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
| 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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