Issuing Stock

Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 100,000 shares of preferred 1% stock, $70par and 300,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations:

Journalize the transactions.

If an amount box does not require an entry, leave it blank.

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Feb. 5. Issued 125,000 shares of common stock at par for cash.

Feb. 5.	CashCommon StockOrganizational ExpensesPaid-In Capital in Excess of Par-Common StockPreferred StockRetained Earnings	- Select -	- Select -
	CashCommon StockOrganizational ExpensesPaid-In Capital in Excess of Par-Common StockPreferred StockRetained Earnings	- Select -	- Select -

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Feb. 5. Issued 350 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

Feb. 5.	Common StockLandOrganizational ExpensesPaid-In Capital in Excess of Par-Common StockPreferred StockRetained Earnings	- Select -	- Select -
	BuildingsCommon StockOrganizational ExpensesPaid-In Capital in Excess of Par-Common StockPreferred StockRetained Earnings	- Select -	- Select -

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Apr. 9. Issued 21,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $101,000, $550,000, and $123,000, respectively.

Apr. 9.	Common StockLandPaid-In Capital in Excess of Par-Common StockPaid-In Capital in Excess of Par-Preferred StockPreferred StockRetained Earnings	- Select -	- Select -
	BuildingsCashCommon StockPaid-In Capital in Excess of Par-Common StockPreferred StockRetained Earnings	- Select -	- Select -
	CashCommon StockEquipmentPaid-In Capital in Excess of Par-Common StockPaid-In Capital in Excess of Par-Preferred StockRetained Earnings	- Select -	- Select -
	CashCommon StockEquipmentPaid-In Capital in Excess of Par-Preferred StockPreferred StockRetained Earnings	- Select -	- Select -
	BuildingsCashLandPaid-In Capital in Excess of Par-Common StockPaid-In Capital in Excess of Par-Preferred StockRetained Earnings	- Select -	- Select -

Question Content Area

June 14. Issued 15,000 shares of preferred stock at $80 for cash.

June 14.	CashCommon StockPaid-In Capital in Excess of Par-Common StockPaid-In Capital in Excess of Par-Preferred StockPreferred StockRetained Earnings	- Select -	- Select -
	CashCommon StockLandPaid-In Capital in Excess of Par-Common StockPreferred StockRetained Earnings	- Select -	- Select -
	BuildingsCashCommon StockPaid-In Capital in Excess of Par-Common StockPaid-In Capital in Excess of Par-Preferred StockRetained Earnings	- Select -	- Select -