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24 March, 03:19

Carla Vista Co. had these transactions during the current period.

June 12 Issued 83,000 shares of $1 par value common stock for cash of $311,250.

July 11 Issued 4,300 shares of $103 par value preferred stock for cash at $107 per share.

Nov. 28 Purchased 2,400 shares of treasury stock for $9,350.

Required:

Prepare the journal entries for the Carla Vista Co. transactions shown above. (Record journal entries in the order presented in the problem.)

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  1. 24 March, 03:42
    0
    June 12

    Dr Cash 83,000

    Cr Common Stock (83,000 * $1)

    Dr Paid in capital in excess of par value 311,250

    Cr Common Stock 311,250

    July 11

    Dr Cash 460,100

    Cr Preferred Stock 442,900

    Cr Paid in Capital in excess of par value - Preferred Stock 17,200

    Nov. 28

    Dr Treasury Stock 9,350

    Cr Cash 9,350

    Explanation:

    Journal entries for Carla Vista Co.

    June 12

    Dr Cash 83,000

    Cr Common Stock (83,000 * $1)

    Dr Paid in capital in excess of par value 311,250

    Cr Common Stock 311,250

    July 11

    Dr Cash 460,100

    (4,300 * $107)

    Cr Preferred Stock 442,900

    (4,300 * $103)

    Cr Paid in Capital in excess of par value - Preferred Stock 17,200

    (4,300 * $4)

    Nov. 28

    Dr Treasury Stock 9,350

    Cr Cash 9,350
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