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Instructions Chart of Accounts Instructions Journal Alpha Sounds Corp, an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 1,000,000 shares of common stock with a par of $1. The following transactions affecting stockholders equity were completed during the first year of operations: Jan 2 Issued 110,000 shares of stock at par to Paul Glenn for cash 5 Issued 2,200 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation and issued 42,100 shares of stock at par to Michele Kirby for cash. (record as two separate transactions) 8 Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $177,000 for 20 years at 6%, and there is accrued interest of $5.800 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $63,800 and the

Instructions Chart of Accounts Instructions Journal Alpha Sounds Corp, an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 1,000,000 shares of common stock with a par of $1. The following transactions affecting stockholders equity were completed during the first year of operations: Jan 2 Issued 110,000 shares of stock at par to Paul Glenn for cash 5 Issued 2,200 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation and issued 42,100 shares of stock at par to Michele Kirby for cash. (record as two separate transactions) 8 Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $177,000 for 20 years at 6%, and there is accrued interest of $5.800 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $63,800 and the

FINANCIAL ACCOUNTING
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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Journlise The Entries To Record The Transactians.

....... Instructions Chart of Accounts Journal Instructions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 1,000,000 shares of common stock with a Dar of $1. The following transactions affecting stockholders equity were completed during the first year of operations: Jan. 2 Issued 110,000 shares of stock at par to Paul Glenn for cash 5 Issued 2,200 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation and issued 42,100 shares of stock at par to Michele Kirby for cash. (record as two separate transactions) 8 Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $177,000 for 20 years at 6%, and there is accrued interest of $5.800 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $63,800 and the 994400 and that ented the state. The
Transcribed Image Text:....... Instructions Chart of Accounts Journal Instructions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 1,000,000 shares of common stock with a Dar of $1. The following transactions affecting stockholders equity were completed during the first year of operations: Jan. 2 Issued 110,000 shares of stock at par to Paul Glenn for cash 5 Issued 2,200 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation and issued 42,100 shares of stock at par to Michele Kirby for cash. (record as two separate transactions) 8 Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $177,000 for 20 years at 6%, and there is accrued interest of $5.800 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $63,800 and the 994400 and that ented the state. The
eBook Print Item Instructions Jan. 2 Issued 110,000 shares of stock at par to Paul Glenn for cash 5 8 Issued 2,200 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation and issued 42,100 shares of stock at par to Michele Kirby for cash. (record as two separate transactions.) Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $177,000 for 20 years at 6%, and there is accrued interest of $5,800 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $63.800 and the building at $224,400 and that Gretchen Northway's equity will be exchanged for stock at par. The corporation agreed to assume responsibility for paying the mortgage note and the accrued interest. Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles
Transcribed Image Text:eBook Print Item Instructions Jan. 2 Issued 110,000 shares of stock at par to Paul Glenn for cash 5 8 Issued 2,200 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation and issued 42,100 shares of stock at par to Michele Kirby for cash. (record as two separate transactions.) Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $177,000 for 20 years at 6%, and there is accrued interest of $5,800 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $63.800 and the building at $224,400 and that Gretchen Northway's equity will be exchanged for stock at par. The corporation agreed to assume responsibility for paying the mortgage note and the accrued interest. Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles
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