The left side is the question, the right side is my corrected entries.

Question: Assume the entries (the left side, given ones) were made in the general journal. Make journal entries to correct the general ledger balances.

60,000 132,000 Answer: Journal Entries: May 2 Cash 192,000 Common Stock Capital in excess of par May 10 Cash 600,000 Preferred Stock Capital in excess of par May 15 Treasury Stock 15,000 Cash May 31 Cash 8,500 Treasury Stock Capital in excess of par 300.000 300,000 15,000 7.500 1,000 "Assume the entries above were made in the general journal. Make journal en- tries to correct the general ledger balances." End of document I E15.8 (LO 1, 2) (Correcting Entries for Equity Transactions) Pistons 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 en- tries for the corporation's capital stock. May 2 Cash 192,000 Capital Stock 192,000 (Issued 12.000 shares of $5 par value common stock at $16 per share) 10 Cash 600,000 Capital Stock 600,000 (Issued 10,000 shares of $30 par value preferred stock at $60 per share) 15 Capital Stock 15,000 Cash 15,000 (Purchased 1,000 shares of common stock for the treasury at $15 per share) 31 Cash 8,500 Capital Stock 5,000 Gain on Sale of Stock 3,500 (Sold 500 shares of treasury stock at $17 per share) On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions