Prepare the issuer's journal entry for each of the following separate transactions. on march 1, atlantic co. issues 50,500 shares of $4 par value common stock for $321,500 cash. on april 1, op co. issues no-par value common stock for $86,000 cash. on april 6, mpg issues 3,600 shares of $20 par value common stock for $55,000 of inventory, $165,000 of machinery, and acceptance of a $91,000 note payable.

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Exercise 7-7 martinez company reports the following financial information before adjustments. dr. cr. accounts receivable $168,900 allowance for doubtful accounts $3,200 sales revenue (all on credit) 849,300 sales returns and allowances 50,440 prepare the journal entry to record bad debt expense assuming martinez company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but allowance for doubtful accounts had a $1,550 debit balance. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)

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