Question: work place products inc a wholesaler of office products was...
Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 30,000 shares of preferred 2% stock, $100 par and 500,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations:
|July||1||Issued 212,000 shares of common stock at par for cash.|
|1||Issued 300 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.|
|Aug.||7.||Issued 66,400 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $148,100, $521,840 and $166,700 respectively.|
|Sept.||20.||Issued 15,000 shares of preferred stock at $108 for cash.|
Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.