From April to June
Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 50,000 shares of preferred 2% stock, $60 par and 1,000,000 shares of $8 par common stock. The following selected transactions were completed during the first year of operations: Jourmalize the transactions. If an amount box does not require an entry, leave it blank. Feb. S. Issued 700,000 shares of common stock at par for cash. Feb. 5 Cash Feb. 5. Common Stock in attorney in payment of legal fees for organizing the corporation. Feb. 5 Organizational Expenses Pald-in Capital in Excess of Par-Common Stock Preferred Stock Apr. 9. on for land, buildings, and pepment with fair market prices of $120,000, $280,000, and $80,000, Retained Earnings respect Apr. 9 Feb. 5. Issued 700,000 shares of common stock at par for cash. Feb. 5 Feb. 5. cash In attorney in payment of legal fees for organizing the corporation. Feb. 5 Common Stock Organizational Expenses Pald-In Capital In Excess of Par-Common Stock Apr. 9. Hoe for tand, buildings, and equipment with fair market prices of $120,000, $280,000, and $80,000, Preferred Stock respect Retained Earnings Apr. 9 If an amount box does not require an entry, leave it blank. Feb. 5. Issued 700,000 shares of common stock at par for cash. Feb. 5 88 Feb. 5. Issued 1,200 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5 Apr. 9. Land Common Stock hoe for land, buildings, and equlpment with fair market prices of $120,000, $280,000, and $80,000, respect Organizational Expenses Apr. 9 Poid-In Capital in excess of Por-Common Stock Preferred Stock Retained Earnings Feb. 5. Issued 700,000 shares of common stock at par for cash. Feb. 5 88 Feb. 5. Issued 1,200 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5 SA Apr. 9. Buildings pon for tand, buildings, and equipment with for market price of $120,000, $280,000, and $80,000, respectly Common Stock Apr. 9 Organizational Expenses Paid-In Capital in Excess of Par-Common Stock Preferred Stock Retained Earnings Apr. 9. Issued 40,000 shares of common stock in exchange for land, bulldings, and equipment with falr market prices of $120,000, $280,000, and $80,000, respectively. Apr. 9 Common Stock Land paid-In Capital in excess of Par-Common Stock Pald-in Capital in Excess of Par-Preferred Stock June 14 for cash. Preferred Stock June 1 Retained Earnings Apr. 9. Issued 40,000 shares of common stock in exchange for land, bulldings, and equipment with fair market prices of $120,000, $280,000, and $80,000, respectively. Apr. 9 Cash Buildings Common Stock June 1 for cash Pold-In Capital in Excess of Par-Common Stock June preferred Stock Retained Earnings Apr. 9. Issued 40,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $120,000, $280,000, and $80,000, respectively. Apr. 9 88 Cash Common Stock June 11 Equipment for cash. June 1 pald-In Capital in Excess of Par Common Stock Paid-In Capital in excess of Par-Preferred Stock Retained Earnings Apr. 9. Issued 40,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $120,000, $280,000, and $80,000, respectively. Apr. 9 Kash June 14Common Stock for cash. June Equipment Pold-In Capital in Excem of Par Preferred Stock Preferred Stock Retained Earnings Apr. 9. Issued 40,000 shares of common stock In exchange for land, buildings, and equipment with fair market prices of $120,000, $280,000, and $80,000, respectively. Apr. 9 June 14Cash for cash. June 1 Land Pald-In Capital In Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Retained Earnings Cash Common Stock Paid-In Capital in Excess of Par-Common Stock Pald-in Capital in Excess of Par-Preferred Stock Preferred Stock June 14. Retained Earnings br cash. June 14 Cash Common Stock Paid-In Capital in Excess of Par-Common Stock June 14. Preferred Stock or cash. June 14 Retained Earnings Cash Common Stock Paid-In Capital in Excess of Par-Common Stock June 14. Preferred Stock or cash. June 14 Retained Earnings Cash Common Stock June 14. Paid-In Capital in Excess of Par-Common Stock br cash. June 14 Pald-In Capital in Excess of Par-Preferred Stock Retained Earnings
