Prepare the issuer's journal entry for each of the following separate transactions. On March 1, Atlantic Co. issues 47,000 shares of $3 par value common stock for $311,000 cash. On April 1, OP Co. issues no-par value common stock for $79,000 cash. 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.

A. March 1

Dr Cash$ $311,000

Cr Common Stock

$ 141000

Cr To Paid in Capital in Excess of Par $ 170,000

B.April , 01

Dr Cash$79,000

Cr Common Stock $79,000

C. April, 06

Dr Inventory$48,000

Dr Machienary$180,000

Cr To Note Payable $98,000

Cr Common Stock $58,000

Cr Paid in Capital in excess of par (Balancing Figure) $72,000

Explanation:

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

A. March 1

Dr Cash$ $311,000

Cr Common Stock

(47,000 Shares " $ 3) $ 141000

Cr To Paid in Capital in Excess of Par $ 170,000

(311,000-141,000)

B.April , 01

Dr Cash$79,000

Cr Common Stock $79,000

C. April, 06

Dr Inventory$48,000

Dr Machienary$180,000

Cr To Note Payable $98,000

Cr Common Stock $58,000

(2,900 Shares * $ 20)

Cr Paid in Capital in excess of par (Balancing Figure) $72,000

($48,000+$180,000-$98,000-$58,000)

c

explanation:

c because the item on a bank statement is also referred to as an account statement. in addition, it provides the beginning balance, ending balance, statement date, transaction date for each transaction, payee, customer name and address, statement period, the account holder's account number, and the bank's customer service number

answer; intensive use of a sales force and is relatively costly;