Exercise 11-2 Cullumber Company had these transactions during the current period

Question

Exercise 11-2 Cullumber Company had these transactions during the current period. June 12 Issued 80,500 shares of $1 par value common stock for cash of $301,875. July 11 Issued 3,200 shares of $100 par value preferred stock for cash at $106 per share. Prepare the journal entries for the Cullumber Company transactions shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

Date Account Titles and Explanation Debit Credit June 12 Cash 301,875 Common Stock ( 80,500 *$1) 80,500 Paid in Capital Excess of Par- Commom Stock 221,375 July 11 Cash ( 3,200 Shares * $ 106) 339,200 Preferred Stock ( 3,200 Shares * $ 100) 320,000 Paid in Capital Excess of Par - Preferred Stock ( 3,200 Shares * $ 6) 19,200 Nov 28 Treasury Stock 10,000 Cash 10,000

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