QS 11-5 (Algo) Issuance of common stock LO P1 Prepare the issuer's journal entry for...
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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 43,500 shares of $4 par value common stock for $300,500 cash. b. On April 1, OP Company issues no-par value common stock for $72,000 cash c. On April 6, MPG issues 2,200 shares of $25 par value common stock for $41,000 of inventory, $145,000 of machinery, and acceptance of a $91,000 note payable. Journal entry worksheet 23 Record the issuance of 43,500 shares of $4 par value common stock for $300,500 cash. Record the issuance of 43,500 shares of $4 par value common stock for $300,500 cash. Note: Enter debits before credits. Record the issuance of no-par value common stock for $72,000 cash. Note: Enter debits before credits. Note: Enter debits before credits
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