Selected Stock Transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul...

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Selected Stock Transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and

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Answer 1

Answer #1

(a)	issue 100,000 shares of stock at par


	Cash A/c	$100,000
	Common stock		$100,000
	(common stock issued)

(b)	Promotional service expense	$3,000
	Common stock		$3,000
	(share issued for promotional services)

	Cash A/c	$45,000
	Common stock		$45,000
	(common stock issued for cash)

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Answer 2

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