QS $11-5($Algo$)$ Issuance of common stock LO P$1$

Prepare the issuer's journal entry for each of the following separate transactions.

a$.$ On March $1,$ Atlantic Company issues $50,500$ shares of $$4$ par value common stock for $$321,500$ cash.

b$.$ On April $1,$ OP Company issues no$-$par value common stock for $$86,000$ cash.

c$.$ On April $6,$ MPG issues $3,600$ shares of $$20$ par value common stock for $$55,000$ of inventory, $$165,000$ of machinery, and acceptance of a $$91,000$ note payable.

Journal entry worksheet

References

Record the issuance of $50,500$ shares of $$4$ par value common stock for $$321,500$ cash.

Note: Enter debits before credits:

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[$a$.,,,],[,,,,],[,,,],[,,,],[48,,,],[8,,,]]$