Homework Help is Here – Start Your Trial Now!
Business
Accounting
Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 42,500 shares of $4 par value common stock for $297,500 cash. b. On April 1, OP Company issues no-par value common stock for $70,000 cash. c. On April 6, MPG issues 2,000 shares of $25 par value common stock for $45,000 of inventory, $145,000 of machinery, and acceptance of a $94,000 note payable.

Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 42,500 shares of $4 par value common stock for $297,500 cash. b. On April 1, OP Company issues no-par value common stock for $70,000 cash. c. On April 6, MPG issues 2,000 shares of $25 par value common stock for $45,000 of inventory, $145,000 of machinery, and acceptance of a $94,000 note payable.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format thanku 

Journal entry worksheet < Record the issuance of 42,500 shares of $4 par value common stock for $297,500 cash. Transaction 1 Note: Enter debits before credits. < a. Record entry 2 Journal entry worksheet 1 Transaction b. < 1 Note: Enter debits before credits. C. 3 Record entry Record the issuance of no-par value common stock for $70,000 cash. Transaction 3 2 General Journal Journal entry worksheet Note: Enter debits before credits. Record entry Clear entry General Journal Clear entry Record the issuance of 2,000 shares of $25 par value common stock for $45,000 of inventory, $145,000 of machinery, and acceptance of a $94,000 note payable. Debit Credit General Journal View general journal Clear entry Debit Credit > View general journal Debit Credit > View general journal
Transcribed Image Text:Journal entry worksheet < Record the issuance of 42,500 shares of $4 par value common stock for $297,500 cash. Transaction 1 Note: Enter debits before credits. < a. Record entry 2 Journal entry worksheet 1 Transaction b. < 1 Note: Enter debits before credits. C. 3 Record entry Record the issuance of no-par value common stock for $70,000 cash. Transaction 3 2 General Journal Journal entry worksheet Note: Enter debits before credits. Record entry Clear entry General Journal Clear entry Record the issuance of 2,000 shares of $25 par value common stock for $45,000 of inventory, $145,000 of machinery, and acceptance of a $94,000 note payable. Debit Credit General Journal View general journal Clear entry Debit Credit > View general journal Debit Credit > View general journal
Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 42,500 shares of $4 par value common stock for $297,500 cash. b. On April 1, OP Company issues no-par value common stock for $70,000 cash. c. On April 6, MPG issues 2,000 shares of $25 par value common stock for $45,000 of inventory, $145,000 of machinery, and acceptance of a $94,000 note payable.
Transcribed Image Text:Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 42,500 shares of $4 par value common stock for $297,500 cash. b. On April 1, OP Company issues no-par value common stock for $70,000 cash. c. On April 6, MPG issues 2,000 shares of $25 par value common stock for $45,000 of inventory, $145,000 of machinery, and acceptance of a $94,000 note payable.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS