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 4 preferred stock, $70 par and 400,000 shares of $20 par common stock The following selected transactions were completed during the first year of operations Journalize the transactions Question Content Area July 1 Issued 75,000 shares of common stock at par for cash July 1 CashCommon StockOrganizational ExpensesPaid In Capital in Excess of Par Common StockPreferred StockRetained Earnings Select CashCommon StockOrganizational ExpensesPaid In Capital in Excess of Par Common StockPreferred StockRetained Earnings Select Question Content Area July 1 Issued 450 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation July 1 Common StockLandOrganizational ExpensesPaid In Capital in Excess of Par Common StockPreferred StockRetained Earnings Select BuildingsCommon StockOrganizational ExpensesPaid In Capital in Excess of Par Common StockPreferred StockRetained Earnings Select Question Content Area Aug 7 Issued 22,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $82,000, $447,000, and $101,000, respectively For a compound transaction, if an amount box does not require an entry, leave it blank Aug 7 Common StockLandPaid In Capital in Excess of Par Common StockPaid In Capital in Excess of Par Preferred StockPreferred StockRetained Earnings Select Select BuildingsCashCommon StockPaid In Capital in Excess of Par Common StockPreferred StockRetained Earnings Select Select CashCommon StockEquipmentPaid In Capital in Excess of Par Common StockPaid In Capital in Excess of Par Preferred StockRetained Earnings Select Select CashCommon StockEquipmentPaid In Capital in Excess of Par Preferred StockPreferred StockRetained Earnings Select Select CashLandPaid In Capital in Excess of Par Common StockPaid In Capital in Excess of Par Preferred StockRetained Earnings Select Select Question Content Area

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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

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 4% preferred stock, $70 par and 400,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations:

Journalize the transactions.

Question Content Area

July. 1. Issued 75,000 shares of common stock at par for cash.

July. 1	CashCommon StockOrganizational ExpensesPaid-In Capital in Excess of Par-Common StockPreferred StockRetained Earnings	- Select -
	CashCommon StockOrganizational ExpensesPaid-In Capital in Excess of Par-Common StockPreferred StockRetained Earnings		- Select -

Question Content Area

July. 1 Issued 450 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

July. 1	Common StockLandOrganizational ExpensesPaid-In Capital in Excess of Par-Common StockPreferred StockRetained Earnings	- Select -
	BuildingsCommon StockOrganizational ExpensesPaid-In Capital in Excess of Par-Common StockPreferred StockRetained Earnings		- Select -

Question Content Area

Aug. 7. Issued 22,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $82,000, $447,000, and $101,000, respectively.

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

Aug. 7	Common StockLandPaid-In Capital in Excess of Par-Common StockPaid-In Capital in Excess of Par-Preferred StockPreferred StockRetained Earnings	- Select -	- Select -
	BuildingsCashCommon StockPaid-In Capital in Excess of Par-Common StockPreferred StockRetained Earnings	- Select -	- Select -
	CashCommon StockEquipmentPaid-In Capital in Excess of Par-Common StockPaid-In Capital in Excess of Par-Preferred StockRetained Earnings	- Select -	- Select -
	CashCommon StockEquipmentPaid-In Capital in Excess of Par-Preferred StockPreferred StockRetained Earnings	- Select -	- Select -
	CashLandPaid-In Capital in Excess of Par-Common StockPaid-In Capital in Excess of Par-Preferred StockRetained Earnings	- Select -	- Select -