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....
-
Memories Inc., which produces specialty picture frames, had the following summary cost information: Direct materials used .............. $24,000 Direct labor .................22,000 Factory rent...
-
Ethane flows into a combustion chamber at 1.5 kg/min along with zero percent excess air. The fuel, oxidizer, and products are all at 25 C. The reaction is complete and the water is liquid. Determine...
-
Air flows into a pipe from the region between a circular disk and a cone as shown in Fig. P4.52. The fluid velocity in the gap between the disk and the cone is closely approximated by \(V=V_{0} R^{2}...
-
At December 31, 2014, the equity investments of Wang Inc. that were accounted for using the fair value through other comprehensive income model without recycling (application of IFRS 9) were as...
-
Suppose a Summons and Complaint were filed on February 16, 2021 and personally served on the defendant on March 1, 2021, please calendar the following dates: a the day Proof of Service of Summons and...
-
Ted is an audit manager with a national public accounting firm and one of his clients is Easy Clean, Co. Easy Clean provides industrial and domestic carpet steam-cleaning services. This is the first...
-
Using the adjusting and closing entries that you prepared in Week 04 prepare the statements listed below Refer to the trial balance provided to you in Week 04 for last year s balances You will need...
-
Suppose you have decided to conduct a study to determine whether accounting majors should be required to take statistics. Briefly explain how you would set up this study. What problems might you...
-
Suppose you have decided to conduct a sampling survey on the salaries of baseball players. There are essentially two types of players, those not eligible for free agency and those eligible for free...
-
In order to correctly assess property taxes in the state, New Jersey has decided to require that all municipalities report the average home price in their districts. From past years, one municipality...
-
An advertising executive is interested in how viewers looked upon a television ad by McDonalds in New York City (either favorably or unfavorably). Briefly explain how the executive could analyze this...
-
Myers-Briggs Personality Types and Jungian Personality Types are two very popular descriptions of the material in this chapter. Using your search engine, access the Internet sites that refer to these...
-
Explain 4 (four) methods or ways you can gather feedback on your own performance.
-
Per Bag Direct materials: 25 pounds of CWhiz-2000 @ $0.08/lb. = $ 2.00 Direct labor: 0.05 hour @ $32.00/hr. = $ 1.60 The company manufactured 100,000 bags of Cheese-Be-Good in December and used...
-
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...
-
Which form of financing allows the source of the funds to share in the wealth if the company which received the financing does well? a. A loan b. An investment c. Both a loan and an investment d....
-
Which form of financing requires repayment, regardless of whether the company receiving the funds does well or not? a. A loan b. An investment c. Both a loan and an investment d. Neither a loan nor...
-
What are vertical and horizontal financial statement analyses? What are their advantages?
Study smarter with the SolutionInn App