Exercise 11-2

Cullumber Company had these transactions during the current period.

June 12Issued82,000shares of $1par value common stock for cash of $307,500.July 11Issued2,500shares of $105par value preferred stock for cash at $112per share.Nov. 28Purchased1,850shares 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