CHART OF ACCOUNTS Professional Products Inc General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 191 Buildings 192 Accumulated Depreciation Buildings 193 Equipment 194 Accumulated Depreciation Equipment 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 Retained Earnings 351 Cash Dividends 352 Stock Dividends Professional Products Inc , a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 30,000 shares of prefered 2 stock, $100 par 500,000 shares of $10 par 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 stock at par to an attorney in payment of legal fees for organizing the corporation Apr 9 Issued 66,400 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $148,100,$521,840, and $166,700 respectively June 14 Issued 15,000 shares of preferred stock at $108 for cash Journalize the transactions Journalize the transactions

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CHART OF ACCOUNTS Professional Products Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Inventory 145 Office Supplies

CHART OF ACCOUNTS

Professional Products Inc.

General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
131	Notes Receivable
132	Interest Receivable
141	Inventory
145	Office Supplies
151	Prepaid Insurance
181	Land
191	Buildings
192	Accumulated Depreciation-Buildings
193	Equipment
194	Accumulated Depreciation-Equipment

	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	Retained Earnings
351	Cash Dividends
352	Stock Dividends

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Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 30,000 shares of prefered 2% stock, $100 par 500,000 shares of $10 par 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 stock at par to an attorney in payment of legal fees for organizing the corporation. Apr. 9 Issued 66,400 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $148,100,$521,840, and $166,700 respectively. June 14 Issued 15,000 shares of preferred stock at $108 for cash. Journalize the transactions. Journalize the transactions