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.)

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