Selected Stock Transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 350,000 shares of common stock with a par of $30. The following transactions affecting stockholders' equity were completed during the first year of operations. Journalize the entries to record the transactions. a. Issued 7,500 shares of stock at par to Paul Glenn for cash. Cash Common Stock Feedback 7,500 X 7,500 X Check My Work What is the company receiving in exchange for issuing the shares? At what price are the shares being sold? b. (1) Issued 500 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and (2) issued 23,000 shares of stock at par to Michele Kirby for cash. (1) Organizational Expenses 500 X Common Stock 500 X (2) Cash 23,000 X Common Stock 23,000 X