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

Problem 1Q

See similar textbooks

Similar questions

Erogomomics Supply Inc., organized on July 1 of the current year with the authorization of 80,000 shares of preferred stock, $50 par, and 900,000 shares of common stock $11 par. The following selected transactions were completed during the first year of operations: July 1: Issued 260,000 shares of common stock at PAR for cash. July 1: Issued 25,000 shares of preferred stock for $75 cash. Instructions: Journalize the July Stock Issuances. 22 Wh Date Account Title Debit Credit you will not need all the lines in journal table
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
please answer
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…
Subject :- Accounting
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…
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 °
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…
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, $75 par and 300,000 shares of $10 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 115,000 shares of common stock at par for cash. Cash Common Stock Feb. 5. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Organizational Expenses Common Stock Apr. 9. Issued 19,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $35,000, $189,000, and $42,000, respectively. Apr. 9. Land Buildings Equipment Common Stock Paid-In Capital in Excess of…

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

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