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' equit 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. a. Issued 100,000 shares stock at par to Paul Glenn for cash. b. (1) Issued 3,000 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, (2) and issued 45,000 shares o stock at par to Michele Kirby for cash. (1) (2) c. Purchased land and a building from Gretchen Northway in exchange for stock issued par. land has a fair value of $60,000, and the building has a fair value of $120,000.
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' equit 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. a. Issued 100,000 shares stock at par to Paul Glenn for cash. b. (1) Issued 3,000 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, (2) and issued 45,000 shares o stock at par to Michele Kirby for cash. (1) (2) c. Purchased land and a building from Gretchen Northway in exchange for stock issued par. land has a fair value of $60,000, and the building has a fair value of $120,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education