Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 30,000 shares of preferred 2% stock, $100 par and 500,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations:

July	1	Issued 212,000 shares of common stock at par for cash.
	1	Issued 300 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Aug.	7.	Issued 66,400 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $148,100, $521,840 and $166,700 respectively.
Sept.	20.	Issued 15,000 shares of preferred stock at $108 for cash.

Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTSWork Place Products Inc.General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
131	Notes Receivable
132	Interest Receivable
141	Merchandise Inventory
145	Office Supplies
151	Prepaid Insurance
181	Land
191	Buildings
192	Accumulated Depreciation-Buildings
193	Equipment
194	Accumulated Depreciation-Equipment

	LIABILITIES
210	Accounts Payable
221	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

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
515	Credit Card Expense
520	Salaries Expense
531	Advertising Expense
532	Delivery Expense
533	Selling Expenses
534	Rent Expense
535	Insurance Expense
536	Office Supplies Expense
537	Organizational Expenses
561	Depreciation Expense-Buildings
562	Depreciation Expense-Equipment
590	Miscellaneous Expense
710	Interest Expense