Of these, Wells, Fargo, Livingston and McKay were also on the board of American Express. Financier Edwin B. Morgan of Aurora, Cayuga County, New York, was appointed Wells Fargo's first president. They commenced business May 20, 1852, the day their announcement appeared in The New York Times.
A more specific definition in common use is an account with a balance that is the opposite of the normal balance (Dr/Cr) for that section of the general ledger. An example is an office coffee fund: Expense Coffee (Dr) may be immediately followed by Coffee-employee contributions (Cr).
A clearing account is usually a temporary account containing costs or amounts that are to be transferred to another account.An example is the income summary account containing revenue and expense amounts to be transferred to retained earnings at the close of a fiscal period. clearing account is usually a temporary account containing costs or amounts that are to be transferred to another account.