ssuing Stock

Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 100,000 shares of 2% preferred stock, $40 par and 250,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations:

Journalize the transactions.

July. 1. Issued 130,000 shares of common stock at par for cash.

July. 1	Cash
	Common Stock

July. 1 Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

July. 1

Aug. 7. Issued 16,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $75,000, $409,000, and $92,000, respectively.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Aug. 7

Sept. 20. Issued 13,000 shares of preferred stock at $50 for cash.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Sept. 20

ssuing Stock

Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 100,000 shares of 2% preferred stock, $40 par and 250,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations:

Journalize the transactions.

July. 1. Issued 130,000 shares of common stock at par for cash.

July. 1	Cash
	Common Stock

July. 1 Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

July. 1

Aug. 7. Issued 16,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $75,000, $409,000, and $92,000, respectively.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Aug. 7

Sept. 20. Issued 13,000 shares of preferred stock at $50 for cash.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Sept. 20

ssuing Stock

Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 100,000 shares of 2% preferred stock, $40 par and 250,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations:

Journalize the transactions.

July. 1. Issued 130,000 shares of common stock at par for cash.

July. 1	Cash
	Common Stock

July. 1 Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

July. 1

Aug. 7. Issued 16,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $75,000, $409,000, and $92,000, respectively.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Aug. 7

Sept. 20. Issued 13,000 shares of preferred stock at $50 for cash.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Sept. 20

Common stock

Paid-in Capital in excess of par-common stock

Paid-in Capital in excess of par-preffered stock

preferred stock

Retained Earnings