When there are mutual accounts between persons who are not merchants, the time is computed from the true date of the last item, unless the account is liquidated and a balance struck.
Code 1858, § 2778; Shan., § 4475; Code 1932, § 8603; T.C.A. (orig. ed.), § 28-312.
Textbooks. Tennessee Jurisprudence, 1 Tenn. Juris., Accounts and Accounting, § 14.