Chart of Accounts LIABILITIES 210 Accounts Payable 221. Notes Payable 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 236 Stock Dividends Distributable 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Rotained Eamings 351 Cash Dividends 352 Stock Dividends 537 Organizational Expenses 561 Depreciation Expense-Buildings 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense CHART OF ACCOUNTS Professional Products inc, a wholesaier of office products, was organized on February 5 of the current year, with an authorizaton of 30,000 shares of preferred 2% steck, $100 pat and 500,000 shaves of $10 por common thet The following selected transactions were completed during the first year of operations: Feb. 5 issued 212,000 shares of common stock at par for cash. 5. Issued 300 shares of common clock at par to an attorney in payment of logal fees for ocganizing the corporation. Apr. 9 issued 66,400 shares of common stook in exchange for land, buldings, and equipment with fair markat prices of $148,100,$521,640, and $166,700 respectively. June 14 issued 15,000 ehiares of proterred slock at $108 tor cash General Joumat tace 1 Chart of Accounts LIABILITIES 210 Accounts Payable 221. Notes Payable 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 236 Stock Dividends Distributable 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Rotained Eamings 351 Cash Dividends 352 Stock Dividends 537 Organizational Expenses 561 Depreciation Expense-Buildings 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense CHART OF ACCOUNTS Professional Products inc, a wholesaier of office products, was organized on February 5 of the current year, with an authorizaton of 30,000 shares of preferred 2% steck, $100 pat and 500,000 shaves of $10 por common thet The following selected transactions were completed during the first year of operations: Feb. 5 issued 212,000 shares of common stock at par for cash. 5. Issued 300 shares of common clock at par to an attorney in payment of logal fees for ocganizing the corporation. Apr. 9 issued 66,400 shares of common stook in exchange for land, buldings, and equipment with fair markat prices of $148,100,$521,640, and $166,700 respectively. June 14 issued 15,000 ehiares of proterred slock at $108 tor cash General Joumat tace 1
