Question
Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 125,000 shares of
Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 125,000 shares of 2% preferred stock, $60 par and 500,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions.
July. 1. Issued 80,000 shares of common stock at par for cash.
July. 1 | |||
July. 1 Issued 650 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
July. 1 | |||
Aug. 7. Issued 26,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $95,000, $517,000, and $116,000, respectively.
For a compound transaction, if an amount box does not require an entry, leave it blank.
Aug. 7 | |||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started