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Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the...

Question:

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, $75 par and 500,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations:

Journalize the transactions.

July. 1. Issued 150,000 shares of common stock at par for cash.

July. 1

July. 1 Issued 350 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

July. 1

Aug. 7. 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.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Aug. 7

Sept. 20. Issued 25,000 shares of preferred stock at $87 for cash.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Sept. 20

Answers

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