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 1% stock, $45 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. 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 1% stock, $45 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