Question 1 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....

Principles of Accounting II- Please answer these questions and explain how to answer them so that way I can understand and reread the chapter again and compare them to my answers if I answer them right or not.


Question 1    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 Answer: 1. 2. Explanation: Question 2    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 Answer: 1. 2. Explanation: Question 3    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? Answer: 1. Explanation: Question 4    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. General Journal: Date Accounts Debit Credit                                                                          Explanation: