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Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5. Issued 100,000 shares of common stock at par for cash. Feb. 5. Cash Common Stock 38 Check My Work Feb. 5. Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Organizational Expenses 86 Common Stock Fechack Check My Work Apr. 9. Issued 16,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $58,000, $318,000, and $72,000, respectively. Apr. 9. Land - ✓ Buildings Equipment Common Stock Paid-In Capital in Excess of Par-Common Stock Feedback Check My Work June 14. Issued 30,000 shares of preferred stock at $84 for cash. June 14. Cash -✓ Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock 000 38

Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5. Issued 100,000 shares of common stock at par for cash. Feb. 5. Cash Common Stock 38 Check My Work Feb. 5. Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Organizational Expenses 86 Common Stock Fechack Check My Work Apr. 9. Issued 16,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $58,000, $318,000, and $72,000, respectively. Apr. 9. Land - ✓ Buildings Equipment Common Stock Paid-In Capital in Excess of Par-Common Stock Feedback Check My Work June 14. Issued 30,000 shares of preferred stock at $84 for cash. June 14. Cash -✓ Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock 000 38

FINANCIAL ACCOUNTING
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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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 4% stock, $75 par and 600,000 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 100,000 shares of common stock at par for cash. Feb. 5. Cash Common Stock Feedback Check My Work Feb. 5. Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Organizational Expenses 88 Common Stock Feedback Check My Work Apr. 9. Issued 16,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $58,000, $318,000, and $72,000, respectively. Apr. 9. Land Buildings Equipment Common Stock Paid-In Capital in Excess of Par-Common Stock Feedback Check My Work June 14. Issued 30,000 shares of preferred stock at $84 for cash. June 14. Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock 000
Transcribed Image Text: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 4% stock, $75 par and 600,000 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 100,000 shares of common stock at par for cash. Feb. 5. Cash Common Stock Feedback Check My Work Feb. 5. Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Organizational Expenses 88 Common Stock Feedback Check My Work Apr. 9. Issued 16,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $58,000, $318,000, and $72,000, respectively. Apr. 9. Land Buildings Equipment Common Stock Paid-In Capital in Excess of Par-Common Stock Feedback Check My Work June 14. Issued 30,000 shares of preferred stock at $84 for cash. June 14. Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock 000
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