Issuing stock

Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 75,000 shares of preferred 2% stock, $55 par and 400,000 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.

Question Content Area

Feb. 5. Issued 115,000 shares of common stock at par for cash.