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mesa corp recently hired a new a...

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Mesa Corp recently hired a new a

E11-5 Mesa Corporation recently hired a new accountant with extensive experience in Prepare comect entries for cap accounting for partnerships. Because of the pressure of the new job, the accountant was stock transactions unable to review what he had learned earlier about corporation accounting. During the (0 2), A first month, he made the following entries for the corporations 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) Instructions On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions.

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