QS 11-5 Issuance of common stock LO P1

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

1. On March 1, Atlantic Co. issues 47,000 shares of $3 par value common stock for $311,000 cash.
2. On April 1, OP Co. issues no-par value common stock for $79,000 cash.
3. On April 6, MPG issues 2,900 shares of $20 par value common stock for $48,000 of inventory, $180,000 of machinery, and acceptance of a $98,000 note payable.

Journal entry worksheet

• Record the issuance of 47,000 shares of $3 par value common stock for $311,000 cash.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
a.

• Record the issuance of no-par value common stock for $79,000 cash.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
b.

• Record the issuance of 2,900 shares of $20 par value common stock for $48,000 of inventory, $180,000 of machinery, and acceptance of a $98,000 note payable.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
c.