Journalize the transactions

date, description, post. ref., debit, credit

Instructions Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 25,000 shares of preferred 2% stock, $100 par and 550,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1 1 Aug. 7. Issued 227,000 shares of common stock at par for cash. Issued 700 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Issued 66,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $153,300, $472,700 and $166,000 respectively. Issued 19,300 shares of preferred stock at $106 for cash. Sept. 20. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS Work Place Products Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue EXPENSES 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 510 Cost of Merchandise Sold 515 Credit Card Expense 520 Salaries Expense 181 Land 531 Advertising Expense 532 Delivery Expense 191 Buildings Instructions Chart of Accounts Chart of Accounts 192 Accumulated Depreciation-Buildings 193 Equipment 194 Accumulated Depreciation Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable 533 Selling Expenses 534 Rent Expense 535 Insurance Expense 536 Office Supplies Expense 537 Organizational Expenses 561 Depreciation Expense- Buildings 562 Depreciation Expense- Equipment 590 Miscellaneous Expense 710 Interest Expense EQUITY 211 Common Stock Instructions Chart of Accounts Chart of Accounts EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par- Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par- Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends 390 Income Summary