Issuing StockProfessional Products Inc., a wholesaler of office products,was organized on February 5 of the current year, with anauthorization of 125,000 shares of preferred 1% stock, $50par and 700,000 shares of $15 par common stock. Thefollowing selected transactions were completed during thefirst year of operations:Journalize the transactions.If an amount box does not require an entry, leave it blank.Feb. 5. Issued 140,000 shares of common stock at par forcash.Feb. 5.FeedbackCommon Stock ✔Check My WorkFeb. 5. Issued 450 shares of common stock at par to anattorney in payment of legal fees for organizing thecorporation.Feb. 5.FeedbackCheck My WorkApr. 9. Issued 18,000 shares of common stock inexchange for land, buildings, and equipment with fairmarket prices of $49,000, $268,000, and $61,000,respectively.Apr. 9.FeedbackCheck My WorkJune 14. Issued 35,000 shares of preferred stock at $64for cash.June 14.Feedback

Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 125,000 shares of preferred 1% stock, $50 par and 700,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5. Issued 140,000 shares of common stock at par fo cash. Feb. 5. Common Stock Feedback Check My Work Feb. 5. Issued 450 shares of common stock at par to an attorney in payment of legal fees for organizing the

Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 125,000 shares of preferred 1% stock, $50 par and 700,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5. Issued 140,000 shares of common stock at par fo cash. Feb. 5. Common Stock Feedback Check My Work Feb. 5. Issued 450 shares of common stock at par to an attorney in payment of legal fees for organizing the

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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Subject :- Accounting
Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 100,000 shares of preferred 1% stock, $50 par and 250,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5. Issued 160,000 shares of common stock at par for cash. Feb. 5. fill in the blank 448da3f27ff0040_2 fill in the blank 448da3f27ff0040_3 fill in the blank 448da3f27ff0040_5 fill in the blank 448da3f27ff0040_6 Feb. 5. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. fill in the blank b1e61509bfd401e_2 fill in the blank b1e61509bfd401e_3 fill in the blank b1e61509bfd401e_5 fill in the blank b1e61509bfd401e_6 Apr. 9. Issued 20,500 shares of common…
Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 26,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 200,000 shares of common stock at par for cash. 1. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. 7. Issued 66,200 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $149,800, $474,380 and $163,600 respectively. Sept. 20. Issued 19,400 shares of preferred stock at $107 for cash.
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Issuing and Repurchasing Stock Redbird, Inc., had the following transactions related to its common and preferred stock: March 22 Sold 50,000 shares of $0.50 par common stock for $12 per share. Sold 2,000 shares of $10 par preferred stock at $14 per share. Repurchased 3,040 shares of the common stock at $20 per share. November 9 Required: Prepare the journal entries for these transactions. If an amount box does not require an entry, leave it blank. Mar. 22 Nov. 9 00 00
Selected Stock Transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 400,000 shares of common stock with a par of $1. The following transactions affecting stockholders' equity were completed during the first year of operations. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. Issued 7,000 shares of stock at par to Paul Glenn for cash. b. (1) Issued 600 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and (2) issued 19,000 shares of stock at par to Michele Kirby for cash. c. Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $469,000 for 20 years at 7% and there is accrued interest of $6,500 on the mortgage note at the time of the purchase. The corporation agreed to…
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Selected stock transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 450,000 shares of common stock with a par of $1. The following transactions affecting stockholders' equity were completed during the first year of operations. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. Issued 13,500 shares of stock at par to Paul Glenn for cash. Cash Common Stock (1) Organizational Expenses Common Stock b. (1) Issued 450 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and (2) issued 20,000 shares of stock at pat to Michele Kirby for cash. (2) Cash Common Stock Land 13,500 Building Common Stock 13,500 70,000 450 20,000 c. Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The land has a fair value of $70,000, and the…
North Wind Aviation received its charter during January authorizing the following capital stock:Preferred stock: 8 percent, par $10, authorized 20,000 shares.Common stock: par $1, authorized 50,000 shares. The following transactions occurred during the first year of operations in the order given: Issued a total of 41,000 shares of the common stock for $16 per share. Issued 11,000 shares of the preferred stock at $17 per share. Issued 3,100 shares of the common stock at $21 per share and 1,100 shares of the preferred stock at $17. Net income for the first year was $49,000, but no dividends were declared. Required: Prepare the stockholders’ equity section of the balance sheet at December 31. please avoid solutions in image format thank you
Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 100,000 shares of preferred 1% stock, $75 par and 300,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5. Issued 115,000 shares of common stock at par for cash. Cash Common Stock Feb. 5. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Organizational Expenses Common Stock Apr. 9. Issued 19,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $35,000, $189,000, and $42,000, respectively. Apr. 9. Land Buildings Equipment Common Stock Paid-In Capital in Excess of…