Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 125,000 shares of preferred 2% stock, $70 par and 350,000 shares of $15 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 105,000 shares of common stock at par for cash. Feb. 5. Cash Feb. 5. Issued 350 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Apr. 9. Issued 16,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $44,000, $239,000, and $53,000, respectively. Apr. 9. June 14. Issued 18,000 shares of preferred stock at $80 for cash. June 14. Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 125,000 shares of preferred 2% stock, $70 par and 350,000 shares of $15 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 105,000 shares of common stock at par for cash. Feb. 5. Cash Feb. 5. Issued 350 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Apr. 9. Issued 16,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $44,000, $239,000, and $53,000, respectively. Apr. 9. June 14. Issued 18,000 shares of preferred stock at $80 for cash. June 14.
Expert Answer:
Answer rating: 100% (QA)
Date Account Feb 5 Cash Common stock To record issue of common stock Date Account Feb 5 Org... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-1337119207
14th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Posted Date:
Students also viewed these accounting questions
-
Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 50,000 shares of preferred 2% stock, $40 par and 1,000,000...
-
Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 50,000 shares of preferred 2% stock, $60 par and 1,000,000...
-
The following selected transactions were completed during June between Salinas Company and Brokaw Company: June 2. Salinas Company sold merchandise on account to Brokaw Company, $20,000, terms FOB...
-
SQL Queries Help For the SYSDES team, list the evaluatees and evaluators and theevaluation scores. Show the full name of evaluates and evaluator,the evaluation ID, the evaluation item and the score....
-
As most other states do, the Commonwealth of Kentucky taxes its residents' income. Kentucky law establishes that interest on bonds issued by Kentucky and its political subdivisions is exempt from...
-
Radhika's Radiology Centre (RRC) performs X-rays, ultrasounds, CT scans, and MRIs. RRC has developed a reputation as a top radiology centre in the area. RRC has achieved this status because it...
-
What are trend percentages and how are they calculated? What pitfalls must financial statement users avoid when preparing trend percentages?
-
BA Corp is issuing a 10-year bond with a coupon rate of 8 percent. The interest rate for similar bonds is currently 6 percent. Assuming annual payments, what is the value of the bond?
-
James Smith and Mary Johnson are examining the following summary of cash flows for Blossom Company for the year ended January 31, 2027. Inflows Sales revenue $383,930 Capital stock sales 404,800 Sale...
-
A software company sells two applications, noted A and B, that are totally unrelated to one another. The marginal cost of production for each application is constant and is equal to 10. The company...
-
Allosteric sites the untaue 0se places you feecdback enaymes molecule. Could allos terre ename on elaborate m hrbrtion plonter
-
What are the relationships among coupon rate, current yield and yield to maturity for a premium, discount and par bond?
-
Explain whether you agree or disagree with the following statement: A floater whose quoted margin equals the markets required margin trades at par regardless of the path the reference rate takes in...
-
By definition, ______________ conflict occurs between groups at the same organisational level. a. horizontal b. vertical c. functional d. process
-
CardioMed Inc. is a manufacturer of wearable heart monitoring products that automatically detect, record, and transmit abnormal heart rhythms for up to thirty days. In one accounting period the firm...
-
What is the impact on interest rate risk of including a cap and/or floor in the coupon structure?
-
1.Division of two numbers. Time is always in the denominator Years of potential life lost 2. Division of two unrelated numbers. D Survival rate 3. Division of two related numbers. The numerator is a...
-
White Bolder Investments (WBI) You are an intern working for WBI, a large investment advisory services in Sydney. Among other regular customers, WBI has been providing advisory services for Jumbo...
-
Rearrange the following steps in the accounting cycle in proper sequence: 1. A post-closing trial balance is prepared. 2. Adjustment data are assembled and analyzed. 3. Adjusting entries are...
-
What is the appropriate measure of a products value when a firm is operating under production bottlenecks?
-
Exoplex Industries Inc. is a diversified aerospace company, including two operating divisions, Semiconductors and Navigational Systems divisions. Condensed divisional Income statements, which involve...
-
Discuss and explain health care and rising costs and explain the economic effects of a national health insurance program.
-
The proportion of income received by the richest 5 percent of Americans has a. edged upward since the 1980s. b. held steady since the 1980s. c. decreased slightly since the 1980s. d. decreased...
-
Which of the following are overrepresented among those with low incomes? a. College students working toward their graduate degrees b. Single-parent families c. Young, inexperienced workers d. All of...
Study smarter with the SolutionInn App