Journalize the following
(1) An accounting intern recently made the following entries.
May 2 Cash $140,000
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(Issued 10,000 shares of common stock of $10 stated value at $14 per share.)
May 10 Cash $700,000
Preferred Stock $700,000
(Issued 10,000 shares of $50 par value preferred stock for $70 per share.)
May 15 Common Stock $20,000
Cash $20,000
(Purchased 1,000 shares of common stock for the treasury for $20 per share.)
May 31 Cash $12,500
Common Stock $10.000
Gain on Sale of Stock $2,500
(Sold 500 shares of treasury stock at $25 per share.)
Based upon the explanation, make the correct entry for each of the above entries. No further explanation required.
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