show steps

Current Attempt in Progress Pina 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 Debit Credit May 2 Cash 221,000 Capital Stock 221,000 (Issued 13,000 shares of $5 par value common stock at $17 per share) May 10 Cash 660,000 Capital Stock 660,000 (Issued 11,000 shares of $30 par value preferred stock at $60 per share) May 15 Capital Stock 17,600 Cash 17,600 (Purchased 1,100 shares of common stock for the treasury at $16 per share) May 31 Cash 10,600 Capital Stock 5,300 Gain on Sale of Stock 5,300 (Sold 530 shares of treasury stock at $20 per share) On the basis of the explanation for each entry prepare the entries that should have been made for the capital stock transactions. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit May 2 Cash Common Stock Pad-in Capital in Excess of Par. Common Stock May 10 Preferred Stock Pald-in Capital in Excess of Par. Preferred Stock May 15 Treasury Stock May Lapa STOOC Cash 17,600 10,600 (Purchased 1.100 shares of common stock for the treasury at $16 per share) May 31 Cash Capital Stock Gain on Sale of Stock (Sold S30 shares of treasury stock at $20 per share) 5,300 5,300 On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit May 2 Call Common Stock Paid-in Capital in Exces of Par. Common Stock May 10 cas Preferred Stock Paldin Capital in Excess at Par-Preferred Stock May 15 Treasury Stock Cash May 31 Treasury Stock Pald-in Capital from Treasury Stock e Textbook and Media