Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders’ equity. January 1 Issues 700 shares of common stock for $50 per share. April 1 Issues 110 additional shares of common stock for $54 per share. Required: 1. Record the transactions, assuming Clothing Frontiers has no-par common stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders’ equity. January 1 Issues 700 shares of common stock for $50 per share. April 1 Issues 110 additional shares of common stock for $54 per share. Required: 1. Record the transactions, assuming Clothing Frontiers has no-par common stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to
| January | 1 | Issues 700 shares of common stock for $50 per share. | ||
| April | 1 | Issues 110 additional shares of common stock for $54 per share. |
Required:
1. Record the transactions, assuming Clothing Frontiers has no-par common stock. (If no entry is required for a particular transaction/event, select "No
![!
Required information
[The following information applies to the questions displayed below.]
Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to
stockholders' equity.
January 1 Issues 700 shares of common stock for $50 per share.
April 1 Issues 110 additional shares of common stock for $54 per share.
Required:
1. Record the transactions, assuming Clothing Frontiers has no-par common stock. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
1
>
Record the issuance of 110 additional shares of common stock for $54 per
share.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
April 01
Cash
5,940
Common Stock
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc480ef23-b9e1-4ed5-80be-5a6f0613e933%2F4e01d04e-0811-4abd-9b43-c6bf6cd60fef%2F3y4octs_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to
stockholders' equity.
January 1 Issues 700 shares of common stock for $50 per share.
April 1 Issues 110 additional shares of common stock for $54 per share.
Required:
1. Record the transactions, assuming Clothing Frontiers has no-par common stock. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
1
>
Record the issuance of 110 additional shares of common stock for $54 per
share.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
April 01
Cash
5,940
Common Stock
Record entry
Clear entry
View general journal
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