Exercise 8-13 Cullumber Company had these transactions during the current period

Question

Exercise 8-13 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. Nov. 28 Purchased 2,950 shares of treasury stock for $10,000. Prepare a tabular summary to record the Cullumber Company transactions. (Ifa transaction causes a decrease in Assets, Liabilities or Stockholders Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockholders' Equity Paid-in-Capital Retained Earnings PIC in Excess of ar Treasury Cash - Common Stock StockRevenueExpenseDividend +Pref. Stock Com. Pref June 22 July 11 Nov. 28

Explanation / Answer

Impact of transaction :

Assets Liabilities + Stockholder's equity Paid in capital Retained earnings Cash = + Common stock + PIC in excess of par com + Pref + PIC in excess of par pref Treasury Stock + Revenue - Expense - Dividend June 12 301875 80500 221375 July 11 336000 320000 16000 Nov 28 -10000 -10000

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