Oriole 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 corporations capital stock.

Date

Account Titles and Explanation

Debit

Credit

May 2

Cash

204,000

Capital Stock

204,000

(Issued 12,000 shares of $5 par value common stock at $17 per share)

May 10

Cash

600,000

Capital Stock

600,000

(Issued 10,000 shares of $30 par value preferred stock at $60 per share)

May 15

Capital Stock

12,000

Cash

12,000

(Purchased 800 shares of common stock for the treasury at $15 per share)

May 31

Cash

12,060

Capital Stock

6,700

Gain on Sale of Stock

5,360

(Sold 670 shares of treasury stock at $18 per share)

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