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Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 49,500 shares of $4 par value common stock for $318,500 cash. b. On April 1, OP Company issues no-par value common stock for $84,000 cash. c. On April 6, MPG issues 3,400 shares of $20 par value common stock for $53,000 of inventory, $150,000 of machinery, and acceptance of a $103,000 note payable. View transaction list

Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 49,500 shares of $4 par value common stock for $318,500 cash. b. On April 1, OP Company issues no-par value common stock for $84,000 cash. c. On April 6, MPG issues 3,400 shares of $20 par value common stock for $53,000 of inventory, $150,000 of machinery, and acceptance of a $103,000 note payable. View transaction list

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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Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 49,500 shares of $4 par value common stock for $318,500 cash. b. On April 1, OP Company issues no-par value common stock for $84,000 cash. c. On April 6, MPG issues 3,400 shares of $20 par value common stock for $53,000 of inventory, $150,000 of machinery, and acceptance of a $103,000 note payable. View transaction list Journal entry worksheet < 1 2 Record the issuance of 49,500 shares of $4 par value common stock for $318,500 cash. Transaction a. Note: Enter debits before credits. 3 Record entry General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 49,500 shares of $4 par value common stock for $318,500 cash. b. On April 1, OP Company issues no-par value common stock for $84,000 cash. c. On April 6, MPG issues 3,400 shares of $20 par value common stock for $53,000 of inventory, $150,000 of machinery, and acceptance of a $103,000 note payable. View transaction list Journal entry worksheet < 1 2 Record the issuance of 49,500 shares of $4 par value common stock for $318,500 cash. Transaction a. Note: Enter debits before credits. 3 Record entry General Journal Clear entry Debit Credit View general journal
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