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) |
Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen...
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 $35. The following transactions affecting stockholders' equity were completed during the first year of operations. Journalize the entries to record the transactions. a. Issued 14,000 shares of stock at par to Paul Glenn for cash. Common Stock b. (1) Issued 600 shares of stock at par to Michele Kirby for promotional...
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’ equity were completed during the first year of operations: Jan. 2 Issued 111,000 shares of stock at par to Paul Glenn for cash. 5 Issued 3,800 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the...
Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 200,000 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. Issued 9,500 shares of stock at par to Paul Glenn for cash. Cash Common Stock ...
Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 600,000 shares of common stock with a par of $50. The following transactions affecting stockholders' equity were completed during the first year of operations. Journalize the entries to record the transactions. a. Issued 8,500 shares of stock at par to Paul Glenn for cash. b. (1) Issued 750 shares of stock at par to Michele Kirby for promotional services provided...
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 $35. The following transactions affecting stockholders' equity were completed during the first year of operations. Journalize the entries to record the transactions. a. Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $429,000 for 20 years at 7% and there...
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' equity were completed during the first year of operations: Journalize the entries to record the transactions. 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...
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' equity were completed during the first year of operations: Journalize the entries to record the transactions. 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...
Selected Stock Transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 300,000 shares of common stock with a par of $35. The following transactions affecting stockholders' equity were completed during the first year of operations. Journalize the entries to record the transactions. a. Issued 12,500 shares of stock at par to Paul Glenn for cash. b. (1) Issued 750 shares of stock at par to Michele Kirby for...
Selected Stock Transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 300,000 shares of common stock with a par of $35. The following transactions affecting stockholders' equity were completed during the first year of operations. Journalize the entries to record the transactions. a. Issued 12,500 shares of stock at par to Paul Glenn for cash. b. (1) Issued 750 shares of stock at par to Michele Kirby for...
Selected Stock Transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 550,000 shares of common stock with a par of $25. The following transactions affecting stockholders’ equity were completed during the first year of operations. Selected Stock Transactions Alpha Sounds Corp. an electric guitar reader, was organized by Michele by Paul Glenn, and Gretchen Northway. The charter authored 550,000 shares of comment $25. The following transactions affecting stockholders'...