Issuing Stock Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 50,000 shares of 4% preferred stock, $60 par and 500,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July 1. Issued 155,000 shares of common stock at par for cash. If an amount box does not require an entry, leave it blank. July 1 fill in the blank 7b1843fc0068018_2 fill in the blank 7b1843fc0068018_3 fill in the blank 7b1843fc0068018_5 fill in the blank 7b1843fc0068018_6 July 1 Issued 450 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 fill in the blank 4a065afca069fc3_2 fill in the blank 4a065afca069fc3_3 fill in the blank 4a065afca069fc3_5 fill in the blank 4a065afca069fc3_6 Aug. 7. Issued 24,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $87,000, $477,000, and $108,000, respectively. If an amount box does not require an entry, leave it blank. Aug. 7 fill in the blank 291ca709af98061_2 fill in the blank 291ca709af98061_3 fill in the blank 291ca709af98061_5 fill in the blank 291ca709af98061_6 fill in the blank 291ca709af98061_8 fill in the blank 291ca709af98061_9 fill in the blank 291ca709af98061_11 fill in the blank 291ca709af98061_12 fill in the blank 291ca709af98061_14 fill in the blank 291ca709af98061_15 Sept. 20. Issued 25,000 shares of preferred stock at $69 for cash. If an amount box does not require an entry, leave it blank. Sept. 20 fill in the blank 5b9f7a0b4046035_2 fill in the blank 5b9f7a0b4046035_3 fill in the blank 5b9f7a0b4046035_5 fill in the blank 5b9f7a0b4046035_6 fill in the blank 5b9f7a0b4046035_8 fill in the blank 5b9f7a0b4046035_9

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Issuing Stock

Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 50,000 shares of 4% preferred stock, $60 par and 500,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations:

Journalize the transactions.

July 1. Issued 155,000 shares of common stock at par for cash. If an amount box does not require an entry, leave it blank.

July 1		fill in the blank 7b1843fc0068018_2	fill in the blank 7b1843fc0068018_3
		fill in the blank 7b1843fc0068018_5	fill in the blank 7b1843fc0068018_6

July 1 Issued 450 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		fill in the blank 4a065afca069fc3_2	fill in the blank 4a065afca069fc3_3
		fill in the blank 4a065afca069fc3_5	fill in the blank 4a065afca069fc3_6

Aug. 7. Issued 24,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $87,000, $477,000, and $108,000, respectively. If an amount box does not require an entry, leave it blank.

Aug. 7	fill in the blank 291ca709af98061_2	fill in the blank 291ca709af98061_3
	fill in the blank 291ca709af98061_5	fill in the blank 291ca709af98061_6
	fill in the blank 291ca709af98061_8	fill in the blank 291ca709af98061_9
	fill in the blank 291ca709af98061_11	fill in the blank 291ca709af98061_12
	fill in the blank 291ca709af98061_14	fill in the blank 291ca709af98061_15

Sept. 20. Issued 25,000 shares of preferred stock at $69 for cash. If an amount box does not require an entry, leave it blank.

Sept. 20	fill in the blank 5b9f7a0b4046035_2	fill in the blank 5b9f7a0b4046035_3
	fill in the blank 5b9f7a0b4046035_5	fill in the blank 5b9f7a0b4046035_6
	fill in the blank 5b9f7a0b4046035_8	fill in the blank 5b9f7a0b4046035_9

Expert Solution

Step 1

Given that:

Par value of common stock = $60

Par value of preference stock = $20

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions