Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 50,000 shares of preferred 4% stock, $70 par and 700,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5.  Issued 145,000 shares of common stock at par for cash. Feb. 5.   fill in the blank 0022f204ffdffb3_2 fill in the blank 0022f204ffdffb3_3     fill in the blank 0022f204ffdffb3_5 fill in the blank 0022f204ffdffb3_6 Feb. 5.  Issued 350 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5.   fill in the blank 2964dd08bfd401c_2 fill in the blank 2964dd08bfd401c_3     fill in the blank 2964dd08bfd401c_5 fill in the blank 2964dd08bfd401c_6 Apr. 9.  Issued 19,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $89,000, $486,000, and $109,000, respectively. Apr. 9.   fill in the blank 8edbfff1cfe407a_2 fill in the blank 8edbfff1cfe407a_3     fill in the blank 8edbfff1cfe407a_5 fill in the blank 8edbfff1cfe407a_6     fill in the blank 8edbfff1cfe407a_8 fill in the blank 8edbfff1cfe407a_9     fill in the blank 8edbfff1cfe407a_11 fill in the blank 8edbfff1cfe407a_12     fill in the blank 8edbfff1cfe407a_14 fill in the blank 8edbfff1cfe407a_15 June 14.  Issued 35,000 shares of preferred stock at $83 for cash. June 14.   fill in the blank 764d2c0e1fd0039_2 fill in the blank 764d2c0e1fd0039_3     fill in the blank 764d2c0e1fd0039_5 fill in the blank 764d2c0e1fd0039_6     fill in the blank 764d2c0e1fd0039_8 fill in the blank 764d2c0e1fd0039_9

Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 100,000 shares of preferred 1% stock, $50 par and 250,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5.  Issued 160,000 shares of common stock at par for cash. Feb. 5.   fill in the blank 448da3f27ff0040_2 fill in the blank 448da3f27ff0040_3     fill in the blank 448da3f27ff0040_5 fill in the blank 448da3f27ff0040_6 Feb. 5.  Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5.   fill in the blank b1e61509bfd401e_2 fill in the blank b1e61509bfd401e_3     fill in the blank b1e61509bfd401e_5 fill in the blank b1e61509bfd401e_6 Apr. 9.  Issued 20,500 shares of common…

Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 26,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 200,000 shares of common stock at par for cash.   1. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. 7. Issued 66,200 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $149,800, $474,380 and $163,600 respectively. Sept. 20. Issued 19,400 shares of preferred stock at $107 for cash.

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Issuing and Repurchasing Stock Redbird, Inc., had the following transactions related to its common and preferred stock: March 22 Sold 50,000 shares of $0.50 par common stock for $12 per share. Sold 2,000 shares of $10 par preferred stock at $14 per share. Repurchased 3,040 shares of the common stock at $20 per share. November 9 Required: Prepare the journal entries for these transactions. If an amount box does not require an entry, leave it blank. Mar. 22 Nov. 9 00 00

Selected Stock Transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 400,000 shares of common stock with a par of $1. The following transactions affecting stockholders' equity were completed during the first year of operations. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a.  Issued 7,000 shares of stock at par to Paul Glenn for cash. b.  (1) Issued 600 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and (2) issued 19,000 shares of stock at par to Michele Kirby for cash. c.  Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $469,000 for 20 years at 7% and there is accrued interest of $6,500 on the mortgage note at the time of the purchase. The corporation agreed to…

Selected Stock Transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 250,000 shares of common stock with a par of $1. The following transactions affecting stockholders' equity were completed during the first year of operations. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. Issued 8,500 shares of stock at par to Paul Glenn for cash. Cash 8,500 Common Stock 8,500 Feedback Check My Work b. (1) Issued 750 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and (2) issued 21,000 shares of stock at par to Michele Kirby for cash. (1) Organizational Expenses 750 Common Stock 750 (2) Cash 21,000 Common Stock 21.000 Feedback Check My Work c. Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged…

Selected stock transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 450,000 shares of common stock with a par of $1. The following transactions affecting stockholders' equity were completed during the first year of operations. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. Issued 13,500 shares of stock at par to Paul Glenn for cash. Cash Common Stock (1) Organizational Expenses Common Stock b. (1) Issued 450 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and (2) issued 20,000 shares of stock at pat to Michele Kirby for cash. (2) Cash Common Stock Land 13,500 Building Common Stock 13,500 70,000 450 20,000 c. Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The land has a fair value of $70,000, and the…

Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 100,000 shares of preferred 1% stock, $75 par and 300,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5.  Issued 115,000 shares of common stock at par for cash. Cash  Common Stock    Feb. 5.  Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Organizational Expenses    Common Stock    Apr. 9.  Issued 19,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $35,000, $189,000, and $42,000, respectively. Apr. 9. Land    Buildings    Equipment    Common Stock    Paid-In Capital in Excess of…