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Exercise 10-3A Record the issuance of common stock (LO10-2)

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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 $47 per share.
April		1		Issues 110 additional shares of common stock for $51 per share.

Exercise 10-3A Part 2

2. Record the transactions, assuming Clothing Frontiers has either $1 par value or $1 stated value common stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Answer 1

Jan 1	Cash	32900
	Common Stock		700
	Additional Paid in capital, Common stock		32200
	(To record issuance of 700 shares @47 per share)
Apr 1	Cash	5610
	Common Stock		110
	Additional Paid in capital, Common stock		5500
	(To record issuance of 110 shares @51 per share)