E11-5 Mesa Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the (LO 2), AN first month, he made the following entries for the corporation's capital stock. Prepare correct entries for stock transactions. er- May 2 Cash 104,000 Capital Stock (Issued 8,000 shares of $10 par value common stock at $13 per share) 104,000 10 Cash 530,000 Capital Stock (Issued 10,000 shares of $20 par value preferred stock at $53 per share) of 530,000 ed Capital Stock Cash 15 7,200 7,200 (Purchased 600 shares of common stock for the treasury at $12 per share) On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions. er Instructions

E11-5 Mesa Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the (LO 2), AN first month, he made the following entries for the corporation's capital stock. Prepare correct entries for stock transactions. er- May 2 Cash 104,000 Capital Stock (Issued 8,000 shares of $10 par value common stock at $13 per share) 104,000 10 Cash 530,000 Capital Stock (Issued 10,000 shares of $20 par value preferred stock at $53 per share) of 530,000 ed Capital Stock Cash 15 7,200 7,200 (Purchased 600 shares of common stock for the treasury at $12 per share) On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions. er Instructions

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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