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

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Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The chart

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Answer 1

Answer #1

	Account Titles and explanations	Debit	Credit
a.	Cash (14,000 shares × $35)	$490,000
	Common stock		$490,000
	(To record issue of common stock)

b.

	Account Titles and explanations	Debit	Credit
(1)	Organizational expenses (600 shares ×$35)	$21,000
	Common stock		$21,000
	(To record issue of shares for promotional services)

(2)	Cash (24,000 shares × $35)	$840,000
	Common stock		$840,000
	(To record issue of common stock)

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Answer 2

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