I need this question put into a excel spreed sheet> Occupational Products Inc.,

Question

I need this question put into a excel spreed sheet>

Occupational Products Inc., a wholesaler of office products, was organized on March 1 of the current year, with an authorization of 26,000 shares of preferred 2% stock, $100 par

The monetary amount printed on a stock certificate.

and 550,000 shares of $10 par common stock

The stock outstanding when a corporation has issued only one class of 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.

Mar. 1 Issued 229,600 shares of common stock at par for cash. 1 Issued 550 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. May 31 Issued 66,400 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $153,500, $456,740 and $160,000 respectively. Jul. 1 Issued 15,000 shares of preferred stock at $109 for cash.

Explanation / Answer

SOLUTION :

Date

Account title

Debit

Credit

Mar 1.

CASH

2296000

     COMMON STOCK

2296000

(229000X10)

Mar 1.

ORGANISATION EXPENSE

5500

     COMMON STOCK

5500

(550 X 10)

May 31.

LAND

153500

BUILDING

456740

EQUIPMENT

160000

     COMMON STOCK

664000

      PAID IN EXCEES OF PAR - COMMON STOCK
(153500+456740+16000 - 664000)

106240

JUL 1.

CASH

1635000

    PREFERRED STOCK

1500000

      PAID IN EXCEES OF PAR - PREFERRED STOCK    (15000 * 9)

135000

Date

Account title

Debit

Credit

Mar 1.

CASH

2296000

     COMMON STOCK

2296000

(229000X10)

Mar 1.

ORGANISATION EXPENSE

5500

     COMMON STOCK

5500

(550 X 10)

May 31.

LAND

153500

BUILDING

456740

EQUIPMENT

160000

     COMMON STOCK

664000

      PAID IN EXCEES OF PAR - COMMON STOCK
(153500+456740+16000 - 664000)

106240

JUL 1.

CASH

1635000

    PREFERRED STOCK

1500000

      PAID IN EXCEES OF PAR - PREFERRED STOCK    (15000 * 9)

135000

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