Business, 06.05.2020 03:26 jasondesatnick
Workplace Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 50,000 shares of preferred 2% stock, $40 par and 750,000 shares of $7 par common stock. The following selected transactions were completed during the first year of operations:
a. Jul. 1. Issued 400,000 shares of common stock at par for cash.
b. Jul. 1. Issued 1,000 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
c. Aug 7. Issued 80,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $250,000, $400,000, and $70,000, respectively.
d. Sep 20. Issued 25,000 shares of preferred stock at $44 for cash.
Required:
1. Journalize the transactions.
Answers: 1
Business, 22.06.2019 18:00, cj31150631
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Ryan terlecki organized a new internet company, capuniverse, inc. the company specializes in baseball-type caps with logos printed on them. ryan, who is never without a cap, believes that his target market is college and high school students. you have been hired to record the transactions occurring in the first two weeks of operations.
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Juniper company, inc. uses a perpetual inventory system. the company purchased $9,750 of merchandise on august 7 with terms 1/10, n/30. on august 11, it returned $1,500 worth of merchandise. on august 16, it paid the full amount due. the correct journal entry to record the payment on august 16 is:
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Workplace Products Inc., a wholesaler of office products, was organized on July 1 of the current yea...
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