Exercise 11-2 Carla Vista Co. had these transactions during the current period.

Question

Exercise 11-2 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. 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

SOLUTION:

Date Particulars Debit Credit Jun-12 Cash 311,250 Common Stock 83,000 Paid-in Capital in Excess of Stated Value — Common Stock 228,250 Jul-11 Cash (4300 * 107) 460,100 Preferred Stock (4300 * $103) 442,900 Paid-in Capital in Excess of Par Value — Preferred Stock 17,200 Nov-28 Treasury Stock 9,350 Cash 9,350

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