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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text: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 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
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