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Journalize the following

(1) ; An accounting intern recently made the following entries.

May 2 ; Cash ; $140,000

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; ; ; ; ; ; ; ; ; Common Stock ; $140,000

; (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.

Date

Account

Dr.

Cr.

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