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 1% stock, $50 par and 250,000 shares of $10 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 entry, leave it blank. Feb. S. Issued 70,000 shares of common stock at par for cash. Feb. 5. Cash Common Stock Feedback Check My Wok Feb. S. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. 88 Feb. 5. Organizational Expenses Common Stock Feedback Check My Wo Apr. 9. Issued 26.000 shares of common stock in exchange for land, buildings, and eguipment with fair market prices of $47.000, $258.000, and $59.000, respectively. Apr. 9. Land Buildings Equipment Common Stock Paid-In Capital in Excess of Par-Common Stock Feedhack Check My Wo June 14. Issued 13,000 shares of preferred stock at $64 for cash. June 14. Cash Preferred Stock V Paid-In Capital in Excess of Par-Preferred Stock 00

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 1% stock, $50 par and 250,000 shares of $10 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 entry, leave it blank. Feb. S. Issued 70,000 shares of common stock at par for cash. Feb. 5. Cash Common Stock Feedback Check My Wok Feb. S. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. 88 Feb. 5. Organizational Expenses Common Stock Feedback Check My Wo Apr. 9. Issued 26.000 shares of common stock in exchange for land, buildings, and eguipment with fair market prices of $47.000, $258.000, and $59.000, respectively. Apr. 9. Land Buildings Equipment Common Stock Paid-In Capital in Excess of Par-Common Stock Feedhack Check My Wo June 14. Issued 13,000 shares of preferred stock at $64 for cash. June 14. Cash Preferred Stock V Paid-In Capital in Excess of Par-Preferred Stock 00

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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