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pychu [463]
3 years ago
12

Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholde

rs’ equity. January 1 Issues 600 shares of common stock for $40 per share. April 1 Issues 100 additional shares of common stock for $44 per share.
Required:

a) Record the transactions, assuming Clothing Frontiers has no-par common stock.

b) Record the transactions, assuming Clothing Frontiers has either $1 par value or $1 stated value common stock.
Business
1 answer:
zimovet [89]3 years ago
6 0

Answer:

Explanation:

The journal entries are shown below:

1. Cash A/c Dr $24,000          (600 shares × $40)

    To Common Stock $600        (600 shares × $1)

    To  Additional Paid-in Capital in excess of par - Common Stock $23,400

(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 $4,400         (100 shares × $44)

    To Common Stock $100      (100 shares × $1)

    To  Additional Paid-in Capital in excess of par - Common Stock $4,300

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

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Answer:

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However, it is true that the quality of the institutions colonized by the Europeans is related to whether the climate or the diseases in the colonized regime allowed the European settlers to live in those areas.

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