Garcia corporation recently hired a new accountant with

Reference no: EM13576129

Garcia 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 first month, he made the following entries for the corporation's capital stock.

May 2	Cash	104,000
	Capital Stock		104,000
	(Issued 8,000 shares of $10 par value common stock at $13 per share)
10	Cash	530,000
	Capital Stock		530,000
	(Issued 10,000 shares of $20 par value preferred stock at $53 per share)
15	Capital Stock	7,200
	Cash		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. (Record entries in the order displayed in the problem statement.)

Reference no: EM13576129

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Garcia corporation recently hired a new accountant with

Reference no: EM13576129

Reference no: EM13576129

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