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In: Accounting
Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the...
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, $40 par and 750,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations:
Journalize the transactions.
July. 1. Issued 100,000 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 18,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $84,000, $460,000, and $104,000, respectively.
For a compound transaction, if an amount box does not require an entry, leave it blank.
| Aug. 7 | |||
Sept. 20. Issued 38,000 shares of preferred stock at $48 for cash.
For a compound transaction, if an amount box does not require an entry, leave it blank.
| Sept. 20 | |||
Check My Work2 more Check My Work uses remaining.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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PLEASE USE THE CHART PROVIDED Professional Products Inc., a wholesaler of office products, was organized on...
PLEASE USE THE CHART PROVIDED
Professional Products Inc., a wholesaler of office products, was
organized on February 5 of the current year, with an authorization
of 27,000 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:
Feb.
5
Issued 213,000 shares of common stock at par for cash.
5
Issued 400 shares of common stock at par to an attorney in
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units)
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264,480
Variable
expenses:
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