Answer:
1. Record the transaction assuming Clothing Frontiers has no-par common stock.
January 1, issuance of 600 stocks
Dr Cash 24,000
Cr Common stock 24,000
April 1, issuance of 100 stocks
Dr Cash 4,400
Cr Common stock 4,400
2. Record the transactions, assuming Clothing Frontiers has either $1 par value or 41 stated value common stock.
January 1, issuance of 600 stocks
Dr Cash 24,000
Cr Common stock 600
Cr Additional paid in capital 23,400
April 1, issuance of 100 stocks
Dr Cash 100
Cr Common stock 100
Cr Additional paid in capital 4,300
Answer:
thanks for points even tho im not first
Explanation:
<u>Conversion of preferred stocks:</u>
The conversion of the preferred stock is as follows,
Debit== Preferred Stock

Debit== Paid-in Capital in Excess of Par - Preferred Stock
Cr. Common Stock

Cr. Paid-in Capital in Excess of Par—Common Stock

Note: Before issuing any convertible preferred stock, company fixes the conversion ratio.
Answer:
A. the situational interview is hypothetical, while the behavioral description interview is based upon actual experience
Explanation: