Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 50,000 shares of preferred 4% stock, $70 par and 700,000 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 145,000 shares of common stock at par for cash. Feb. 5. fill in the blank 0022f204ffdffb3_2 fill in the blank 0022f204ffdffb3_3 fill in the blank 0022f204ffdffb3_5 fill in the blank 0022f204ffdffb3_6 Feb. 5. Issued 350 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. fill in the blank 2964dd08bfd401c_2 fill in the blank 2964dd08bfd401c_3 fill in the blank 2964dd08bfd401c_5 fill in the blank 2964dd08bfd401c_6 Apr. 9. Issued 19,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $89,000, $486,000, and $109,000, respectively. Apr. 9. fill in the blank 8edbfff1cfe407a_2 fill in the blank 8edbfff1cfe407a_3 fill in the blank 8edbfff1cfe407a_5 fill in the blank 8edbfff1cfe407a_6 fill in the blank 8edbfff1cfe407a_8 fill in the blank 8edbfff1cfe407a_9 fill in the blank 8edbfff1cfe407a_11 fill in the blank 8edbfff1cfe407a_12 fill in the blank 8edbfff1cfe407a_14 fill in the blank 8edbfff1cfe407a_15 June 14. Issued 35,000 shares of preferred stock at $83 for cash. June 14. fill in the blank 764d2c0e1fd0039_2 fill in the blank 764d2c0e1fd0039_3 fill in the blank 764d2c0e1fd0039_5 fill in the blank 764d2c0e1fd0039_6 fill in the blank 764d2c0e1fd0039_8 fill in the blank 764d2c0e1fd0039_9

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 50,000 shares of preferred 4% stock, $70 par and 700,000 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 145,000 shares of common stock at par for cash.

Feb. 5.		fill in the blank 0022f204ffdffb3_2	fill in the blank 0022f204ffdffb3_3
		fill in the blank 0022f204ffdffb3_5	fill in the blank 0022f204ffdffb3_6

Feb. 5. Issued 350 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

Feb. 5.		fill in the blank 2964dd08bfd401c_2	fill in the blank 2964dd08bfd401c_3
		fill in the blank 2964dd08bfd401c_5	fill in the blank 2964dd08bfd401c_6

Apr. 9. Issued 19,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $89,000, $486,000, and $109,000, respectively.

Apr. 9.	fill in the blank 8edbfff1cfe407a_2	fill in the blank 8edbfff1cfe407a_3
	fill in the blank 8edbfff1cfe407a_5	fill in the blank 8edbfff1cfe407a_6
	fill in the blank 8edbfff1cfe407a_8	fill in the blank 8edbfff1cfe407a_9
	fill in the blank 8edbfff1cfe407a_11	fill in the blank 8edbfff1cfe407a_12
	fill in the blank 8edbfff1cfe407a_14	fill in the blank 8edbfff1cfe407a_15

June 14. Issued 35,000 shares of preferred stock at $83 for cash.

June 14.	fill in the blank 764d2c0e1fd0039_2	fill in the blank 764d2c0e1fd0039_3
	fill in the blank 764d2c0e1fd0039_5	fill in the blank 764d2c0e1fd0039_6
	fill in the blank 764d2c0e1fd0039_8	fill in the blank 764d2c0e1fd0039_9

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