Work: Piace Products inc, a wholesaler of office products, was orgarized on Jily 1 of the curtent year, with an authorization of 26,000 shares of peoforred 25 stock, $100 eat and 600,000 shares of $10 par commonstosk. The following selected transactions were completed during the first year of operations: Jyy 1 issued 200,000 shares of common stock at par for cash. 1 Issued 400 shares of common stock at par to an absorney in payment of legal fees for organizing the corporation. Aug. 7. Issued 66,200 shares of common elock in exchange for land, buldings, and equipment with tair market prices of $149,800,$474,380 and $163,600 respectively. Sept. 20. Issued 19.400 shares of preferred slock at $107 for cash. Joumalze the transactons. Fefer to the Chart of Acoounts for exact wording of account tubes. Chart of Accounts General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 131 Notes Receivable 132 Interest Receivable EXPENSES 141 Merchandise Inventory 510 Cost of Merchandise 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 Chart of Accounts 621 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable 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 Chart of Accounts