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Cyclopedia of Commerce, Accountancy, Business Administration, v. 04 (of 10)

2. _A_, _B_, and _C_ organize a corporation with an authorized

115 words  |  Chapter 27

capitalization of $100,000.00, divided into 1,000 shares of $100.00 each. _A_ subscribes for 400 shares, _B_, 300 shares, and _C_, 200 shares. The corporation buys from _D_ land and buildings for $20,000.00, paying him $10,000.00 in cash and issuing to him 100 shares of stock. Subscriptions are paid as follows: _A_ pays $20,000.00 cash and gives his note due in 60 days for $20,000.00; _B_ pays $20,000.00 cash and gives his note for $10,000.00 payable in 30 days; _C_ pays $10,000.00 cash and gives his note for $10,000.00 payable in 10 days. Make all entries in journal and cash book and post to ledger. NOTE.--Land and buildings are grouped under the head of real estate.
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Chapters

1. Chapter 1 2. PART I 3. 1. Bookkeeping is the art of recording the transactions of a business 4. 6. There are but two methods or systems of bookkeeping, and they are 5. 7. As the name indicates, single entry is a single record of the 6. 8. Double entry is a system of making two entries (or a double record) 7. 11. _Account books_ are ruled with special forms which adapt them 8. 1. On journal ruled paper, which can be procured at any stationer's, 9. 2. Write up the account of John Doe, showing also the accounts 10. 3. Write up the accounts covering the following transactions, by the 11. 4. Write up the same accounts by the double entry method, using a 12. 12. Account books are of two classes: (_a_) those in which complete 13. PART II 14. 1. After you become familiar with each entry and the nature of the 15. 2. Journalize the following transactions: 16. 1. From the copy of the journal (Article 66) which you have made, post 17. 2. Post the transactions from the journal you have made (Exercise 2, 18. 3. Make a trial balance of the ledger accounts. 19. 90. The note returned to us is $2,010.00, that being the amount of 20. introduction of many labor-saving methods and devices. One of these now 21. 4. Submit the journal entries to be used in apportioning the profits, 22. 5. Submit proper entries when Kemp's interest is purchased, assuming 23. 6. Submit trial balance of ledger of Benton & Douglas as the accounts 24. 1. Show all entries required to complete the liquidation of this 25. 2. At the final settlement, how much cash does each partner receive? 26. 1. A corporation is organized with a capital of $50,000.00, divided 27. 2. _A_, _B_, and _C_ organize a corporation with an authorized 28. 3. John Davis and Daniel Greene own the La Belle mine, and to secure

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