Chart of Accounts

Instructions

Work Place Products Inc., a wholesaler of office products, was organized on July $1$ of the current year, with an authorization of $25,000$ shares of preferred $2\%$ stock, $$100$ par and $550,000$ shares of $$10$ par common stock. The following selected transactions were completed during the first year of operations:

July $1$ Issued $227,000$ shares of common stock at par for cash.

$1$ Issued $700$ shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

Aug. $7.$ Issued $66,000$ shares of common stock in exchange for land, buildings, and equipment with fair market prices of $$153,300,$$$472,700$ and $$166,000$ respectively.

Sept. $20.$ Issued $19,300$ shares of preferred stock at $$106$ for cash.

Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.