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QS 11-5(Algo) Issuance of common stock LO P1 Prepare the issuer's journal entry for...

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Accounting

QS 11-5(Algo) Issuance of common stock LO P1
Prepare the issuer's journal entry for each of the following separate transactions.
a. On March 1, Atlantic Company issues 50,000 shares of $5 par value common stock for $320,000 cash.
b. On April 1, OP Company issues no-par value common stock.for $85,000 cash.
c. On April 6, MPG issues 3,500 shares of $25 par value common stock for $54,000 of inventory, $160,000 of machinery, and acceptance of a $90,000 note payable.
Journal entry worksheet
1
2
3
Record the issuance of 50,000 shares of $5 par value common stock for $320,000 cash.
Note: Enter debits before credits.
\table[[Transaction,General Journal,Debit,Credit],[a.,,,],[,,,],[,2,,],[,,,],[,,,],[,,,]]
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