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Issuing stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 5 0
Issuing stock Professional Products Inc., a wholesaler of office products, was organized on February of the current year, with an authorization of shares of preferred stock, $ par and shares of $ 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. Issued shares of common stock at par for cash. DateAccountDebitCredit Feb. Feedback Area Feedback What is the company receiving and at what price is the stock being issued? Question Content Area Feb. Issued shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. DateAccountDebitCredit Feb. Feedback Area Feedback Recall that stock may be issued for reasons other than to receive cash. What are these shares paying for? Question Content Area Apr. Issued shares of common stock in exchange for land, buildings, and equipment with fair market prices of $ $ and $ respectively. DateAccountDebitCredit Apr. Feedback Area Feedback Record the assets, and increase the common stock account by the par value of the shares. Record any amount above par in a separate paidin capital equity account. Recall that shares of stock can be issued to acquire assets. At what value must the preferred stock and common stock accounts be recorded? Question Content Area June Issued shares of preferred stock at $ for cash. DateAccountDebitCredit June Feedback Area Feedback What is the company receiving for issuing the shares? At what value do the common and preferred stock accounts have to be recorded? Feedback Area Feedback Partially correct
Issuing stock
Professional Products Inc., a wholesaler of office products, was organized on February of the current year, with an authorization of shares of preferred stock, $ par and shares of $ 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. Issued shares of common stock at par for cash.
DateAccountDebitCredit
Feb.
Feedback Area
Feedback
What is the company receiving and at what price is the stock being issued?
Question Content Area
Feb. Issued shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
DateAccountDebitCredit
Feb.
Feedback Area
Feedback
Recall that stock may be issued for reasons other than to receive cash. What are these shares paying for?
Question Content Area
Apr. Issued shares of common stock in exchange for land, buildings, and equipment with fair market prices of $ $ and $ respectively.
DateAccountDebitCredit
Apr.
Feedback Area
Feedback
Record the assets, and increase the common stock account by the par value of the shares. Record any amount above par in a separate paidin capital equity account.
Recall that shares of stock can be issued to acquire assets. At what value must the preferred stock and common stock accounts be recorded?
Question Content Area
June Issued shares of preferred stock at $ for cash.
DateAccountDebitCredit
June
Feedback Area
Feedback
What is the company receiving for issuing the shares? At what value do the common and preferred stock accounts have to be recorded?
Feedback Area
Feedback
Partially correct
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