Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 51,000 shares of $3 par value common stock for $323,000 cash. b. On April 1, OP Company issues no-par value common stock for $87,000 cash. c. On April 6, MPG issues 3,700 shares of $15 par value common stock for $56,000 of inventory, $170,000 of machinery, and acceptance of a $92,000 note payable. Vlew transaction list Journal entry worksheet 1 2 3 > Record the issuance of 51,000 shares of $3 par value common stock for $323,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 51,000 shares of $3 par value common stock for $323,000 cash. b. On April 1, OP Company issues no-par value common stock for $87,000 cash. c. On April 6, MPG issues 3,700 shares of $15 par value common stock for $56,000 of inventory, $170,000 of machinery, and acceptance of a $92,000 note payable. Vlew transaction list Journal entry worksheet 1 2 3 > Record the issuance of 51,000 shares of $3 par value common stock for $323,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 5EA: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first...

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Question

Prepare the issuer's journal entry for each of the following separate transactions.
a. On March 1, Atlantic Company issues 51,000 shares of $3 par value common stock for $323,000 cash.
b. On April 1, OP Company issues no-par value common stock for $87,000 cash.
c. On April 6, MPG issues 3,700 shares of $15 par value common stock for $56,000 of inventory, $170,000 of machinery, and
acceptance of a $92,000 note payable.
View transaction list
Journal entry worksheet
1
2
>
Record the issuance of 51,000 shares of $3 par value common stock for
$323,000 cash.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
a.
Record entry
Clear entry
View general journal

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