Exercise 12-03

Cullumber Corporation had the following transactions.

1.		Sold land (cost $13,100) for $16,100.
2.		Issued common stock at par for $20,000.
3.		Recorded depreciation on buildings for $18,100.
4.		Paid salaries of $10,100.
5.		Issued 1,200 shares of $1 par value common stock for equipment worth $9,600.
6.		Sold equipment (cost $12,800, accumulated depreciation $8,960) for $1,536.

(a) For each transaction above, prepare the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Transaction	Account Titles and Explanation	Debit	Credit
1.	Enter an account title to record NSF check on January 31	Enter a debit amount	Enter a credit amount
	Enter an account title to record NSF check on January 31	Enter a debit amount	Enter a credit amount
	Enter an account title to record NSF check on January 31	Enter a debit amount	Enter a credit amount
2.	Enter an account title to record NSF check on January 31	Enter a debit amount	Enter a credit amount
	Enter an account title to record NSF check on January 31	Enter a debit amount	Enter a credit amount
3.	Enter an account title to record NSF check on January 31	Enter a debit amount	Enter a credit amount
	Enter an account title to record NSF check on January 31	Enter a debit amount	Enter a credit amount
4.	Enter an account title to record NSF check on January 31	Enter a debit amount	Enter a credit amount
	Enter an account title to record NSF check on January 31	Enter a debit amount	Enter a credit amount
5.	Enter an account title to record NSF check on January 31	Enter a debit amount	Enter a credit amount
	Enter an account title to record NSF check on January 31	Enter a debit amount	Enter a credit amount
	Enter an account title to record NSF check on January 31	Enter a debit amount	Enter a credit amount
6.	Enter an account title to record NSF check on January 31	Enter a debit amount	Enter a credit amount
	Enter an account title to record NSF check on January 31	Enter a debit amount	Enter a credit amount
	Enter an account title to record NSF check on January 31	Enter a debit amount	Enter a credit amount
	Enter an account title to record NSF check on January 31	Enter a debit amount	Enter a credit amount

SHOW LIST OF ACCOUNTS

For each transaction above, (b) indicate how it would affect the statement of cash flows using the indirect method. (Do not leave any answer field blank. Enter 0 for amounts. Select "Not Reported" if it does not belong to any section.)

1.		Cash receipt				ReportedNot reported		Investing and Financing sectionInvesting sectionOperating sectionFinancing sectionNot Applicable
		Gain on disposal of plant assets				Not reportedReported		Operating sectionInvesting and Financing sectionFinancing sectionNot ApplicableInvesting section
2.		Cash receipt				Not reportedReported		Financing sectionOperating sectionNot ApplicableInvesting and Financing sectionInvesting section
3.		Depreciation expense				Not reportedReported		Investing sectionInvesting and Financing sectionOperating sectionNot ApplicableFinancing section
4.		Salaries and wages expense				Not reportedReported		Investing and Financing sectionInvesting sectionOperating sectionNot ApplicableFinancing section
5.		Common stock for equipment				Not reportedReported		Operating sectionFinancing sectionInvesting and Financing sectionNot ApplicableInvesting section
6.		Cash receipt				ReportedNot reported		Financing sectionOperating sectionInvesting and Financing sectionNot ApplicableInvesting section
		Loss on disposal of plant assets				ReportedNot reported		Investing sectionFinancing sectionNot ApplicableInvesting and Financing sectionOperating section