Question

Carla Vista Co. had these transactions during the current period. June 12 Issued 78,500 shares of $1 par value common stock for cash of $294.375. July 11 Issued 3.250 shares of $101 par value preferred stock for cash at $109 per share. Nov. 28 Purchased 1,750 shares of treasury stock for $9.700. Prepare the journal entries for the Carla Vista Co, transactions shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.)

Answer 1

Journal entries for Carla Vista Co.

Date	Account Title and Description	Ref.	Debit	Credit
June 12	Cash Common Stock (78500 × $1) Paid in capital in excess of par value - Common Stock		$294,375	$78,500 $219,875
July 11	Cash (3250 × $109) Preferred Stock (3250 × $101) Paid in Capital in excess of par value - Preferred Stock (3250 × $8)		$354,250	$328,250 $26,000
Nov. 28	Treasury Stock Cash		$9,700	$9,700