Question 15

During its first year of operations, Carla Corporation had the following transactions pertaining to its common stock Jan. Issued 84,700 shares for cash at $7 per share. 10 Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $36,000 for services rendered in helping the company to incorporate July 1 Issued 32,500 shares for cash at $9 per share. Sept. 1 Issued 63,700 shares for cash at $11 per share. Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share. (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.) Date Account Titles and Explanation Debit Credit