Question

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 $34 per share.April 1 Issues 110 additional shares of common stock for $38 per share.Record the transactions, assuming Clothing Frontiers has either $1 par value common stock or $1 stated value stock. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)1. Record the issuance of 700 shares of common stock for $34 per share.2. Record the issuance of 110 additional shares of common stock for $38 per share.

Answer 1

Answer:

Explanation:

The journal entries are shown below:

1. Cash A/c Dr $23,800        (700 shares × $34)

    To Common Stock $700       (700 shares ×$1)

    To  Additional Paid-in Capital in excess of par - Common Stock $231,00

(Being the issuance of stock is recorded and the remaining balance is credited to the additional paid-in capital account)

2. Cash A/c Dr $4,180     (110 shares × $38)

    To Common Stock $110       (110 shares ×$1)

    To  Additional Paid-in Capital in excess of par - Common Stock $4,070

(Being the issuance of stock is recorded and the remaining balance is credited to the additional paid-in capital account)

Answer 2

Answer:

An accounting journal, which shows a firm's credit and debit balances, records transactions. Otherwise, the journal entry is termed unbalanced if the sum of the debits does not equal the total of the credits.

Explanation:

The journal entries are recorded below, the snip of the entries has been attached below.  

For more information, refer to the link:

https://brainly.com/question/16498906?referrer=searchResults