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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. Received $9,500 cash for consulting services rendered.
b. Issued 10 additional shares of common stock at a market price of $120 per share.
c. Purchased $640 of office equipment, paying 25 percent in cash and owing the rest on a short-term note.
d. Received $890 from clients for consulting services to be performed in the next year.
e. Bought $470 of supplies on account.
f. Incurred and paid $1,800 in utilities for the current year.
g. Consulted for clients in the current year for fees totaling $1,620, due from clients in the next year.
h. Received $2,980 from clients paying on their accounts.
i. Incurred $6,210 in salaries in the current year, paying $5,300 and owing the rest (to be paid next year).
j. Purchased $1,230 in short-term investments and paid $800 for insurance coverage beginning in the next fiscal year.
k. Received $10 in interest revenue earned in the current year on short-term investments.Enter the following transactions for the current year into the T-accounts, using the letter of each transaction as the reference.
Note: Enter your answers in thousands, not in dollars.Required information
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