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.) **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.)*---**Journal Entry Worksheet:**### Transaction 2- **Instruction:** 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 | | |- Buttons: - Record entry - Clear entry - View general journalThis worksheet is utilized to document the financial transaction related to the issuance of common stock. The cash account is debited with the total amount received from the issuance (110 shares x $54 per share = $5,940).

Journal Entry: Journal entry is the act of keeping records of transactions. Transactions are listed…

Answered: Clothing Frontiers began operations on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.)

**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.)*

---

**Journal Entry Worksheet:**

### Transaction 2
- **Instruction:** 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 | | |

- Buttons:
- Record entry
- Clear entry
- View general journal

This worksheet is utilized to document the financial transaction related to the issuance of common stock. The cash account is debited with the total amount received from the issuance (110 shares x $54 per share = $5,940).

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