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$[$The following information applies to the questions displayed below.$]$

Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $$11$ par value, $13,500$ shares authorized. During the year, the following selected transactions were completed:

a$.$ Sold $6,900$ shares of common stock for cash at $$22$ per share.

b$.$ Sold $1,500$ shares of common stock for cash at $$27$ per share.

c$.$ At year$-$end, the company reported net income of $$6,200.$ No dividends were declared.

$2.$ Prepare the stockholders' equity section of the balance sheet at the end of the year.

Note: Amounts to be deducted should be indicated by a minus sign.

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$[$The following information applies to the questions displayed below.$]$

Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $$11$ par value, $13,500$ shares authorized. During the year, the following selected transactions were completed:

a$.$ Sold $6,900$ shares of common stock for cash at $$22$ per share.

b$.$ Sold $1,500$ shares of common stock for cash at $$27$ per share.

c$.$ At year$-$end, the company reported net income of $$6,200.$ No dividends were declared.

Required:

Prepare the journal entries required to record the sale of common stock in $($a$)$ and $($b$).$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

View transaction list

Journal entry worksheet

$12$

Sold $6,900$ shares of common stock for cash at $$22$ per share.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[$a$.,,,]]$

Mc$.$

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