Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 50,000 shares of preferred 2% stock, $40 par and 1,000,000 shares of $8 par common stock. The following selected transactions were completed during the first year of operations:
Journalize the transactions.
Feb. 5. Issued 600,000 shares of common stock at par for cash.
Feb. 5
Feb. 5. Issued 1,500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Feb. 5
Apr. 9. Issued 45,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $100,000, $310,000, and $85,000 respectively.
For a compound transaction, if an amount box does not require an entry, leave it blank.
Apr. 9
June 14. Issued 30,000 shares of preferred stock at $53 for cash.
For a compound transaction, if an amount box does not require an entry, leave it blank.
June 14

Feb. 5. Issued 600,000 shares of common stock at par for cash.

Dr Cash 4,800,000

    Cr Common stock 4,800,000

Feb. 5. Issued 1,500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

Dr Organization costs 12,000

    Cr Common stock 12,000

Apr. 9. Issued 45,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $100,000, $310,000, and $85,000 respectively.

Dr Land 100,000

Dr Buildings 310,000

Dr Equipment 85,000

    Cr Common stock 360,000

    Cr Additional paid in capital: common stock 135,000

June 14. Issued 30,000 shares of preferred stock at $53 for cash.

Dr Cash 1,590,000

    Cr Common stock 240,000

    Cr Additional paid in capital: common stock 1,350,000

Both parties are dependent on raising huge sums of money to fund their House campaigns.

Explanation:

Campaigning for office is no cheap endeavour as many politicians have seen and noted. Money needs to be spent on everything from renting venues to buying stationary and so the politicians turn to donors to help.

Regardless of party affiliation, this is the reality for political campaigns which is why both parties rely on huge sums of money to fund campaigns like for the U.S. House of Reps. This is confirmed by the graph described above that shows the hundreds of millions of dollars being used to campaign for the House.