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, $65 par and 250,000 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 155,000 shares of common stock at par for cash. Feb. 5. Cash fill in the blank 76283e043018036_2 fill in the blank 76283e043018036_3 Common Stock fill in the blank 76283e043018036_5 fill in the blank 76283e043018036_6 Feedback Feb. 5. Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Organizational Expenses fill in the blank 695d82fa8fddff4_2 fill in the blank 695d82fa8fddff4_3 Common Stock fill in the blank 695d82fa8fddff4_5 fill in the blank 695d82fa8fddff4_6 Feedback Apr. 9. Issued 16,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $77,000, $422,000, and $95,000, respectively. Apr. 9. Land fill in the blank da14b7f68001fee_2 fill in the blank da14b7f68001fee_3 Buildings fill in the blank da14b7f68001fee_5 fill in the blank da14b7f68001fee_6 Equipment fill in the blank da14b7f68001fee_8 fill in the blank da14b7f68001fee_9 Common Stock fill in the blank da14b7f68001fee_11 fill in the blank da14b7f68001fee_12 Paid-In Capital in Excess of Par-Common Stock fill in the blank da14b7f68001fee_14 fill in the blank da14b7f68001fee_15 Feedback June 14. Issued 13,000 shares of preferred stock at $73 for cash. June 14. Cash fill in the blank 6a2026f52008faa_2 fill in the blank 6a2026f52008faa_3 Preferred Stock fill in the blank 6a2026f52008faa_5 fill in the blank 6a2026f52008faa_6 Paid-In Capital in Excess of Par-Preferred Stock fill in the blank 6a2026f52008faa_8 fill in the blank 6a2026f52008faa_9

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, $65 par and 250,000 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 155,000 shares of common stock at par for cash. Feb. 5. Cash fill in the blank 76283e043018036_2 fill in the blank 76283e043018036_3 Common Stock fill in the blank 76283e043018036_5 fill in the blank 76283e043018036_6 Feedback Feb. 5. Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Organizational Expenses fill in the blank 695d82fa8fddff4_2 fill in the blank 695d82fa8fddff4_3 Common Stock fill in the blank 695d82fa8fddff4_5 fill in the blank 695d82fa8fddff4_6 Feedback Apr. 9. Issued 16,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $77,000, $422,000, and $95,000, respectively. Apr. 9. Land fill in the blank da14b7f68001fee_2 fill in the blank da14b7f68001fee_3 Buildings fill in the blank da14b7f68001fee_5 fill in the blank da14b7f68001fee_6 Equipment fill in the blank da14b7f68001fee_8 fill in the blank da14b7f68001fee_9 Common Stock fill in the blank da14b7f68001fee_11 fill in the blank da14b7f68001fee_12 Paid-In Capital in Excess of Par-Common Stock fill in the blank da14b7f68001fee_14 fill in the blank da14b7f68001fee_15 Feedback June 14. Issued 13,000 shares of preferred stock at $73 for cash. June 14. Cash fill in the blank 6a2026f52008faa_2 fill in the blank 6a2026f52008faa_3 Preferred Stock fill in the blank 6a2026f52008faa_5 fill in the blank 6a2026f52008faa_6 Paid-In Capital in Excess of Par-Preferred Stock fill in the blank 6a2026f52008faa_8 fill in the blank 6a2026f52008faa_9

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...

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Question

Journalize the transactions.

If an amount box does not require an entry, leave it blank.

Feb. 5. Issued 155,000 shares of common stock at par for cash.

Feb. 5.	Cash	fill in the blank 76283e043018036_2	fill in the blank 76283e043018036_3
	Common Stock	fill in the blank 76283e043018036_5	fill in the blank 76283e043018036_6

Feedback

Feb. 5. Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

Feb. 5.	Organizational Expenses	fill in the blank 695d82fa8fddff4_2	fill in the blank 695d82fa8fddff4_3
	Common Stock	fill in the blank 695d82fa8fddff4_5	fill in the blank 695d82fa8fddff4_6

Feedback

Apr. 9. Issued 16,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $77,000, $422,000, and $95,000, respectively.

Apr. 9.	Land	fill in the blank da14b7f68001fee_2	fill in the blank da14b7f68001fee_3
	Buildings	fill in the blank da14b7f68001fee_5	fill in the blank da14b7f68001fee_6
	Equipment	fill in the blank da14b7f68001fee_8	fill in the blank da14b7f68001fee_9
	Common Stock	fill in the blank da14b7f68001fee_11	fill in the blank da14b7f68001fee_12
	Paid-In Capital in Excess of Par-Common Stock	fill in the blank da14b7f68001fee_14	fill in the blank da14b7f68001fee_15

Feedback

June 14. Issued 13,000 shares of preferred stock at $73 for cash.

June 14.	Cash	fill in the blank 6a2026f52008faa_2	fill in the blank 6a2026f52008faa_3
	Preferred Stock	fill in the blank 6a2026f52008faa_5	fill in the blank 6a2026f52008faa_6
	Paid-In Capital in Excess of Par-Preferred Stock	fill in the blank 6a2026f52008faa_8	fill in the blank 6a2026f52008faa_9

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