Homework Answers
The journal entry to record the transaction are as follows:
| Date | Account Title and Explanation | Debit ($) | Credit ($) |
| Feb-05 | Cash account | 56,00,000 | |
| Common stock (700,000 shares * $8) | 56,00,000 | ||
| (To record the issue of common stock) | |||
| Date | Account Title and Explanation | Debit ($) | Credit ($) |
| Feb-05 | Legal Expense | 9,600 | |
| Common stock (1,200 shares * $8) | 9,600 | ||
| (To Record the issue of common stock for the payment of legal fees) |
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Show Me How Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on...
Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of...
Issuing Stock 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 shares of $8 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 700,000 shares of common stock at par for cash. Feb. 5...
SHOW ALL WORK EX 12-8 Issuing stock Obj. 2 Professional Products Inc., a wholesaler of office...
SHOW ALL WORK
EX 12-8 Issuing stock Obj. 2 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, 560 par and 1,000,000 shares of $8 par common stock. The following selected transactions were completed during the first year of operations: Feb. 5. Issued 700,000 shares of common stock at par for cash. 5. Issued 1,200 shares of common stock at par to...
Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of...
Issuing Stock 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 1 % stock, $60 par and 300,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. Feb. 5. Issued 125,000 shares of common stock at par for cash. Cash Feb. 5. Common Stock Feedback Check My Work What is the company...
Issuing stock professional products inc a wholesaler of office products was organized on February 5th of...
Issuing stock professional products inc a wholesaler of office products was organized on February 5th of the current year with an authorization of a 125000 shares of preferred 2% stock $55 par in 300000 shares of $15 par common stock the following selected transactions were completed during the 1st year of operations journalize the transactions February 5th issued a 135000 shares of common stock at par for Cash February 5th issued 650 shares of common stock at par to An...
Professional products inc., a wholesaler of office products waas organized on Feb.5 of the current year,...
Professional products inc., a wholesaler of office products waas organized on Feb.5 of the current year, with an authorization of 50,000 shares of preferred 2% stock, $40 par and 1,000,000 shares of $8 par common stock. The following selected transactions were complleted during the first year of operations: Feb 5 issued 600,000 shares of common stock at par for cash Feb 5 issued 1,500 shares of common stock at par to an attorney in payment of legal fees for organizing...
Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of...
Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an auth rization of 125 000 shares of preferred 2% stock 500,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations: ournalize the transactions. Feb. 5. Issued 105,000 shares of common stock at par for cash S40 par n Feb.5 Feb. 5. Issued 600 shares of common stock at par to...
Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current...
Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 26,000 shares of preferred 2% stock, $100 par and 550,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Feb. 5 5 Issued 247,000 shares of common stock at par for cash. Issued 300 shares of common stock at par to an attorney in payment of legal fees for organizing...
Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current...
Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 26,000 shares of preferred 2% stock, $100 par and 550,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Feb. 5 Issued 247,000 shares of common stock at par for cash. 5 Issued 300 shares of common stock at par to an attorney in payment of legal fees for organizing...
Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current...
Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 25,000 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: Feb. 5 Issued 220,000 shares of common stock at par for cash. 5 Issued 700 shares of common stock at par to an attorney in payment of legal fees for organizing...
Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July 1...
Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 50,000 shares of 2% preferred stock, $40 par and 250,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1. Issued 135,000 shares of common stock at par for cash. July. 1 July. 1 Issued 600 shares of common stock at par to...
Issuing Stock 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 shares of $8 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 700,000 shares of common stock at par for cash. Feb. 5...
SHOW ALL WORK
EX 12-8 Issuing stock Obj. 2 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, 560 par and 1,000,000 shares of $8 par common stock. The following selected transactions were completed during the first year of operations: Feb. 5. Issued 700,000 shares of common stock at par for cash. 5. Issued 1,200 shares of common stock at par to...
Issuing Stock 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 1 % stock, $60 par and 300,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. Feb. 5. Issued 125,000 shares of common stock at par for cash. Cash Feb. 5. Common Stock Feedback Check My Work What is the company...
Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an auth rization of 125 000 shares of preferred 2% stock 500,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations: ournalize the transactions. Feb. 5. Issued 105,000 shares of common stock at par for cash S40 par n Feb.5 Feb. 5. Issued 600 shares of common stock at par to...
Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 26,000 shares of preferred 2% stock, $100 par and 550,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Feb. 5 5 Issued 247,000 shares of common stock at par for cash. Issued 300 shares of common stock at par to an attorney in payment of legal fees for organizing...
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