Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 1,100,000 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 83,000 shares of stock at par to Paul Glenn for cash.
b.	Issued 3,800 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and issued 45,400 shares of stock at par to Michele Kirby for cash.
c.	Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $170,100 for 20 years at 6%, and there is accrued interest of $4,900 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $59,800 and the building at $223,600 and that Gretchen Northways equity will be exchanged for stock at par. The corporation agreed to assume responsibility for paying the mortgage note and the accrued interest.

Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.

Instructions Abha Sounds Corp. an electric guitar was organized by Michele by Paul Glen, and Gretchen Norway. The charter authored 1.100.000 shares of stock with a w of 51. The following transaction lecting stockholders were completed during the first year of operations awed 83.000 shares of stock al parto Pod Glern for cash sued 3.800 shares of stock at pw to Michele Kaby for promotional services provided in connection with the organization of the corporation and med 45.400 shares of stock at par to Michele Katy for cash Purchased land and building from Gretchen Norway in exchange for stocked at par. The building is mortgaged for 5170 100 20 years ates, and there is accrued interest of 4.900 on the mortgage role at the time of the purchase. Its agreed that the land is to be priced 550.000 and the building a 323,600 and the Gretchen Northway's equity will be exchanged for stockalp The corporation agreed to assume respoily for paying the mortgage note and the accrued interest Journal JOURNAL ACCOUNTING EQUATION DIE DESCRIPTION PORTAL AUMETS LAUT TY 3 Alpha Sounds Corp. General Ledger REVENUE 410 Sales 610 Interest Revenue ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 191 Building 192 Accumulated Depreciation Building EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Seling Expenses 534 Rent Expense 536 Insurance Expense 538 Office Supplies Expense 537 Organizational Expenses 581 Depreciation Expense-Building 590 Miscellaneous Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 281 Mortgage Note Payable EQUITY 236 Stock Dividends Distributable 311 Common Stock 312 Paid-in Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-in Capital in Excess of Par-Preferred Stock 331 Paid-in Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends