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 12,500 shares of stock at par to Paul Glenn for cash. b. (1) Issued 800 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and (2) issued 16,000 shares of stock at par to Michele Kirby for cash. (1) (2) c. Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The land has a fair value of $60,000, and the building has a fair value of $110,000
Other questions asked by students
Advance Math
1.2K views
Basic Math
1.2K views
Basic Math
1.2K views
A combination for a keypad is 6 digits long. The digits are from 0-9. The...
Basic Math
1.2K views
Statistics
1.2K views
What Cl formula would you use for a sample size of 10 subjects O Interval...
Accounting
1.2K views
marketing materials (brochure, flyer) will need to be printed how many coples due date Number...
Accounting
1.2K views
Accounting
1.2K views
Ms. A owns 70 percent of the shares of A Ltd. and 10 percent of...
Accounting
1.2K views
Accounting
1.2K views
Accounting
1.2K views