Selected stock transactionsAlpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 450,000shares of common stock with a par of $1. The following transactions affecting stockholders' equity were completed during the first year of operations.Journalize the entries to record the transactions.If an amount box does not require an entry, leave it blank.a. Issued 13,500 shares of stock at par to Paul Glenn for cash.CashCommon Stock(1) Organizational ExpensesCommon Stockb. (1) Issued 450 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and(2) issued 20,000 shares of stock at pat to Michele Kirby for cash.(2) CashCommon StockLand13,500BuildingCommon Stock13,50070,00045020,000c. Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The land has a fair value of $70,000, and the buildinghas a fair value of $110,000.450110,00020,000

Journal Entries -Journal Entries are the record of the transactions entered into by the organization…

Answered: Selected stock transactions Alpha…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 450,000 shares of common stock with a par of $1. The following transactions affecting stockholders' equity were completed during the first year of operations. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. Issued 14,000 shares of stock at par to Paul Glenn for cash. b. (1) Issued 900 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and (2) issued 19,000 shares of stock at par to Michele Kirby for cash. c. Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The land has a fair value of $70,000, and the building has a fair value of $130,000.
prepare general journal entries for these transactions
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Required Information Williamson Corporation's Board authorized 81,000 shares of common stock with $3 par value. During the first year, Williamson: a. Sold 59,000 shares of common stock for cash at $44 per share. b. Repurchased 6,000 shares at $46 per share. Required: 1. Prepare the journal entry required for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Vww transaction lat Journal entry worksheet 2 Sold 59,000 shares of common stock for cash at $44 per share. Note: Enter debts before ads Transaction Macord entry General Journal Clear entry Debit Credit View general journal
Issuing stock Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 27,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 213,000 shares of common stock at par for cash. 1. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. 7. Issued 69,400 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $149,100, $505,120 and $164,700 respectively. Sept. 20. Issued 17,600 shares of preferred stock at $105 for cash. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles CHART OF ACCOUNTS Ergonomics Supply Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes…
Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 100,000 shares of preferred 1% stock, $50 par and 250,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5. Issued 160,000 shares of common stock at par for cash. Feb. 5. fill in the blank 448da3f27ff0040_2 fill in the blank 448da3f27ff0040_3 fill in the blank 448da3f27ff0040_5 fill in the blank 448da3f27ff0040_6 Feb. 5. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. fill in the blank b1e61509bfd401e_2 fill in the blank b1e61509bfd401e_3 fill in the blank b1e61509bfd401e_5 fill in the blank b1e61509bfd401e_6 Apr. 9. Issued 20,500 shares of common…
odriguez Corporation issues 10,000 shares of its common stock for $146,700 cash on February 20. Prepare journal entries to record his event under each of the following separate situations. 1. The stock has a $12 par value. 2. The stock has neither par nor stated value. 3. The stock has a $6 stated value. View transaction list Journal entry worksheet A B Record the issue of 10,000 shares of $12 par value common stock for $146,700 cash. Transaction 1 C Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal
Entries for Treasury Stock On May 27, Idress Clothing Inc. reacquired 64,000 shares of its common stock at $12 per share. On August 3, Idress Clothing sold 41,000 of the reacquired shares at $17 per share. On November 14, Idress Clothing sold the remaining shares at $9 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank. 88 May 27 Aug. 3 OC Nov. 14 □ㄈ OC
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Entries for treasury stock On May 27, Mama Mia Inc, reacquired 79,000 shares of its common stock at $10 per share. On August 3, Mama Mia sold 53,000 of the reacquired shares at $13 per share. On November 14, Mama Mia sold the remaining shares at $8 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank. May 27 Treasury Stock Cash Aug. 3 Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock Nov. 14 Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock °
Create journal entries for the following
Selected Stock Transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 400,000 shares of common stock with a par of $1. The following transactions affecting stockholders' equity were completed during the first year of operations. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. Issued 7,000 shares of stock at par to Paul Glenn for cash. b. (1) Issued 600 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and (2) issued 19,000 shares of stock at par to Michele Kirby for cash. c. Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $469,000 for 20 years at 7% and there is accrued interest of $6,500 on the mortgage note at the time of the purchase. The corporation agreed to…

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