E$3-12($Algo$)$ Recording Journal Entries and Posting Effects to T$-$Accounts LO$3-3,3-4$

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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$)$:

Cash$$1,960$Accounts payable$$270$Short$-$term investments$470$Unearned revenue$1,380$Accounts receivable$3,630$Salaries payable$930$Supplies$210$Short$-$term note payable$840$Prepaid expenses$4,780$Common stock $($$$1$ par value$)110$Office equipment$1,170$Additional paid$-$in capital$6,620$Retained earnings$2,070$

Received $$9,560$ cash for consulting services rendered.

Issued $22$ additional shares of common stock at a market price of $$150$ per share.

Purchased $$700$ of office equipment, paying $25$ percent in cash and owing the rest on a short$-$term note.

Received $$950$ from clients for consulting services to be performed in the next year.

Bought $$530$ of supplies on account.

Incurred and paid $$1,860$ in utilities for the current year.

Consulted for clients in the current year for fees totaling $$1,680,$ due from clients in the next year.

Received $$3,040$ from clients paying on their accounts.

Incurred $$6,270$ in salaries in the current year, paying $$5,360$ and owing the rest $($to be paid next year$).$

Purchased $$1,290$ in short$-$term investments and paid $$860$ for insurance coverage beginning in the next fiscal year.

Received $$40$ in interest revenue earned in the current year on short$-$term investments.