Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 75,000 shares of preferred 1% stock, $45 par and 400,000 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 85,000 shares of common stock at par for cash. Feb. 5. Feb. 5. Issued 650 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation, Feb. 5. 00 Apr. 9. Issued 16,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $84,000, $460,000, and $104,000, respectively. Apr. 9.

Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 75,000 shares of preferred 1% stock, $45 par and 400,000 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 85,000 shares of common stock at par for cash. Feb. 5. Feb. 5. Issued 650 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation, Feb. 5. 00 Apr. 9. Issued 16,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $84,000, $460,000, and $104,000, respectively. Apr. 9.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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