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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 Issue 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 the corporation. Issued 68,700 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $153,800, $458,110 and $164,400 respectively. Apr. 9 June 14 Issued 18,200 shares of preferred stock at $115 for cash. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Professional Products Inc. General Ledger ASSETS REVENUE 410 Sales 110 Cash 120 Accounts Receivable 610 Interest Revenue 131 Notes Receivable 132 Interest Receivable EXPENSES 141 Inventory 510 Cost of Goods Sold 515 Credit Card Expense 145 Office Supplies 145 Office Supplies 151 Prepaid Insurance 181 Land 191 Buildings 192 Accumulated Depreciation-Buildings 193 Equipment 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 534 Rent Expense 535 Insurance Expense 536 Office Supplies Expense 194 Accumulated Depreciation-Equipment LIABILITIES 537 Organizational Expenses 210 Accounts Payable 561 Depreciation Expense-Buildings 221 Notes Payable 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 710 Interest Expense 241 Salaries Payable 261 Mortgage Note Payable Journal JOURNAL ACCOUNTING EQUA DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES