Selected stock transactionsAlpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 1,000,000 shares of common stock with a par of $1. The following transactions affecting stockholders' equitywere 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 100,000 shares of stock at par to Paul Glenn for cash.b. (1) Issued 3,000 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, (2) and issued 45,000 shares of stock at par to Michele Kirby for cash.(1)(2)c. Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The land has a fair value of $60,000, and the building has a fair value of $120,000.

Journal entries can be defined as the first step used to record a business transaction in the…

Selected stock transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 1,000,000 shares of common stock with a par of $1. The following transactions affecting stockholders' equit 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 100,000 shares stock at par to Paul Glenn for cash. b. (1) Issued 3,000 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, (2) and issued 45,000 shares o stock at par to Michele Kirby for cash. (1) (2) c. Purchased land and a building from Gretchen Northway in exchange for stock issued par. land has a fair value of $60,000, and the building has a fair value of $120,000.

Selected stock transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 1,000,000 shares of common stock with a par of $1. The following transactions affecting stockholders' equit 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 100,000 shares stock at par to Paul Glenn for cash. b. (1) Issued 3,000 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, (2) and issued 45,000 shares o stock at par to Michele Kirby for cash. (1) (2) c. Purchased land and a building from Gretchen Northway in exchange for stock issued par. land has a fair value of $60,000, and the building has a fair value of $120,000.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter12: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: Selected stock transactions The following selected accounts appear in the ledger of Parks...

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