Clothing frontiers began operations on january 1 and engages in the following transactions during the year related to stockholders’ equity. january 1 issues 700 shares of common stock for $34 per share. april 1 issues 110 additional shares of common stock for $38 per share. record the transactions, assuming clothing frontiers has either $1 par value common stock or $1 stated value stock. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)1. record the issuance of 700 shares of common stock for $34 per share.2. record the issuance of 110 additional shares of common stock for $38 per share.

An accounting journal, which shows a firm's credit and debit balances, records transactions. Otherwise, the journal entry is termed unbalanced if the sum of the debits does not equal the total of the credits.

Explanation:

The journal entries are recorded below, the snip of the entries has been attached below.  

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Explanation:

The journal entries are shown below:

1. Cash A/c Dr $23,800        (700 shares × $34)

    To Common Stock $700       (700 shares ×$1)

    To  Additional Paid-in Capital in excess of par - Common Stock $231,00

(Being the issuance of stock is recorded and the remaining balance is credited to the additional paid-in capital account)

2. Cash A/c Dr $4,180     (110 shares × $38)

    To Common Stock $110       (110 shares ×$1)

    To  Additional Paid-in Capital in excess of par - Common Stock $4,070

(Being the issuance of stock is recorded and the remaining balance is credited to the additional paid-in capital account)

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