??

E3-12 (Algo) Recording Journal Entries and Posting Effects to T-Accounts LO3-3, 3-4 [The following information applies to the questions displayed below] At January 1 (beginning of its fiscal year). Freeman, Incorporated, a financial services consulting firm. reported the following account balances (in thousands, except for par and market value per share): a. Recelved $9,630 cash for consulting services rendered. b. Issued 36 additional shares of common stock at a market price of $185 per share. c. Purchased $770 of office equipment, paying 30 percent in cash and owing the rest on a short-term note. d. Received $1,020 from cllents for consulting services to be performed in the next year. e. Bought $600 of supplies on account. 1. Incurred and paid $1,930 in utilities for the current year. 9. Consulted for clients in the current year for fees totaling $1,750, due from cllents in the next year. h. Received $3,110 from clients paying on their accounts. 1. Incurred $6,340 in salaries in the current year, paying $5,430 and owing the rest (to be paid next year). 1. Purchased $1,360 in short-term investments and paid $930 for insurance coverage beginning in the next fiscal year. k. Received $75 in interest revenue earned in the current year on short-term investments. Required: 1. Prepare journal entries for each transaction for the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands, not in dollars. Journal entry worksheet Required: 1. Prepare journal entries for each transaction for the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands, not in dollars. Journal entry worksheet 567811> Issued 36 additional shares of common stock at a market price of $185 per share. Note: Enter debits before credits. 3 Purchased $770 of office equipment, paying 30 percent in cash and owing the rest on a short-term note. 4 Received $1,020 from clients for consulting services to be performed in the next year. 5 Bought $600 of supplies on account. 6 Incurred and paid $1,930 in utilities for the current year. 7 Consulted for clients in the current year for fees totaling $1,750, due from clients in the next year. 8 Received $3,110 from clients paying on their accounts. Note : = journal entry has been entered 7 Consulted for clients in the current year for fees totaling $1,750, due from clients in the next year. 8 Received $3,110 from clients paying on their accounts. 9 Incurred $6,340 in salaries in the current year, paying $5,430 and owing the rest (to be paid next year). 10 Purchased $1,360 in short-term investments and paid $930 for insurance coverage beginning in the next fiscal year. 11 Received $75 in interest revenue earned in the current year on short-term investments. Note : = journal entry has been entered