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 CashCapital StockIssued shares of $ par value common stock at $ per shareMay CashCapital StockIssued shares of $ par value preferred stock at $ per shareMay Capital StockCashPurchased shares of common stock for the treasury at $ per shareMay Cash
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