Cyclopedia of Commerce, Accountancy, Business Administration, v. 04 (of 10)
1. A corporation is organized with a capital of $50,000.00, divided
into 500 shares of $100.00 each. The corporation begins business when
250 shares have been subscribed for. Of this amount _A_ subscribes for
100 shares, _B_ for 100 shares, and _C_ for 50 shares. These shares are
paid for in cash within 30 days after the date of subscriptions.
Six months later the balance of the stock is subscribed for,
subscriptions being received from _A_ for 50 shares, _B_, 50 shares,
_D_, 100 shares, and _E_, 50 shares. _C_ sells 50 shares to _B_. These
new shares are paid for in cash.
Make all entries in general books.
Make all entries in stock books.