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eduard
3 years ago
6

Prepare the issuer’s journal entry for each of the following separate transactions.a. On March 1, Atlantic Co. issues 51,000 sha

res of $3 par value common stock for $323,000 cash.b. On April 1, OP Co. issues no-par value common stock for $87,000 cash.c. On April 6, MPG issues 3,700 shares of $15 par value common stock for $56,000 of inventory, $170,000 of machinery, and acceptance of a $92,000 note payable.
Business
1 answer:
Shalnov [3]3 years ago
4 0

Answer:

March 1

Account                                             Debit               Credit

Cash                                                 $323,000

Common Stock                                                         $153,000

Paid-In Capital in Excess

of Par Value                                                              $170,000

April 1

Account                                              Debit                Credit

Cash                                                 $87,000

Common Stock-no par value                                    $87,000

April 6

Account                                             Debit                 Credit

Inventory                                          $56,000

Common Stock                                                           $56,000

Machinery                                        $170,000

Paid-In Capital in Excess of

Common Stock                                                           $170,000

Note Payable                                                              $92,000

Cash                                                 $92,000

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