Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 250,000 shares of common stock with a par of $1. The following transactions affecting stockholders' equity were completed during the year of operations. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. Issued 8,500 shares of stock at par to Paul Glenn for cash. Cash v Common Stock Feedback PCheck My Work b. (1) Issued 750 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and (2) issued 21,000 shares of stock at par to Michele Kirby for cash. (1) Organizational Expenses 750V Common Stock (2) Cash 21,000 Common Stock 21.000

Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 250,000 shares of common stock with a par of $1. The following transactions affecting stockholders' equity were completed during the year of operations. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. Issued 8,500 shares of stock at par to Paul Glenn for cash. Cash v Common Stock Feedback PCheck My Work b. (1) Issued 750 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and (2) issued 21,000 shares of stock at par to Michele Kirby for cash. (1) Organizational Expenses 750V Common Stock (2) Cash 21,000 Common Stock 21.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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