Exercise 13-03 a-b (Part Level Submission)

During its first year of operations, Culver Corporation had the following transactions pertaining to its common stock.

Jan.	10		Issued 74,500 shares for cash at $5 per share.
July	1		Issued 41,000 shares for cash at $10 per share.

(a)

	Your answer is correct.

Journalize the transactions, assuming that the common stock has a par value of $5 per share. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 10July 1
Jan. 10July 1

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(b)

Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 10July 1
Jan. 10July 1