Question

Prepare the issuer's journal entry for each of the following separate transactions a. On March 1, Atlantic Co. issues 45.000 shares of $3 par value common stock for $305.000 cash. b. On April 1, OP Co. issues no-par value common stock for $75.000 cash. c. On April 6, MPG issues 2,500 shares of $25 par value common stock for $44000 of inventory $160.000 of machinery. and acceptance of a $94.000 note payable. View transaction list Journal entry worksheet 2 Record the issuance of 2,500 shares of $25 par value common stock for 544,000 of inventory, 5160.000 of machinery, and acceptance of a $94.000 note payable. Note: Enter debits before credits. General Journal Debit |Credit Transaction Clear entry Viewr general journal Record entry

Answer 1

Journal Entries
Date	Account Title and explanation	Debit	Credit
	Answer = a)
	Cash	$                     3,05,000
March , 01	To Common Stock (45,000 Shares X $ 3)		$                  1,35,000
	To Paid in Capital in Excess of Par		$                  1,70,000
	Answer = b)
April , 01	Cash	$                         75,000
	To Common Stock		$                      75,000
April , 06	Answer = C)
	Inventory	$                         44,000
	Machienary	$                     1,60,000
	To Note Payable		$                      94,000
	To Common Stock (2,500 Shares X $ 25)		$                      62,500
	To paid in Capital in excess of par (Balancing Figure)		$                      47,500