Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 100,000 shares of 2% preferred stock, $40 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. July. 1. Issued 155,000 shares of common stock at par for cash. July. 1 July. 1 Issued 550 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. July. 1 Aug. 7. Issued 21,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $101,000, $550,000, and $123,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 7

Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 100,000 shares of 2% preferred stock, $40 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. July. 1. Issued 155,000 shares of common stock at par for cash. July. 1 July. 1 Issued 550 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. July. 1 Aug. 7. Issued 21,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $101,000, $550,000, and $123,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 7

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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