Cullumber Corporation’s trial balance at December 31, 2022, is presented below. All 2022 transactions have been recorded except for the items described below.

		Debit		Credit
Cash		$21,420
Accounts Receivable		42,840
Inventory		19,068
Land		54,600
Buildings		79,800
Equipment		33,600
Allowance for Doubtful Accounts				$378
Accumulated Depreciation—Buildings				25,200
Accumulated Depreciation—Equipment				12,096
Accounts Payable				16,212
Interest Payable				–0–
Dividends Payable				–0–
Unearned Rent Revenue				6,720
Bonds Payable (10%)				42,000
Preferred Stock ($20 par)				–0–
Paid-in Capital in Excess of Par—Preferred Stock				–0–
Common Stock ($10 par)				25,200
Paid-in Capital in Excess of Par—Common Stock				5,040
Retained Earnings				63,042
Treasury Stock		–0–
Cash Dividends		–0–
Sales Revenue				478,800
Rent Revenue				–0–
Bad Debt Expense		–0–
Interest Expense		–0–
Cost of Goods Sold		336,000
Depreciation Expense		–0–
Other Operating Expenses		32,760
Salaries and Wages Expense		54,600
Total		$674,688		$674,688

Unrecorded transactions and adjustments:

1.		On January 1, 2022, Cullumber issued 840 shares of $20 par, 6% preferred stock for $18,480.
2.		On January 1, 2022, Cullumber also issued 840 shares of common stock for $19,320.
3.		Cullumber reacquired 252 shares of its common stock on July 1, 2022, for $49 per share.
4.		On December 31, 2022, Cullumber declared the annual cash dividend on the preferred stock and a $1.50 per share dividend on the outstanding common stock, all payable on January 15, 2023.
5.		Cullumber estimates that uncollectible accounts receivable at year-end are $4,284.
6.		The building is being depreciated using the straight-line method over 30 years. The salvage value is $4,200.
7.		The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $3,360.
8.		The unearned rent was collected on October 1, 2022. It was receipt of 4 months’ rent in advance (October 1, 2022 through January 31, 2023).
9.		The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2022, has not been paid or recorded.

(Ignore income taxes.)

(a)

Prepare journal entries for the transactions and adjustment listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
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