May 10 Cash Capital Stock (Issued 9,000 shares of $30 par value preferred stock at $60 per share) May 15 Capital Stock Cash (Purchased 800 shares of common stock for the treasury at $16 per share) May 31 Cash Capital Stock Gain on Sale of Stock 540,000 12,800 13,000 540,000 12,800 6,500 6,500

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Can you please prepare the entries that should have been made for the capital stock transactions? Thank you!

Please dont provide solution image based answers thank you
(Issued 11,000 shares of $5 par value common stock at $17 per share)
May 10 Cash
Capital Stock
(Issued 9,000 shares of $30 par value preferred stock at $60 per share)
May 15 Capital Stock
Cash
(Purchased 800 shares of common stock for the treasury at $16 per share)
May 31 Cash
Capital Stock
Gain on Sale of Stock
(Sold 650 shares of treasury stock at $20 per share)
540,000
12,800
13,000
540,000
12,800
6,500
6,500
On the basis of the explanation for each entry, prepare the entries that should have been made for the capital sto
Transcribed Image Text:(Issued 11,000 shares of $5 par value common stock at $17 per share) May 10 Cash Capital Stock (Issued 9,000 shares of $30 par value preferred stock at $60 per share) May 15 Capital Stock Cash (Purchased 800 shares of common stock for the treasury at $16 per share) May 31 Cash Capital Stock Gain on Sale of Stock (Sold 650 shares of treasury stock at $20 per share) 540,000 12,800 13,000 540,000 12,800 6,500 6,500 On the basis of the explanation for each entry, prepare the entries that should have been made for the capital sto
Nash Inc. 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 first month, he
made the following entries for the corporation's capital stock.
Date Account Titles and Explanation
May 2
Cash
Capital Stock
(Issued 11,000 shares of $5 par value common stock at $17 per share)
May 10 Cash
Capital Stock
(Issued 9,000 shares of $30 par value preferred stock at $60 per share)
May 15 Capital Stock
Cash
(Purchased 800 shares of common stock for the treasury at $16 per share)
May 31 Cash
Capital Stock
Debit Credit
187,000
540,000
12,800
13,000
187,000
540,000
12,800
6500
Transcribed Image Text:Nash Inc. 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 first month, he made the following entries for the corporation's capital stock. Date Account Titles and Explanation May 2 Cash Capital Stock (Issued 11,000 shares of $5 par value common stock at $17 per share) May 10 Cash Capital Stock (Issued 9,000 shares of $30 par value preferred stock at $60 per share) May 15 Capital Stock Cash (Purchased 800 shares of common stock for the treasury at $16 per share) May 31 Cash Capital Stock Debit Credit 187,000 540,000 12,800 13,000 187,000 540,000 12,800 6500
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