Q1) 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
Q2) 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?
Q3) 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:
1.Cash
2.Preferred Stock
Q4) 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 ransactions.