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On January 1, 2025, Cullumber Corporation had 102,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 117,000 shares of common stock for $877,500. June 1 June 30 Dec. 1 Dec. 15 Declared a cash dividend of $2 per share to stockholders of record on June 15. Paid the $2 cash dividend. Purchased 6.500 shares of common stock for the treasury for $18 per share. Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31. Net income for 2025 totaled $1,153,500. Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries)

On January 1, 2025, Cullumber Corporation had 102,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 117,000 shares of common stock for $877,500. June 1 June 30 Dec. 1 Dec. 15 Declared a cash dividend of $2 per share to stockholders of record on June 15. Paid the $2 cash dividend. Purchased 6.500 shares of common stock for the treasury for $18 per share. Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31. Net income for 2025 totaled $1,153,500. Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject: accounting 

On January 1, 2025, Cullumber Corporation had 102,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: 1 Issued 117,000 shares of common stock for $877,500. Declared a cash dividend of $2 per share to stockholders of record on June 15. Paid the $2 cash dividend. Purchased 6.500 shares of common stock for the treasury for $18 per share. Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31. Mar. June 1 June 30 Dec. 1 Dec. 15 Net income for 2025 totaled $1,153,500. Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)
Transcribed Image Text:On January 1, 2025, Cullumber Corporation had 102,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: 1 Issued 117,000 shares of common stock for $877,500. Declared a cash dividend of $2 per share to stockholders of record on June 15. Paid the $2 cash dividend. Purchased 6.500 shares of common stock for the treasury for $18 per share. Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31. Mar. June 1 June 30 Dec. 1 Dec. 15 Net income for 2025 totaled $1,153,500. Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)
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