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 600,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations:
Journalize the transactions.
July. 1. Issued 130,000 shares of common stock at par for cash.
July. 1 | |||
July. 1 Issued 550 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
July. 1 | |||
Aug. 7. Issued 26,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $71,000, $388,000, and $87,000, respectively.
For a compound transaction, if an amount box does not require an entry, leave it blank.
Aug. 7 | |||
Sept. 20. Issued 30,000 shares of preferred stock at $53 for cash.
For a compound transaction, if an amount box does not require an entry, leave it blank.
Sept. 20 | |||
Get Answers For Free
Most questions answered within 1 hours.