Selected Stock Transactions

Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 600,000 shares of common stockwith a par of $35. The following transactions affecting stockholders' equity were completed during the first year of operations.

Journalize the entries to record the transactions.

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 16,000 shares of stock at par to Michele Kirby for cash.

(1)	Common StockOrganizational ExpensesPaid-In Capital in Excess of Par-CommonPreferred StockRetained EarningsOrganizational Expenses	Organizational Expenses
	CashCommon StockOrganizational ExpensesPaid-In Capital in Excess of Par-CommonPreferred StockCommon Stock		Common Stock
(2)	CashCommon StockPaid-In Capital in Excess of Par-CommonPreferred StockRetained EarningsCash	Cash
	CashCommon StockOrganizational ExpensePaid-In Capital in Excess of Par-CommonPreferred StockCommon Stock		Common Stock

Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $452,000 for 20 years at 7% and there is accrued interest of $7,500 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $167,000 and the building at $675,000, and that Northways equity will be exchanged for stock at par. The corporation agreed to assume responsibility for paying the mortgage note and the accrued interest.

For a compound transaction, if an amount box does not require an entry, leave it blank.

blank	CashCommon StockInterest PayableLandMortgage Note PayableLand	Land	Land
	BuildingCommon StockInterest PayableMortgage Note PayablePaid-In Capital in Excess of ParBuilding	Building	Building
	CashInterest ExpenseInterest PayableLandRetained EarningsInterest Payable	Interest Payable	Interest Payable
	BuildingCashMortgage Note PayablePaid-In Capital in Excess of ParPreferred StockMortgage Note Payable	Mortgage Note Payable	Mortgage Note Payable
	Common StockLandPaid-In Capital in Excess of ParPreferred StockRetained EarningsCommon Stock	Common Stock	Common Stock