Question
Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 125,000 shares
Issuing Stock
Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 125,000 shares of preferred 2% stock, $75 par and 550,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations:
Journalize the transactions.
Feb. 5. Issued 70,000 shares of common stock at par for cash.
Feb. 5. | Cash | fill in the blank c86f2d05dfd8fd4_2 | |
Common Stock | fill in the blank c86f2d05dfd8fd4_4 |
Feb. 5. Issued 650 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Feb. 5. | Common Stock | fill in the blank 9b9956fad05a02a_2 | |
fill in the blank 9b9956fad05a02a_4 |
Apr. 9. Issued 16,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $44,000, $239,000, and $53,000, respectively.
If an amount box does not require an entry, leave it blank.
Apr. 9. | fill in the blank 7164c7056fed072_2 | fill in the blank 7164c7056fed072_3 | |
fill in the blank 7164c7056fed072_5 | fill in the blank 7164c7056fed072_6 | ||
fill in the blank 7164c7056fed072_8 | fill in the blank 7164c7056fed072_9 | ||
fill in the blank 7164c7056fed072_11 | fill in the blank 7164c7056fed072_12 | ||
fill in the blank 7164c7056fed072_14 | fill in the blank 7164c7056fed072_15 |
June 14. Issued 28,000 shares of preferred stock at $83 for cash.
If an amount box does not require an entry, leave it blank.
June 14. | fill in the blank c89153046fcd03b_2 | fill in the blank c89153046fcd03b_3 | |
fill in the blank c89153046fcd03b_5 | fill in the blank c89153046fcd03b_6 | ||
fill in the blank c89153046fcd03b_8 | fill in the blank c89153046fcd03b_9 |
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