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Question Description
FIB - 1
Question 1 (16 points)
Alpha issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping to incorporate. In doing the journal entry, what would be the value for
a. Organizational Expense
b. Common Stock
FIB - 2
Question 2 (16 points)
Alpha Corporation issued 60,000 shares of $5 par value common stock for cash $375,000. In doing the entry what would you credit to Paid in Capital in Excess of Par - Common Stock?
FIB - 3
Question 3 (16 points)
On December 11, 2015, Alpha Corporation issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. In doing the journal entry what would be the amount for:
- Cash
- Preferred Stock
GJ - 1
Question 4 (52 points)
On Mar 1, 2017, Alpha Company purchased 50,000 shares of its own stock that was previously issued to investors and paid $15 per share.
On July 1, 2017 Alpha sold 10,000 of the treasury shares for cash at $17 per share.
On Sept 1, 2017 Alpha sold 8,000 treasury shares for cash at $12 per share.
Use the information above to prepare Alpha Company's general journal entries for the treasury transactions
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