Issuing stock

Professional Products Inc., a wholesaler of office products, was organized on February $5$ of the current year, with an authorization of $50,000$ shares of preferred $2\%$ stock, $$60$ par and $1,000,000$ shares of $$8$ 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 $600,000$ shares of common stock at par for cash.

DateAccountDebitCredit

Feb. $5$

Cash

$5,600,000$

Common Stock

$5,600,000$