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 stock in exchange for land, buildings, and equipment with fair market prices of $75,000, $408,000, and $91,000, respectively. Apr. 9. fill in the blank 9f6c77078062023_2 fill in the blank 9f6c77078062023_3 fill in the blank 9f6c77078062023_5 fill in the blank 9f6c77078062023_6 fill in the blank 9f6c77078062023_8 fill in the blank 9f6c77078062023_9 fill in the blank 9f6c77078062023_11 fill in the blank 9f6c77078062023_12 fill in the blank 9f6c77078062023_14 fill in the blank 9f6c77078062023_15 June 14. Issued 13,000 shares of preferred stock at $64 for cash. June 14. fill in the blank 700f4107fffefaf_2 fill in the blank 700f4107fffefaf_3 fill in the blank 700f4107fffefaf_5 fill in the blank 700f4107fffefaf_6 fill in the blank 700f4107fffefaf_8 fill in the blank 700f4107fffefaf_9

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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 stock in exchange for land, buildings, and equipment with fair market prices of $75,000, $408,000, and $91,000, respectively.

Apr. 9.	fill in the blank 9f6c77078062023_2	fill in the blank 9f6c77078062023_3
	fill in the blank 9f6c77078062023_5	fill in the blank 9f6c77078062023_6
	fill in the blank 9f6c77078062023_8	fill in the blank 9f6c77078062023_9
	fill in the blank 9f6c77078062023_11	fill in the blank 9f6c77078062023_12
	fill in the blank 9f6c77078062023_14	fill in the blank 9f6c77078062023_15

June 14. Issued 13,000 shares of preferred stock at $64 for cash.

June 14.	fill in the blank 700f4107fffefaf_2	fill in the blank 700f4107fffefaf_3
	fill in the blank 700f4107fffefaf_5	fill in the blank 700f4107fffefaf_6
	fill in the blank 700f4107fffefaf_8	fill in the blank 700f4107fffefaf_9

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