HE CALCULATORPRINTER VERSION BACK NEXT Exercise 11-2 Cullumber Company had these

Question

HE CALCULATORPRINTER VERSION BACK NEXT Exercise 11-2 Cullumber Company had these transactions during the current period June 12 Issued 82,000 shares of $1 par value common stock for cash of $307,500. July 11 Issued 2,500 shares of $105 par value preferred stock for cash at $112 per share. Nov. 28 Purchased 1,850 shares of treasury stock for $9,200. 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 June 12 307,500 Pald-in Capital in Excess of Par Value-Common Stock 82,0 Stock | July 11 Pald-in Capital In Excess of Par Value-Common Stock Common Stock Nov. 28Treasury Stock SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS

Explanation / Answer

11-2) Journal entry :

Note : both question are independent question so pls post next question individully

Date accounts & explanation debit credit June 12 Cash 307500 Common Stock 82000 Paid in capital in excess of par value-Common Stock 225500 (To record issue common stock) July11 Cash (2500*112) 280000 Preferred Stock (2500*105) 262500 Paid in capital in excess of par value-Preferred Stock 17500 (To record issue preferred Stock) Nov 28 Treasury Stock 9200 Cash 9200 (To record purchase treasury Stock)

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