Selected Stock Transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 500,000 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. a.  Issued 7,500 shares of stock at par to Paul Glenn for cash.     Cash    Common Stock    b.  (1) Issued 500 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and (2) issued 22,000 shares of stock at par to Michele Kirby for cash. Organizational Expenses  Common Stock  Cash  Common Stock    c.  Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $492,000 for 20 years at 7% and there is accrued interest of $9,000 on the mortgage note at the time of the purchase. The corporation agreed to assume responsibility for paying the mortgage note and accrued interest. It is agreed that the land is to be valued at $272,000 and the building at $735,000, and that Gretchen Northway will be issued stock at par.   Land    Building    Interest Payable    Mortgage Note Payable    Common Stock

Subject :- Accounting

Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 100,000 shares of preferred 1% stock, $50 par and 250,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5.  Issued 160,000 shares of common stock at par for cash. Feb. 5.   fill in the blank 448da3f27ff0040_2 fill in the blank 448da3f27ff0040_3     fill in the blank 448da3f27ff0040_5 fill in the blank 448da3f27ff0040_6 Feb. 5.  Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5.   fill in the blank b1e61509bfd401e_2 fill in the blank b1e61509bfd401e_3     fill in the blank b1e61509bfd401e_5 fill in the blank b1e61509bfd401e_6 Apr. 9.  Issued 20,500 shares of common…

Entries for treasury stock On May 27, Mama Mia Inc, reacquired 79,000 shares of its common stock at $10 per share. On August 3, Mama Mia sold 53,000 of the reacquired shares at $13 per share. On November 14, Mama Mia sold the remaining shares at $8 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank. May 27 Treasury Stock Cash Aug. 3 Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock Nov. 14 Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock °

Create journal entries for the following

Selected Stock Transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 400,000 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. a.  Issued 7,000 shares of stock at par to Paul Glenn for cash. b.  (1) Issued 600 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and (2) issued 19,000 shares of stock at par to Michele Kirby for cash. c.  Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $469,000 for 20 years at 7% and there is accrued interest of $6,500 on the mortgage note at the time of the purchase. The corporation agreed to…

Selected Stock Transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 250,000 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. a. Issued 8,500 shares of stock at par to Paul Glenn for cash. Cash 8,500 Common Stock 8,500 Feedback Check My Work b. (1) Issued 750 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and (2) issued 21,000 shares of stock at par to Michele Kirby for cash. (1) Organizational Expenses 750 Common Stock 750 (2) Cash 21,000 Common Stock 21.000 Feedback Check My Work c. Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged…

Selected stock transactions 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 $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. a. Issued 13,500 shares of stock at par to Paul Glenn for cash. Cash Common Stock (1) Organizational Expenses Common Stock b. (1) Issued 450 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and (2) issued 20,000 shares of stock at pat to Michele Kirby for cash. (2) Cash Common Stock Land 13,500 Building Common Stock 13,500 70,000 450 20,000 c. Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The land has a fair value of $70,000, and the…

Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 100,000 shares of preferred 1% stock, $75 par and 300,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5.  Issued 115,000 shares of common stock at par for cash. Cash  Common Stock    Feb. 5.  Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Organizational Expenses    Common Stock    Apr. 9.  Issued 19,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $35,000, $189,000, and $42,000, respectively. Apr. 9. Land    Buildings    Equipment    Common Stock    Paid-In Capital in Excess of…