love dating sites cuba - A mining company declared a liquidating dividend the journal entry

by  |  14-Nov-2015 08:12

Taylor begins business with a capital (all in cash) of ,000. Taylor rents a store building, paying 3 months' rent (0) in advance. Terms: ,500 cash, and a 6o-day note for the balance.

A few days later we received a letter from our customer stating that two of the tubs which we had sent were Class "B" instead of Class "A." They stated that they were willing to keep the tubs if proper allowance in price were made. What entries should an executor make on taking charge of a property which shows on the books of the deceased, and is appraised at the same figures, as follows : Real Estate (bequeathed to widow) ....... .$50,000 Accrued rentals on real estate .............. Supposing you have subordinate ledgers for customers and for creditors, what would your general ledger show for the items above (show a rough posting for each item posted to the general ledger) ? Rule and title five columns of a petty cash book in addition to the descriptive column, and make an illustrative entry for and in each distribution column. State fully how the disbursements entered in a petty cash book should be carried to the controlling account in the general ledger and to the detail accounts in the expense ledger.

The bookkeeper is accord- ingly instructed to send a credit memorandum for the amount of the over-charge. These tubs were shipped to the Morgantown Supply Company on April 8 and billed to them at $28.00 each. Into what book should you enter each class of transaction indi- cated above, and how many postings should be made from each book? He fails to state whether the goods were never purchased, were purchased but returned, or were purchased and paid for. e., what books should you consult, naming them in order, and what should you look for) to determine the facts? Enter the following transactions in a journal having special columns for cash received and paid, post to ledger.

(p) The note mentioned in (c) is paid and interest for 20 days, $5. Reed $115, gave him our (So-day note for $100, and paid him the balance in cash. On September 16 we had quoted this concern these sinks at $1.45 each. On March 28 we purchased from the Standard Sanitary Manu- facturing Company 6 Class "A" Enameled Iron Bath Tubs at $23.50 each. You make forty cash payments for expenses, amounting to $4000. With what must the bal- ance of a controlling account coincide ? A customer says that a bill which he has received from you repre- sents goods for which he does not owe.

PROBLEMS IN ACCOUNTING DAVID FRIDAY PROBLEMS IN ACCOUNTING DAVID FRIDAY ANN ARBOR 1916 COPYRIGHT, 1915 BY DAVID FRIDAY THE ANN ARBOR PRESS ANN ARBOR PREFACE This text was originally intended for the use of students in the various courses in Accounting in the University of Michigan. (r) Capital stock to the amount of $25,000 is issued for cash. (e) Stock and fixtures are insured for one year; premium, $25.

It attempts to place before the student in the form of problems the more important types of concrete situations which present the neces- sity for accounting analysis. (e) The firm borrows $500 from a bank on a 6o-day note. (s) $10,000 of the above stock is exchanged for $10,000 in first mortgage bonds. (y) $400 is received for rent of a portion of the factory.

Community Discussion