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