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im stuck on what the credit amount would be for common stock and additional paid in capital 1. Prepare journal entries for each transaction for
im stuck on what the credit amount would be for common stock and additional paid in capital
1. Prepare journal entries for each transaction for the current year. (If no entry is required for a transaction/even entry required" in the first account field. Enter your answers in thousands, not in dollars.) Part 1 of 2 View transaction list 15 points Journal entry worksheet 3 4 5 6 7 8 11 eBook Issued 16 additional shares of common stock at a market price of $135 per share. Print Note: Enter debits before credits References Dobit Transaction b. Credit 2,160 General Journal Cash Common stock Additional paid-in-capital Record entry Clear entry View general journal Saved Help Save & c Required information (The following information applies to the questions displayed below.) At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share): Cash $ 1,930 Accounts payable $ 240 Short-term investments 440 Unearned revenue 1,350 Accounts receivable 3,600 Salaries Payable 900 Supplies 180 Short-term note payable 810 Prepaid expenses 4,750 Common stock (si par value) 80 Office equipment 1,560 Additional paid-in capital 6,590 Accumulated depreciation-office equipment (450) Retained earnings 2,040 "This account has a credit balance representing the portion of the cost of the equipment used in the past. a. Received $9,530 cash for consulting services rendered. b. Issued 16 additional shares of common stock at a market price of $135 per share. c. Purchased $670 of office equipment, paying 30 percent in cash and owing the rest on a short-term note. d. Received $920 from clients for consulting services to be performed in the next year. e. Bought $500 of supplies on account. f. Incurred and paid $1,830 in utilities for the current year. g. Consulted for clients in the current year for fees totaling $1,650, due from clients in the next year. h. Received $3,010 from clients paying on their accounts. 1. Incurred $6.240 in salaries in the current year, paying $5,330 and owing the rest (to be paid next year). J. Purchased $1,260 in short-term investments and paid $830 for insurance coverage beginning in the next fiscal year. k. Received $25 in interest revenue earned in the current year on short-term Investments Step by Step Solution
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