Alpha Sounds Corp., an electric quiter retaler, was organized by Michele Kirby,

Question

Alpha Sounds Corp., an electric quiter retaler, was organized by Michele Kirby, Paul ad Grettchen Northway. The charter authoraed 1, 100,0o0 shs of m tock wth a par of si edut which were of account bicles Jan. 2 Issued 83,000 shares of stock at par to Paul Glenn for cash S Issued 3,800 shares of stock at par to Michele Kirby for prematonal services provided connectisn with the organzation ef the cerporation, and ssued 45,400 shares of stock at par te Michele kirtby for cesh urchased land and . building from Gretchen rthway in exchange ser stock owed at par. The budding mortgaged for $170,100 for 20 years at G%, and there is neered interest of $4,000 on the motoage note at the time of the purcha". It-agreed at the land is to be priced at $59,800 and the building st $223,600 and that Gretchen Northway's equity be exchanged for stock ot par. The corporation agreed to assume responsbility For paying the mortgage nate and the acorued interest

Explanation / Answer

date

explanation

debit

credit

2-Jan

cash

83000

common stock

83000

5-Jan

organizational expense

3800

cash

45400

common stock

49200

8-Jan

land

59800

building

223600

common stock

283400

8-Jan

mortgage notes payable

170100

interest payable

4900

cash

175000

date

explanation

debit

credit

2-Jan

cash

83000

common stock

83000

5-Jan

organizational expense

3800

cash

45400

common stock

49200

8-Jan

land

59800

building

223600

common stock

283400

8-Jan

mortgage notes payable

170100

interest payable

4900

cash

175000

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