Instructions 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 preferred 2 stock, 5100 at and 500,000 shares of S10 par common stock. The following selected transactions were completed during the first year of operations: Feb. 5 5 Issued 212,000 shares of common stock at par for cash Issued 300 shares of common stock at par to an attorney in payment of legal fee for organizing the corporation Issued 06,400 shares of common stock in exchange for land, buildings, and equipment with fair market prions of $148,100,5821.040 and $100,700 respectively Issued 16,000 shares of preferred stock at ok at $100 for con : 9 June 14 Journalize the transactions. Puter to the Chart of Accounts for exact wording of account blos. Instructions Chart of Accounts Journal Chart of Accounts CHART OF ACCOUNTS Professional Products Inc. General Ledger REVENUE ASSETS 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 131 Notes Receivable 132 Interest Receivable EXPENSES 510 Cost of Goods Sold 141 Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 191 Buildings 192 Accumulated Depreciation-Buildings 193 Equipment 194 Accumulated Depreciation Equipment 515 Credit Card Expenso 520 Salaries Expense 531 Advertising Expenso 532 Delivery Expenso 533 Soling Expenses 534 Rent Expense 535 Insurance Expense 536 Office Supplies Expense Issuing stock Instructions Chart of Accounts Journal Chart of Accounts LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable 537 Organizational Expenses 561 Depreciation Expense-Buildings 562 Depreciation Exponse-Equipment 590 Miscellaneous Expense 710 Interest Expense k EQUITY 311 Common Stock 312 Poid-in Capital in Excess of Por-Common Stock 316 Treasury Stock 321 Proferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Poid-in Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends 390 Income Summary Issuing stock Instructions Chart of Accounts Journal Journal Joumalore the transactions. Refer to the Chart of Accounts for exact wording of account titles PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBT CREDIT ASSETS LULITIES EQUITY 11 17 Check My Work