Question

stock, $100 par and 550,000 shares of $10 per Work Place Products Inc., a wholesale of office products, was organized on July 1 of the current year, with an authorition of 2,000 shares of preferred Common stock. The following selected transactions were completed during the first year of operations July 1 1 Aug 7 issued 247,000 shares of common stock at par for cash ssued 300 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation Issued 0,100 shares of common stock in exchange for land, buildings and equipment with for market prices of $153,500,5488.060 and 5160,000 respectively od 15,000 shares of preferred stock M 8100 torch Sept 20. Joumate ractions Refer to the Chart of Accounts for exact word of courses

Answer 1

Journal entry

date	account and explanation	Debit	Credit
July 1	Cash (247000*10)	2470000
	Common Stock		2470000
July 1	Organization expense (300*10)	3000
	Common Stock		3000
Aug 1	Land	153500
	Building	488060
	equipment	160000
	Common Stock		691000
	Paid in capital in excess of par value-Common Stock		110560
Sep 20	Cash (15000*109)	1635000
	Preferred stock		1500000
	paid in capital in excess of par value-Preferred stock		135000