Anita Ferreri 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:

\section*{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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May 2 Cash 144,000 Capital Stock 144,000 (Issued 12,000 shares of $5 par value common stock at $12 per share) 10 Cash 600,000 Capital Stock 600,000 (Issued 10,000 shares of $50 par value preferred stock at $60 per share) 15 Capital Stock 14,000 (Purchased 1,000 shares of common Cash stock for the treasury at $14 per share) 14,000