About the Book
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1845 Excerpt: ...fire? Q. How will you close Lawson's consignment, sales finished, one-half the net proceeds you keep at interest for your own account, the other half you lend Robert Oliver, on Lawson's account? Q. How will you close Lawson's consignment, sales being finished, the net proceeds you employ, before entry, in tobacco, which you ship said Lawson for his account. Query, the management and Journal entry? LECTURE VII. What will be your Journal entry--Q. If you buy at auction, for your note, at 60 days, $4,000 worth of merchandise, to be sold on the joint account of Charles Tiernan and yourself, each one-half? A. Sundries Dr. to Bills Payable, $4,000. C. Tiernan, for his half, .... $2,000 Merchandise in Co. A, for my half, --2,000 Q. What would be Tiernan's Journal entry? A. Adventure in Co. A, Dr. to J. H. S., for his half, $2,000. Q. What would be C. Tiernan's entry, if. he purchased the goods for cash, $4,000? A. Sundries Dr. to Cash, $4,000. Adventure in Co. A, for my half, ---$2,000 J. H. S. for his half, .... 2,000 Q. If you receive from C. Tiernan, $1,000 worth of mer-chandise, to be sold on joint account? A. Merchandise in Co. Dr. to C. Tiernan. For my half furnished by C. Tiernan. Note.--You don't credit C. Tiernan for his half of the goods, until they are sold. Q. Suppose you and C. Tiernan purchase $5,000 worth of goods for cash, on your joint account, and each pay his own half in cash? A. Merchandise in Co. A, Dr. to Cash, $2,500 For your half. Q. What would be Tiernan's entry? A. Adventure in Co. A, Dr. to Cash, $2,500 For his half. Q. If you and Tiernan purchase goods to the amount of $1,000, on your joint account, and C. Tiernan pay $400, and you pay the balance in cash, $600? A. Sundries Dr. to Cash, $600. Merchandise in Co. A, for my half, --$500 C. Tier...
