HomeworkLib
Question
Please help!
Selected Stock Transactions Alpha Sounds Corp, an electric guitar retailec was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 350,000 shares of common steck with a per of s60. The following transactions affecting stockholders equity were completed during the first year of operations. ournsize the entries to record the transactions a. 1ssued 10,000 shares of stock at par to Paul Gienn for cash b. (1) Issued 550 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the cerporation, and (2) issued 21,000 shares of stoci at par to Michele Kirby for cash . The bulding is mortgaged for 419,000 for 20 years at 7% and the, a accrved interest or 187,000 and the building at $625,000, and that Gretchen Northways equty will be c. Purchased land and a building from Gretchen Northway in exchange for stock issued at par $5,000 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at s exchanged for stock at par. The corporation agreed to assume responsibility for paying the mortgage note and the If an amourt box does not require an entry, leave it bilank

a. Issued 10,000 shares of stock at par to Paul Glenn for cash. b. (1) Issued 550 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. e Purchased land and a building from Gretchen North ay in expange for stock issued at par. The bunding is mortgaged for S4 19,000 for 20 years at 7% and there is accrued interest or $5,000 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $t exchanged for stock at par. The corporation agreed to assume responsibility for paying the mortgage note and the accrued interes 07,000 and the building at S625,000, and that Gretchen Northways equity will be If an amount box does not require an entry, leave it blank
Thank you!
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Sr. No. Particulars alCash Debit Credit $600,000 Common Stock $600,000 (To record issuance of 10000 common stock@ 60 per share for cash) b.1 Advertising Expense $33,000 $33,000 Common Stock To record issuance of 550 common stock 60 in exchange of promotional services provided by Mr. Michele Kirby) b.2lCash $1,260,000 Common Stock 1,260,000 (To record issuance of 21000 common stock @ 60 per share for cash) $187,000 $625,000 C.1|Land Building Notes Payable Accrued Interest Common Stock [Refer Note 1 To record issuance of common stock in exchange of purchase of land and building and taking of mortgage liabili $419,000 $5,000 $388,000 Note 1: Particulars Amount Amount $187,000 5625,000 Cost of Land Cost of Building Total Cost Less: Liabiliies taken Notes Payable Accrued Interest Total Liabilities Value of Common stock to be issued at par $812,000 $419,000 ($424,000) $388,000

0 0
Add a comment
Know the answer?
Add Answer to:
Please help! Thank you! Selected Stock Transactions Alpha Sounds Corp, an electric guitar retailec was organized...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Selected Stock Transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul...

    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...

    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...

  • 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 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...

  • Selected Stock Transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul...

    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'...

  • Selected Stock Transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul...

    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...

    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...

  • 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 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...

  • EX 12-6 Selected stock transactions Obj. 2 Alpha Sounds Corp., an electric guitar retailer, was organized...

    EX 12-6 Selected stock transactions Obj. 2 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: a. Issued 100,000 shares of stock at par to Paul Glenn for cash. b. Issued 3,000 shares of stock at par to Michele Kirby for promotional services provided in...

  • Calculator Print Item eBook Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby,...

    Calculator Print Item eBook 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 13,500 shares of stock at par to Paul Glenn for cash....

  • 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 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          ...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT