Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 51,000 shares of $3 par value common stock for $323,000 cash. b. On April 1, OP Company issues no-par value common stock for $87,000 cash. c. On April 6, MPG issues 3,700 shares of $15 par value common stock for $56,000 of inventory, $170,000 of machinery, and acceptance of a $92,000 note payable. Vlew transaction list Journal entry worksheet 1 2 3 > Record the issuance of 51,000 shares of $3 par value common stock for $323,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Prepare the issuer's journal entry for each of the following separate transactions.
a. On March 1, Atlantic Company issues 51,000 shares of $3 par value common stock for $323,000 cash.
b. On April 1, OP Company issues no-par value common stock for $87,000 cash.
c. On April 6, MPG issues 3,700 shares of $15 par value common stock for $56,000 of inventory, $170,000 of machinery, and
acceptance of a $92,000 note payable.
View transaction list
Journal entry worksheet
1
2
>
Record the issuance of 51,000 shares of $3 par value common stock for
$323,000 cash.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
a.
Record entry
Clear entry
View general journal
Transcribed Image Text:Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 51,000 shares of $3 par value common stock for $323,000 cash. b. On April 1, OP Company issues no-par value common stock for $87,000 cash. c. On April 6, MPG issues 3,700 shares of $15 par value common stock for $56,000 of inventory, $170,000 of machinery, and acceptance of a $92,000 note payable. View transaction list Journal entry worksheet 1 2 > Record the issuance of 51,000 shares of $3 par value common stock for $323,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal
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