Examples—
A record of transactions with persons who buy goods from us.
A record of transactions with persons from whom we buy goods.
41. Real Account. A real account is a record of transactions with respect to a particular property. Properties which we possess are termed resources or assets; therefore all real accounts are also asset accounts.
Examples—
Real estate (land and buildings), Machinery, Furniture, Merchandise, etc.
42. Representative Account. A representative account is a summary of all debit or credit transactions of a particular class with respect to several personal accounts. The debit or credit to this account completes the double entry, and illustrates the rule that in double entry there must be a credit for every debit.