Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 50,000 shares of 4% preferred stock, $45 par and 550,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations:

Journalize the transactions.

Question Content Area

July 1. Issued 145,000 shares of common stock at par for cash. If an amount box does not require an entry, leave it blank.

July 1	Cash
	Common Stock

July 1 Issued 650 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. If an amount box does not require an entry, leave it blank.

July 1	Organizational Expenses
	Common Stock

Aug. 7. Issued 20,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $37,000, $204,000, and $46,000, respectively. If an amount box does not require an entry, leave it blank.

Aug. 7	Land
	Buildings
	Equipment
	Common Stock
	Paid-In Capital in Excess of Par-Common Stock

Sept. 20. Issued 28,000 shares of preferred stock at $60 for cash. If an amount box does not require an entry, leave it blank.

Sept. 20	Cash
	Preferred Stock
	Paid-In Capital in Excess of Par-Common Stock