Prepare the entries that should have been made

Reference no: EM131912736

Problem

Martinez Corp. 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 $11 par value common stock at $13 per share)
10	Cash	810,000
	Capital Stock		810,000
	(Issued 15,000 shares of $16 par value preferred stock at $54 per share)
15	Capital Stock	8,060
	Cash		8,060
	(Purchased 620 shares of common stock for the treasury at $13 per share)

On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions.

Reference no: EM131912736

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