Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 75,000 shares of 4% preferred stock, $70 par and 600,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. Question Content Area July 1. Issued 140,000 shares of common stock at par for cash. If an amount box does not require an entry, leave it blank. July 1 - Select - - Select - - Select - - Select - Question Content Area July 1 Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. If an amount box does not require an entry, leave it blank. July 1 - Select - - Select - - Select - - Select - Question Content Area Aug. 7. Issued 18,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $84,000, $460,000, and $104,000, respectively. If an amount box does not require an entry, leave it blank. Aug. 7 - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area Sept. 20. Issued 30,000 shares of preferred stock at $79 for cash. If an amount box does not require an entry, leave it blank. Sept. 20 - Select - - Select - - Select - - Select - - Select - - Select -

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question Content Area

July 1. Issued 140,000 shares of common stock at par for cash. If an amount box does not require an entry, leave it blank.

July 1		- Select -	- Select -
		- Select -	- Select -

Question Content Area

July 1 Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. If an amount box does not require an entry, leave it blank.

July 1		- Select -	- Select -
		- Select -	- Select -

Question Content Area

Aug. 7. Issued 18,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $84,000, $460,000, and $104,000, respectively. If an amount box does not require an entry, leave it blank.

Aug. 7	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -

Question Content Area

Sept. 20. Issued 30,000 shares of preferred stock at $79 for cash. If an amount box does not require an entry, leave it blank.

Sept. 20	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -

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