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Blue Inc. recently hired a new accountant with extensive experience in accounting for partnerships. Because...

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Accounting

Blue 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 ExplanationDebitCreditMay 2 Cash187,000Capital Stock187,000(Issued 11,000 shares of $5 par value common stock at $17 per share)May 10 Cash540,000Capital Stock540,000(Issued 9,000 shares of $30 par value preferred stock at $60 per share)May 15 Capital Stock17,600Cash17,600(Purchased 1,100 shares of common stock for the treasury at $16 per share)May 31 Cash13,870

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