Hi,I need help assembling the following two journal entries.Thanks! Required:1. Record the transactions, assuming Clothing Frontiers has no-par common stock. (If no entry is required for a particulartransaction/event, select "No Journal Entry Required" in the first account field.)View transaction list12Record the issuance of 500 shares of common stock for$36 per share.Record the issuance of 120 additional shares of commonstock for $40 per share.X

Answer to Question:- ASSEMBLED JOURNAL ENTRY Serial No Account…

Answered: 1. Record the transactions, assuming…

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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ABP signment/takeAssignmentMain.do?invoker3D&takeAssignmentSessionLocator=&inprogress=false Calculator Alliance Corp. issues 2,370 shares of $12 par value common stock at $15 per share. When the transaction is recorded, what credit entry or entries are made? Select the correct answer. Common Stock $35,550. Common Stock $7,110 and Retained Earnings $28,440. Common Stock $28,440 and Paid-in Capital in Excess of Par Value $7,110. Common Stock $28,440 and Paid-in Capital in Excess of Stated Value $7,11o. 4:03 PM
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