Occupational Products Inc., a wholesaler of office products, was organized on March 1 of the current year, with an authorization of 25

Q- Document2 Share Insert Design Layout References Mailings Review View Table Design Layout Verdana Occupational Products Inc., a wholesaler of office products, was organized on March 1 of the current year, with an authorization of 25,000 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 soperations: Mar. 1Issued 243,000 shares of common stock at par for cash. 1 Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Issued 68,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $147,400, $518,700 and $163,500 respectively May 31 Jul. 1 Issued 16,000 shares of preferred stock at $112 for cash. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles

Occupational Products Inc., a wholesaler of office products, was organized on March 1 of the current year, with an authorization of 25,000 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: Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles

Expert Answer

 

Journal Entries
Date Accounting titles & Explanations Debit Credit
1-Mar Cash 2430000
Common stock 2,430,000
(243000*10)
1-Mar organization expense/legal expense 6,000
Common stock 6,000
(600*10)
31-May land 147,400
Building 518,700
Equipment 163,500
Common stock (68000*10) 680,000
paid in capital in excess of par 149,600
1-Jul Cash (16000*112) 1792000
preferred stock (16000*100) 1,600,000
paid in capital in excess of par-PS (16000*12) 192000

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