eBook Show Me How Print tem Instructions Chart of Accounts Journal Instructions Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 25,000 shares of preferred 2% stock, $100 and 550,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Feb 6 Issued 243,000 shares of common stock at par for cash. Apt 5 9 Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation Issued 68,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $147,400, $518,700, and $163,500 respectively Issued 16,000 shares of preferred stock at $112 for cash June 14 Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles CO 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 REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 534 Rent Expense 535 Insurance Expense 536 Office Supplies Expense 537 Organizational Expenses 561 Depreciation Expense-Buildings Instructions Chart of Accounts Print Item Journal Chart of Accounts LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable 537 Organizational Expenses 561 Depreciation Expense-Buildings 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense 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 Check My Work Journal 21 12 DATE DESCRIPTION JOURNAL PAGE ACCOUNTING EQUATION POST DEBIT CRED ASSETS LATES EQUITY Check My Work Next