intervening month new items have been entered
against the debtor these in detail follow the "account rendered"
and the sum of them is added to the amount of the
If in rendering an account the debit items are partially offset
by credit items the difference is called "balance due." Then,
if a settlement has not been made (the balance due has not
been paid) when the statement is sent to the creditor on the
first of the succeeding month the statement is inscribed "To
balance due," with the new debit and credit items following.
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