Bridgeport Inc. recently hired a new accountant with extensive experience in accounting for partnerships. Because of...
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Bridgeport 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 May 2 Cash Capital Stock (Issued 12,000 shares of $5 par value common stock at $15 per share) Debit Credit 180,000 180,000 May 10 Cash Capital Stock 600,000 600,000 (Issued 10,000 shares of $30 par value preferred stock at $60 per share) May 15 Capital Stock 11.200 Cash 11,200 (Purchased 800 shares of common stock for the treasury at $14 per share) May 31 Cash Capital Stock Gain on Sale of Stock (Sold 630 shares of treasury stock at $16 per share) 10,080 6,300 3,780 Bridgeport 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 May 2 Cash Capital Stock (Issued 12,000 shares of $5 par value common stock at $15 per share) Debit Credit 180,000 180,000 May 10 Cash Capital Stock 600,000 600,000 (Issued 10,000 shares of $30 par value preferred stock at $60 per share) May 15 Capital Stock 11.200 Cash 11,200 (Purchased 800 shares of common stock for the treasury at $14 per share) May 31 Cash Capital Stock Gain on Sale of Stock (Sold 630 shares of treasury stock at $16 per share) 10,080 6,300 3,780
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