Prepare the issuer's journal entry for each of the following separate transactions. On March 1, Atlantic Co. issues 51,500 shares of $4 par value common stock for $324,500 cash. On April 1, OP Co. issues no-par value common stock for $88,000 cash. On April 6, MPG issues 3,800 shares of $20 par value common stock for $57,000 of inventory, $175,000 of machinery, and acceptance of a $93,000 note payable.

No	Transaction	General Journal	Debit	Credit
1	a.	Cash	324,500
		Common stock, $4 par value		206,000
		Paid-in capital in excess of par value, common stock		118,500
2	b.	Cash	88,000
		Common stock, no-par value		88,000
3	c.	Inventory	57,000
		Machinery	175,000
		Note payable		93,000

Answer rating: 100% (QA)

No Transaction General Journal Debit Credit 1 a Cash 324500 51500 shares x 4 par Comm... View the full answer