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An issue of 50 000 shares at $3 required $2.20 per share to be paid at the time of application. On allotment, another $0.30 was due and a further $0.50 when determined by the board of directors. The application money in respect of the 50 000 shares was received on 8 July. On 26 July, the shares were issued with the amount due on allotment received on 15 August. The remaining $0.50 was called up on 20 September and received on 10 October.
-The journal entry to record the cash received on application would include:
Racially Integrated
The process or state of combining people of different races in a community or institution.
Public Schools
Educational institutions funded and run by the government, providing free education to students as part of the public education system.
Black Suffrage
The right of African Americans to vote, a significant issue during the Reconstruction era in the United States, culminating in the passing of the 15th Amendment.
Andrew Johnson
Served as the 17th President of the United States, following the assassination of Abraham Lincoln, known for his turbulent presidency and impeachment trial.
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