Issuing StockProfessional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 75,000 shares of preferred 2% stock, $55 par and 750,000 shares of $25 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 75,000 shares of common stock at par for cash.Feb. 5. - Select -- Select - - Select -- Select - Feb. 5. Issued 350 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.Feb. 5. - Select -- Select - - Select -- Select - Question Content AreaApr. 9. Issued 25,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $119,000, $652,000, and $147,000, respectively.Apr. 9. - Select -- Select - - Select -- Select - - Select -- Select - - Select -- Select - - Select -- Select - Question Content AreaJune 14. Issued 38,000 shares of preferred stock at $64 for cash.June 14. - Select -- Select - - Select -- Select - - Select -- Select -

Routine transactions, such as customer billings and supplier invoicing, should not be recorded using…

Answered: Issuing Stock Professional Products…

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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Apr. 9. Issued 25,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $119,000, $652,000, and $147,000, respectively.

Apr. 9.	- Select -	- Select -
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	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -

Question Content Area

June 14. Issued 38,000 shares of preferred stock at $64 for cash.

June 14.	- Select -	- Select -
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	- Select -	- Select -

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