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Anya OAO 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 his textbooks on the topic of corporation accounting. During the fi rst month, the accountant made the following entries for the corporations share capital.

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

E11-12 Anya OAO recently hired a new accountant with extensive experience in account- Prepare correct entries for ing for partnerships. Because of the pressure of the new job, the accountant was unable to share capital transactions. review his textbooks on the topic of corporation accounting. During the first month, the (LO 2, 3, 4) accountant made the following entries for the corporation's share capital. May 2 Cash 130,000 Share Capital Ordinary 130,000 (Issued 10,000 10 par value ordinary shares at 13 per share) Cash 580,000 Share Capital-Ordinary 580,000 (Issued 10,000 50 par value preference shares at 58 per share) 10 582 11 Corporations: Organization, Share Transactions, Dividends, and Retained Earnings 31 May 15 Share Capital-Ordinary 18,000 Cash 18,000 (Purchased 1,200 ordinary shares for the treasury at 15 per share) Cash 8,000 Share Capital-Ordinary 5,000 Gain on Sale of Shares 3,000 (Sold 500 treasury shares at 16 per share) Instructions On the basis of the explanation for each entry, prepare the entry that should have been made for the share capital transactions

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