View Policies Current Attempt in Progress An inexperienced accountant for Douglas Corporation made the following entries. July 1 Cash 180,000 Common Stock 180,000 (Issued 20,000 shares of common stock, par value $6 per share) Common Stock Sept. 1 24,000 Retained Earnings 16,000 Cash 40,000 (Purchased 4,000 shares issued on July 1 for the treasury at $10 per share) On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit Save for Later Attempts: 0 of 2 used Submit