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Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 25,000 shares of preferred 2% stock, $100 par and 550,000 shares of $10 par The following selected transactions were completed during the first year of operations: Feb. 5 Issued 227,000 shares of common stock at par for cash. 5 Issued 700 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Apr. 9 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. June 14 Issued 19,300 shares of preferred stock at $106 for cash. CHART OF ACCOUNTS Professional Products Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 131 Notes Receivable 132 Interest Receivable EXPENSES 141 Inventory 510 Cost of Goods Sold 145 Office Supplies 515 Credit Card Expense 151 Prepaid Insurance 520 Salaries Expense 181 Land 531 Advertising Expense 191 Buildings 532 Delivery Expense 192 Accumulated Depreciation-Buildings 533 Selling Expenses 193 Equipment 534 Rent Expense 194 Accumulated Depreciation-Equipment 535 Insurance Expense 536 Office Supplies Expense LIABILITIES 537 Organizational Expenses 210 Accounts Payable 561 Depreciation Expense-Buildings 221 Notes Payable 562 Depreciation Expense-Equipment 226 Interest Payable 590 Miscellaneous Expense 231 Cash Dividends Payable 710 Interest Expense 241 Salaries Payable 261 Mortgage Note Payable EQUITY 236 Stock Dividends Distributable 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